January is a great time to re-visit your withholding to ensure you’re on target to have just the right amount withheld. This is especially important if you have, or anticipate, changes in your income, number of children claimed for the child tax credit and earned income tax credit. You may find submitting a new W-4 to your employer is warranted.
If you’re self employed you’ll want to make accurate estimated tax payments quarterly.
In either case, the IRS provides a helpful tool to estimate your withholding. With just a few pieces of information (you provide NO personally identifiable information) you can securely evaluate your withholding and decide whether adjustments are required. Simply click on the link below.