Federal Tax

Review Withholding Annually

The IRS reminds taxpayers to review their withholding annually. For a step-by-step method of determining the right amount to withhold, they can use the Tax Withholding Estimator, an online IRS tool. Employees who need to adjust their withholding should submit a new Form W-4 (Employee Withholding Certificate) to their employers soon. The list of those who should check withholding includes two-income families, those who claim child tax credits, those who claimed itemized deductions for 2019 and many others. Here’s the Estimator. Taxpayers who need to adjust their state or local withholding will need to contact their state’s revenue department. For help, contact Cg. © 2020