The IRS has launched a new & easy to use Tax Withholding Estimator tool!
The estimator makes it easier for taxpayers to review their withholding & helps them make sure that they are having the correct amount of tax withheld during the year.
This was created as a part of an ongoing effort by the IRS to improve the quality of their services for taxpayers, as well as adapting to the modern world of technology & relationships.
Some benefits & features of this estimator are:
- it uses plain & easy to understand language
- allows taxpayers to more effectively target their correct tax withholding amount
- has a mobile-friendly design
- lets users move back and forth through the steps & pages, also allowing them to skip questions that do not apply
- contains enhanced links & tips to help the user determine if they qualify for certain tax deductions or credits
- has a progress tracker showing how much more information is needed
- automatic calculation of the taxable portion of Social Security benefits
- for users who have self-employment income in an addition to wages or pensions, this estimator has self-employment tax on it too
Check out the Tax Withholding Estimator from the IRS here!