It’s my annual Taxes from A to Z series! This time, it’s Tax Cuts and Jobs Act style.
If you’re wondering whether you can claim house office expenses or whether to deduct a capital loss under the new law, you won’t want to miss a single letter.Outside of the pass-through and SALT deductions, withholding is probably the most talked about provision for individual taxpayers under the TCJA.
We have a pay-as-you-go system which means that taxpayers typically pay their taxes during the tax year through a combination of withholding and estimated payments made in four installments. How much your employer will withhold from your paycheck and remit to the government on your behalf is determined by your form W-4. You typically complete a form W-4 each year and give it to your employer - not the Internal Revenue Service . Your employer then uses tables from the IRS to determine how much to take out of your check and remit to the IRS on your behalf. Your employer will report that amount to the IRS each year using a form W-2.
Usually, that’s all there is to it. You reconcile what you paid through a combination of withholding and estimated payments when you do your taxes. If you paid in too much, you’ll get a refund. If you paid in too little, you’ll write a check. In most cases, if you don’t pay—through that—at least 90% of the tax that you owe or 100% of the tax that you owed in the prior year , you may owe a penalty.
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