Update Withholding Taxes

Life is ever evolving around us, change is constant they say, but so too is death and taxes. If you recently had a life changing event (divorce, death of spouse, birth of a child, etcetera), it may affect your withholding taxes. Which translates to either having a refund or owing money when you file your taxes; This is a result of the amount of taxes that are withheld and remitted to both Federal (Internal Revenue Service - IRS) and State (DOR) departments/divisions.

It takes less than five minutes to check if you need to increase or decrease your withholding taxes or not do anything. Simply use this free IRS tool (https://www.irs.gov/payments/tax-withholding) and check whether you need to increase or decrease tax withholdings from your salary.

Here is a short (1:16 minutes) video by the IRS (https://youtu.be/zO1-fWOle9Y) that explains why it is important to annually check if your employer is withholding too much or too little taxes. We love surprises, but this is one surprise you do not want. :-)

If you have questions, send an e-mail to: sallcnj19@gmail.com or text/call: 862.275.9984.