IRS TAX WITHHOLDING ESTIMATOR
To avoid an unpleasant surprise at tax time (owing a large tax bill and incurring possible IRS penalties and interest charges) because you did not have the appropriate amount of federal income tax withheld from your paycheck (or you failed to make required quarterly estimated income tax payments), you should use the IRS Tax Withholding Estimator to make sure you are paying the right amount of tax throughout the year.
NOTE: Large refunds, although most taxpayers think this is a good thing, really are not since you are giving the government a tax-free loan of your money throughout the year. Wouldn't it be better to have the money in your pocket during the year?
This tool can be used by workers, as well as retirees, self-employed individuals and other taxpayers.
It is a user-friendly step-by-step tool to help taxpayers effectively adjust the amount of income tax they have withheld from wages, annuities, IRA's, penasion plans and so on.
At the end of the process, the toll makes specific withholding recommendations for each activity and for each spouse (if you're married), and clearly explains what you should do.
It is important to note that the recommendations the tool provides to you are based on the information and answers you provide.
Equally important it to revisit this tool throughout the year whenever you have a change in your circumstance that may impact your income taxes to update your information and explore potential adjustments that may be necessary.
Visit the IRS website at www.irs.gov to get started.
CALL NOW 561-746-1927 or 561-339-8102 if you have any questions or concerns or would like to schedule a FREE, Confidential, No-Obligation Tax-Saving Consultation