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THURSDAY TAX TIDBITS

IRS Announces Major Changes to Form W-4!

Earlier this week the IRS and Treasury Department announced that the major changes for Form W-4 are to be delayed until the tax year 2020. These changes were planned to be made in 2019, however, after sharing the drafted version, the IRS and Treasury Department listened to feedback and decided to postpone the changes. Minor changes will be made to the 2019 W-4, but it will remain largely consistent with the present draft. 

In the meantime, it is important for individuals to learn how these changes may impact their personal finances. The IRS encourages taxpayers to use the paycheck checkup at https://www.irs.gov/payments/tax-withholding and review their withholding situation. By doing so, you can ensure withholding is not under-withheld or over-withheld. If under-withheld, there is a chance of having to pay taxes at the end of the year or receiving a smaller refund.

Don't ignore this issue until it is tax season. For more questions on how this can impact you personally, our accountants at Cunningham Tax Help can provide the most relevant information for you and your situation. We are open Monday through Friday from 9 AM to 5 PM; contact us by email or phone at: thetaxlady4u@gmail.com or 253.581.1461


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