1 min read

Optimize Withholdings with a Paycheck Checkup

Optimize Withholdings with a Paycheck Checkup

July 20, 2018 — We are over halfway into the 2018 tax year which has proved to bring big changes to the tax world. Have you had a change in circumstances? Or a big refund this year? To maintain a proactive approach for the 2018 tax filing season, and to keep the correct amount of money each pay period, the IRS is encouraging taxpayers to do a “checkup” on their federal income tax withholding through payroll.

Are Your Withholdings Just Right?

It is important to monitor withholding amounts to avoid an unexpected tax bill or penalty at the time of tax filing. Conversely, if you have too much withheld, that is money that won't be available to you until you get a refund at some future time. Too much or too little isn't what we want. Wouldn't it be nice to just have what is supposed to be withheld taken from your income? Click the link to see the recent IRS Publication. Also, if you are an employer you can share this with your employees to remind them to complete a Paycheck Checkup for the remainder of the year.

Here's the one-pager you can share with employees: https://www.irs.gov/pub/irs-pdf/p5303.pdf

And here's the IRS Withholding Calculator: https://www.irs.gov/payments/tax-withholding

Go Beyond The Operating Cash Flow Formula

Go Beyond The Operating Cash Flow Formula

Forecasting your operating cash flow can help your business tremendously. There’s a simple formula, but you’ll want to customize it to work best for...

Read More
Role of Accounting and Advisory Partners in a Startup

Role of Accounting and Advisory Partners in a Startup

Here’s a harsh truth for startup founders: 20% of startups fail in their first year, and 50% fail by year five. In many of those cases, the...

Read More
Standard Costing and Variance Analysis: Driving Profitability Through Cost Control

Standard Costing and Variance Analysis: Driving Profitability Through Cost Control

Profitable, efficient businesses run on accurate cost predictions and price alignment.

Read More