Tax Tip #21: Is your 2013 Withholding Correct?

Check the amount of income tax being withheld from your wages early in 2013, and again whenever your circumstances change during the year (marriage, divorce, new baby, etc.).  You must meet minimum tax payment requirements, but don’t overwithhold, or you’ll be giving the IRS interest-free use of money you could be investing for yourself.

The withholding form can be misleading since the IRS tax tables already includes allowance for one exemption if filing “single” and  two if filing “married.”  If you claim yourself and/or your spouse again, you may be surprised at the end of the year that you have not withheld enough money.

Call us at Bressler & Company (559.924.1225), and we can help you determine the correct number of deductions to claim.