The revamped tax withholding calculator from the IRS will give you more details on how to increase your refund, break even with the taxman or avoid a big tax bill come April 2021.
You would also be factoring in the $2,000 child tax credit for each kid under 17 or the $500 credit for other qualifying dependents.
Further, the IRS wants you to share information on whether you held more than one job, or whether you and your spouse work and file jointly."The old W-4 never considered that people would have multiple sources of income," said Weston. You can also spell out the number of deductions you expect to claim if you think you'll be itemizing on your return. This way, you'd lower your withholding and take more money home.Whether you're consulting your CPA or hashing out the numbers yourself with the IRS withholding calculator, plan to dust off your 2018 income tax return, as well as your last paystub for 2019.
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