Is your tax withholding right? Find out!

In this guest blog post, Anna Fleckenstein, Stakeholder Liaison for the IRS, strongly suggests the small business community double-check their tax withholding amounts and encourages them to participate in the “Thunderclap” campaign to help spread the word.
 

Following major tax law changes, the IRS is urging all taxpayers to check their tax withholding to ensure they have the right amount of tax taken out of their paychecks. Too little withheld could mean a tax bill or penalty. And with the average refund topping $2,800, some may prefer to get more money in their pay now.

All individual taxpayers can use the steps below to quickly check the amount of withholding from their current paychecks. The calculator will ask a couple questions about your filing status and within minutes, you will have the information you need to determine if you have sufficient withholding for your 2018 tax filing.

The IRS is asking employers and small business leaders to participate in the Thunderclap Campaign to help spread the word. Thunderclap is a social media campaign that will automatically post a message to participants’ Facebook, Twitter or Tumblr accounts reminding folks to check their withholdings.

To participate in the Paycheck Checkup Thunderclap:

  1. Visit http://thndr.me/7BvGKI
  2. Select “Support with: Facebook | Twitter | Tumbler.” (Choose one, then repeat the process to select more platforms or a second account.)
  3. Authorize Thunderclap to post this one-time message by clicking the “Add My Support” tab and follow the prompts to input username and password.

On Thursday, March 29, at 2:00 p.m. EST, Thunderclap will automatically post: “The IRS urges you to perform a Paycheck Checkup today to make sure your tax withholding is right for you -- http://thndr.me/TRRWef" on all participating social media accounts. The link goes to the recently updated IRS Withholding Calculator.

Topic: BizLaunch
 
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