In IR-2018-120, the Service urged taxpayers to use the Withholding Calculator on www.IRS.gov for a "Paycheck Checkup."
The passage of the Tax Cuts and Jobs Act (TCJA), brought many changes that will affect taxpayers. With the TCJA's higher standard deductions ($12,000 for single taxpayers and $24,000 for married couples filing jointly), many taxpayers will have lower taxable incomes in 2018.
The Withholding Calculator is an excellent way to estimate a taxpayer's appropriate withholding amounts for 2018. If an individual needs to make an adjustment, it is best to do so early in the year... Learn More
This site is informational and educational in nature. It is not offering professional tax, legal, or accounting advice. For specific advice about the effect of any planning concept on your tax or financial situation or with your estate, please consult a qualified professional advisor.