Tags: IRS | tax returns | tax cuts | withholding | tax rate | online

Revamped IRS Online Tool Helps Calculate Pay Withholding

the internal revenue service building sign out in front of the offices
(Tripplaar Kristoffer/AP)

By    |   Tuesday, 06 August 2019 04:44 PM

The IRS on Tuesday introduced a revamped online tool for taxpayers to better calculate how much in federal taxes should be withheld from their pay this year.

"The new estimator takes a new approach and makes it easier for taxpayers to review their withholding," IRS Commissioner Charles Rettig said in a news release. "This is part of an ongoing effort by the IRS to improve quality services as we continue to pursue modernization and enhancements of our taxpayer relationships."

The plain-language "Tax Withholding Estimator" comes after the first year of filings under President Donald Trump's tax-cut law and incorporates the agency's subsequent withholding guidelines.

According to The Hill, the average refund size through May 10 was slightly smaller than the average refund through May 11, 2018, but refunds varied greatly because of individual tax circumstances.

As a result, some Americans saw larger refunds this year, while those who received refunds last year owed taxes.

Most Americans received a tax cut for 2018 under the Trump law, despite receiving a smaller refund.

The IRS cautioned that taxpayers who owed taxes this year over the previous year to use the new tool and review their withholding status.

Those most at risk of not having enough taxes withheld include taxpayers who previously itemized deductions but now take the standard deduction — along with households with double-wage earners and workers with non-wage income, the IRS said.

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A revamped online tool for taxpayers to better calculate how much in federal taxes should be withheld from their pay this year was introduced Tuesday by the IRS.
tax returns, tax cuts, withholding, tax rate, online
235
2019-44-06
Tuesday, 06 August 2019 04:44 PM
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