Happy New Year Everyone,
On December 6, 2019 the IRS released an updated (open the link to find the updated form) Form W-4 for 2020.
Most of us know that the purpose of completing a Form W-4 is so your employer withholds the correct amount of federal income tax from your paycheck each period. In recent years and along with TCJA- Tax Cuts and Jobs Act of 2017 the withholding tables have changed again. It's good practice to review your withholding's each year to see how it may affect your personal situation.
Always a good idea to consult your HR/payroll department if you have questions or great information on this subject can be found on the IRS website (click the link) this tool can help provide an estimate on withholding based on a few questions: https://www.irs.gov/individuals/tax-withholding-estimator.
Tax season is around the corner, so we will see you soon!