If your 2013 tax return had unexpected results it may be time to change your payroll withholding. Excessive refunds or a large balance due makes cash flow budgeting difficult during the year.
The IRS has a helpful Withholding Calculator to help you determine what your withholding should be. Gather your most recent pay stub and your last year’s tax return to begin.
The IRS calculator is only an estimate, other factors will affect your tax liability including but not limited to total household income, self-employment tax and alternative minimum tax so it’s best to consult with your WOB advisor before making any final decisions.
