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Year End Withholding Check-up

It is always a good idea to take a look at the amount of taxes being withheld from your paychecks each week. It is important that you have the correct amount of taxes withheld each week to avoid additional taxes owed with your tax return when you file it.

If you had too much tax withheld from your paychecks, you end up paying too much in taxes through those paychecks for the year. You should consult with your tax advisor about possibly changing your withholdings and getting less taxes withheld during the year, this will put more money into your pocket during the year instead of waiting to receive it via a large tax refund.

If you owe money with your tax return, then the opposite is true, you are not having enough taxes withheld from your paychecks. In this case you may want to adjust your tax withholdings and have more withheld from each check instead of having to pay a large tax bill with your tax return, which may include penalties and interest added on top of the amount you owe.

Please consult your tax advisor on all the above information.

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