Help Employees with Withholdings Penalities

Encourage your employees to check this years withholdings on the IRS website when filing their 2018 tax returns in 2019. The new calculator is scheduled on the IRS website at: click here.

The IRS encourages everyone to use the Withholding Calculator to perform a quick “paycheck checkup.”  This is even more important this year because of recent changes to the tax law for 2018.

The Calculator helps you identify your tax withholding to make sure you have the right amount of tax withheld from your paycheck at work.

There are several reasons to check your withholding:

• Checking your withholding can help protect against having too little tax withheld and facing an unexpected tax bill or penalty at tax time next year.
• At the same time, with the average refund topping $2,800, you may prefer to have less tax withheld up front and receive more in your paychecks.

If you are an employee, the Withholding Calculator 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 Calculator to help fill out the form and adjust your income tax withholding.

Hope you find this helpful.

Are you ready for the upcoming tax season?

Can you believe it is October already and tax season is just around the corner.  Is your bookkeeping data up-to-date? Have you  properly codes all your expenses and costs? Any new assets purchased this year to depreciate? Are your bank and credit card accounts reconciled?

If you are like most of us this is the time of year we are thinking more of the upcoming holidays than our bookkeeping.  However, it is not too early to start preparing. We are here to assist you.

Please use the contact form on our website at http:www.bmeyerbookkeeping.com for a free consultation or give us a call at 2891.240.0326