Don’t Let Taxes Take You by Surprise! Use IRS’s Tax Withholding Estimator

Greetings, my friend!

Are you tired of being caught by the short hairs at tax season every year? You’re not alone! But don’t worry. We’ve got your back. Reviewing your income tax withholding early in the year only takes a few minutes.

Guess what? 😳 The IRS has a great tool that makes figuring out how much to withhold super easy – the Tax Withholding Estimator on IRS.gov.

Whether you’re an employee or self-employed, this online tool can help you withhold the correct amount of tax from your wages and estimate your quarterly tax payments.

Are you worried about sharing personal information? The Tax Withholding Estimator doesn’t ask for anything like your name, Social Security number, address, or bank account numbers. Plus, the IRS doesn’t save or record the information you enter.

Easy-peasy!

So why use this handy dandy tool? Firstly, it can help you avoid any unpleasant surprises at tax time. Having too little withheld can result in a tax bill or penalty while having too much withheld can result in a projected refund that means less money 💵 in your pocket during the year. The Tax Withholding Estimator can help you decide how much to withhold.

And here’s the best part 😃 you can use these results to decide if you should complete a new Form W-4, Employee’s Withholding Allowance Certificate, and submit it to your employer or make an additional estimated tax payment to the IRS.

However, so that you know, the Tax Withholding Estimator isn’t for taxpayers who only have pension income. And it’s not for taxpayers with more complex tax situations, like owing certain taxes such as the alternative minimum tax or having long-term capital gains or qualified dividends. But for most people, it’s an easy and helpful tool.

So, what are you waiting for? Give the tool a try and take control of your taxes.

In conclusion, “To some, it’s Hump Day. To us, it’s Wednesday’s getting its ass kicked and Thursday just asking Friday to switch places.” – Dwayne Johnson

Ali “sharin’ a tip” Schneider

P.S. You don’t have to worry if you missed our previous newsletters. You can catch up on all the latest news and tips by visiting our website at https://thetaxreliefco.com/newsletters/.

PSS If you or someone you know is facing a tax problem, don’t panic. Instead, check out our free video on “What you should do and not do when you receive a tax collection notice from the IRS.” The video offers valuable insight into the IRS, and if you find it helpful, please share it with others who might need it. Remember, we’re all in this tax mess together!

PSSS – Are you ready to resolve your tax problem once and for all? We’re here to help! Call us at 772-223-7500 or book a consultation online at https://go.oncehub.com/TheTaxReliefCompany.