IRS Releases New Withholding Calculator

On 2/28/2018, the Internal Revenue Service released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 (Employee's Withholding Allowance Certificate) to help taxpayers check their 2018 tax withholdings following passage of the Tax Cuts and Jobs Act in December 2017 and its associated changes to the tax laws.

The IRS urges taxpayers to use these tools to make sure they have the right amount of tax taken out of their paychecks.  If changes to withholding should be made, the Withholding Calculator gives employees the information they need to fill out a new Form W-4, which employees will then submit to their employer.

The calculator can be found at the IRS' website - https://www.irs.gov/individuals/irs-withholding-calculator.  

We're in the middle of Tax Season and focused on preparing 2017 tax returns right now.  Plus you may need information from your 2017 tax returns to use this calculator, and we may not have prepared it yet.  If you have any questions about this calculator or any other items regarding your 2018 tax planning, we'll be available to address this with you after Tax Season (i.e., after April 17, 2018). 

We just wanted to make you aware of this now in case this is relevant for your 2018 tax planning.  Thank you.