• "I am deeply grateful to the Masonic Village's employees, and will never be able to express my gratitude to all of them." — Catherine L.

  • "I liked my Masonic Charity Foundation charitable gift annuity so much, I opened three more. Why? I might be old-fashioned, but the scriptures have taught me the virtue of looking out for others. Knowing that the funds left in my gift annuities will care for the Masonic Village residents makes me feel wonderful." — Dorothy B.

  • "I am writing to tell you, from the bottom of my heart, just how wonderful the last two years of my mother's life were, thanks to all of you at the Masonic Village at Burlington." — Carol O.

  • "It's not just the Masonic Village's beautiful facilities and the many services that are offered to the residents – most of all, it's the employees. They are personally dedicated it seems to each and every individual here." — Catherine L.

  • "We are equally grateful for the 'loving arms of hospice' that were wrapped around our family in our hour of need." — M.W.

  • "When we decided to come to the Masonic Village at Burlington, we knew it was going to be a very big change in our lives. When we came here, we were very pleased that it was not difficult. We would recommend the Masonic Village highly to a friend." — Joseph and Bertha B.

  • "There is simply no way to express the depth of gratitude I feel for the Masonic Village at Burlington – thank you!" — Jim C.

  • "We know first-hand how very special Acacia Hospice's caregivers are, and we thank every single one of them from the bottom of our hearts." — J.M.

  • "It is with a grateful heart that we extend to you our deepest gratitude for the loving care that Acacia Hospice afforded our beloved Aunt." — M.W.

  • "It has been a source of tremendous relief that my parents were in such caring and professional hands during the final years of their lives." — Jim C.

  • "It takes a very special person to do the job Acacia Hospice's caregivers do every day. We would like you to know we think you have an incredible group of 'Angels.'" — J.M

Text Resize
Print
Email
Subsribe to RSS Feed

Monday March 25, 2019

Washington News

Washington Hotline

IRS Encourages Taxpayers to Check Their Withholding Amounts

The IRS is conducting a second "paycheck checkup" the week of August 13 in an effort to encourage taxpayers to calculate withholding amounts for their 2018 returns. In light of the new tax law, many tax filers will need to adjust their withholding amounts.

The Tax Cuts and Jobs Act (TCJA) will affect 2018 tax returns. The TCJA increased the standard deduction, increased the Child Tax Credit, limited or discontinued certain itemized deductions and changed tax rates and brackets. Because of these changes, the IRS encourages taxpayers to check and adjust their withholding amounts now in order to avoid an unexpected tax bill and penalties next year.

Those whose withholding amounts could be particularly impacted include individuals who:
  • Have two or more incomes per family
  • Work only part of the year or hold two or more jobs at the same time
  • Claim credits like the Child Tax Credit
  • Had a large refund or tax bill in 2017
  • Have dependents age 17 or older
  • Have a large amount of income or a complex tax return
  • Claimed itemized deductions in 2017
The IRS encourages taxpayers to utilize the online Withholding Calculator on irs.gov to help determine their withholding amounts. When using the Withholding Calculator, taxpayers should have a copy of a recent paystub and their 2017 tax return handy. The calculator does not require personally-identifiable information, such as names, Social Security numbers, addresses or bank account numbers.

By conducting a "paycheck checkup" now, not only can taxpayers steer clear of an unwelcome tax surprise come tax season, but they can avoid an inflated refund and have more money in each paycheck for the remainder of the year. Even if a taxpayer has already used the Withholding Calculator earlier in the year to determine their withholding amount, they should consider whether their personal circumstances have changed such that they should revisit the calculator to see if their withholding amount should be updated.

For more information, taxpayers can review Publication 505, Tax Withholding and Estimated Tax, available on irs.gov. The IRS will also be holding special sessions for tax professionals to discuss withholding requirements on August 15 and 16.

Published August 10, 2018
Print
Email
Subsribe to RSS Feed

Previous Articles

IRS Public Wi-Fi Security Tips

IRS Urges Strong Passwords

IRS Promotes "Security Six" Computer Safeguards

IRS Summertime Tax Tips

"Almost a Postcard" Tax Return

scriptsknown