Update Your Tax Liens Now

Here’s a simple financial task for you over the weekend: Update your tax liens.

Due to the new tax legislation, the tax rates and tax rates have changed from last year, and the standard deduction has doubled. This means that your earned wages are likely to be different (even if you did not receive a raise) and you may need to contact the payroll department.

You might be thinking, hey, this sounds familiar, have you already written about this a few times? And the answer is yes there is . But some 30 million people are not holding back enough money, according to the Government’s Accounts Chamber , which means they will owe money to the tax office in April and so the problem needs to be tackled again. On the other hand, about 75 percent of taxpayers are withholding too much, so they can expect to get a good refund next year (or change the withholding amount and get their money now).

Do you want a surprise tax bill for April? Not? Then consider it PSA: upgrade your W-4. ( CNBC notes that people who have required withholding in past years should especially do some new calculations as the standard deduction has doubled and may now be more attractive.) The IRS has released a new withholding calculator following the passage of the Tax and Job Cuts Act to help get you out.


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