Everyone remembers the 2018 tax year where payroll tax withholdings were messed up due to the tax law changes. A lot of folks ended up owing tax due to not withholding enough throughout the year.
The IRS has completely changed the W-4 tax withholding form that you fill out for your payroll department. The new form does not have the old number of exemptions that we are all used to, but instead has a dollar amount that you calculate to either increase or decrease tax withholding on each paycheck.
Best part is the IRS has a great tool to help you figure out if you will owe or get a refund and how to adjust accordingly. It only takes a few minutes and all you need is the most recent copy of your paystub: www.irs.gov/w4app
Best part is when you get the results you have the option to print out a new W-4 form with the changes already entered.
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