As many of us file and complete our returns this tax season, keep in mind that the changes as a result of tax reform largely go into effect next year, when you're filing your 2018 tax return in 2019. What you will see this year are changes to your paycheck — since the IRS has updated the income withholding tables to reflect the changes in the tax bill. This also means that every employee should review the new 2018 IRS W-4 form released recently and update as needed to make sure you are withholding the right amount under the new legislation. On today's show, Ralph reviews the changes to the most recent version of the IRS W-4 form and outlines how to do a "paycheck checkup" to make sure you are not blindsided next filing season.
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For more information and to download the new 2018 IRS W-4 form, visit https://www.irs.gov/pub/irs-pdf/fw4.pdf.
To complete the IRS withholding calculator visit https://apps.irs.gov/app/withholdingcalculator/
