Now is a good time to review your federal tax withholding
For most of us filing our federal income taxes isn't something that comes to mind this time of year.
But have you made some big changes in your life this year such as getting married or you welcomed a new child? According to the IRS, now is a good time to review your tax withholding so you can make the necessary adjustments by the time tax season ends in December. That way you won't be blindsided after you file your 2017 income taxes.
"This is the time year when I even review my own personal income withholding and I make sure that I'm not expecting any large refunds or large balances due at the end of the year,” said Gregory Miner, a tax manager at Ketel Thorstenson, LLP, “and if I do find myself in that sort of scenario then I can make corrections now so that the bite doesn't hurt so much at the end of the year."
To make an adjustment a new W-4 form needs to be filled out with the necessary changes and given to your employer. To download a W-4 form, visit www.irs.gov.