November 29, 2018
Written by Crystal Monsivais, Volunteer Income Tax Assistance (VITA) site coordinator, La Casa de Esperanza
Ready or not, here comes tax season! Are you ready? There are new changes to our tax laws that may catch you unprepared. The IRS has a way for you to better prepare yourself and it’s by using their Withholding Calculator.
Here are some helpful tips to get the information you need:
What does the IRS Withholding Calculator do for me?
The Withholding Calculator helps estimate your income tax for 2018. It can help you determine if you need to change your withholding with your employer.
How can I locate the Withholding Calculator?
Go to: https://www.irs.gov/individuals/irs-withholding-calculator
The IRS Withholding calculator is easy to use if you have all the necessary documents. It can help alleviate any unforeseen changes in your tax return for 2018 and 2019.
What will I need to use the Withholding Calculator?
You need your most recent paystubs and your most recent completed tax return to be able to enter the information needed from the Withholding Calculator.
How do I change my withholding?
If, after answering the questions in the Withholding Calculator, you determine that you need to make some changes on your W4, you can Complete a new W4 form: https://www.irs.gov/pub/irs-pdf/fw4.pdf and turn it into your employer. You may need to re-assess you information again starting in January 2019 for the next tax season.
What happens if I don’t do anything?
If you choose not to use the Withholding Calculator, you may find that you have a lower refund than previous years. You may also have an amount due, when you have had refunds in the past.
If you need help with preparing your taxes or have any tax related questions contact
La Casa de Esperanza’s VITA tax program at 262-832-1534