Stuck with a Tax Bill? Adjust Your Withholding.

With all the commotion and marketing around April 15, one might think getting money back on taxes is a forgone conclusion, but life or income changes can result in greater tax liability and, therefore, a bill. Ideally, it’s best to make changes early in the year, but you can adjust your withholding at any point by giving instructions to your payroll provider. How do you know how much to withhold? Read on for details. 

IRS Tax Withholding Estimator 

The IRS has an online Tax Withholding Estimator, available via the link below, to help taxpayers determine the proper amount of taxes to withhold from their paychecks. To use the Estimator, you will need your most recent paystubs for all your jobs (and your spouse’s most recent paystubs, if applicable), information about other income (such as self-employment and investments), and your most recent tax return. 

IRS Tax Withholding Estimator: https://www.irs.gov/individuals/tax-withholding-estimator 

Employees who would like to make changes to their withholding amounts may do so by completing a Form W-4 and submitting it to their employer.  Because withholding occurs throughout the year with each paycheck, employees should make changes as soon as possible. 

For more information or assistance, please contact our payroll team at (210) 293–6620, toll-free at 1–888–757–2104, or pa*****@**********rs.com.