It’s August, do you have the right amount of tax withheld from your paycheck?

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WE ENCOURAGE YOU TO CHECK YOUR TAX WITHHOLDING

Check that you are having the right amount of tax withheld from your paycheck for your financial well-being. With more than half of 2019 behind us, it’s a good idea for everyone to check their payroll withholding to make sure they will not have a big tax bill – and possible penalties – when they file their 2019 return next April.

Other employees may be having too much withheld from their pay and, although that can mean a nice refund next year, they may prefer to take home more pay now.

To avoid being surprised next spring when you prepare your 2019 returns consider checking your year-to-date withholding, found on your paystub, so you can make adjustments to your withholding, if appropriate, on your paychecks for the rest of this year. It’s easy and convenient to do by using an online tool provided by the IRS.

The IRS encourages everyone to use its online Tax Withholding Estimator to perform a quick “paycheck checkup” to help make sure you have the right amount of tax withheld from your paycheck at work.

The Estimator helps you determine whether you need to give your employer a new Form W-4, (Employee’s Withholding Allowance Certificate). You can use your results from the online Tax Withholding Estimator to help fill out the form and adjust your income tax withholding going forward.

To get started, gather your most recent pay stubs and a copy of your last federal tax return (2018 Form 1040). The online Tax Withholding Estimator will ask you to estimate values of your 2019 income, the number of children you may claim for the Child Tax Credit and Earned Income Tax Credit, if this applies, and other items that may affect your 2019 taxes. This process will take a few minutes.

The online Tax Withholding Estimator does not ask you to provide sensitive information like your name, Social Security number, address or bank account numbers. The IRS does not save or record the information you enter on the Estimator.

Ready to start? Here’s the link again: Tax Withholding Estimator.

If you choose to change your federal tax withholding, fill out a new W-4 Form and email it to HR at hr@clarklandresources.com.