{"id":3435,"date":"2018-07-31T17:16:11","date_gmt":"2018-07-31T22:16:11","guid":{"rendered":"https:\/\/sherylschuff.com\/blog\/?p=3435"},"modified":"2019-10-11T12:30:18","modified_gmt":"2019-10-11T17:30:18","slug":"prevent-big-tax-bill-in-april-use-irs-calculator-for-paycheck-checkup-now","status":"publish","type":"post","link":"https:\/\/sherylschuff.com\/blog\/payroll\/prevent-big-tax-bill-in-april-use-irs-calculator-for-paycheck-checkup-now\/","title":{"rendered":"Prevent big tax bill in April-use IRS calculator for paycheck checkup NOW"},"content":{"rendered":"<h2 style=\"text-align: center;\"><a href=\"https:\/\/mlsfkhvpsenu.i.optimole.com\/w:auto\/h:auto\/q:mauto\/f:best\/ig:avif\/https:\/\/sherylschuff.com\/blog\/wp-content\/uploads\/2018\/07\/CanvaBlogGraphicFromMyThumbnail300x200.png\"><img data-opt-id=1845701187  fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-3442 aligncenter\" src=\"https:\/\/mlsfkhvpsenu.i.optimole.com\/w:auto\/h:auto\/q:mauto\/f:best\/ig:avif\/https:\/\/sherylschuff.com\/blog\/wp-content\/uploads\/2018\/07\/CanvaBlogGraphicFromMyThumbnail300x200.png\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/mlsfkhvpsenu.i.optimole.com\/w:300\/h:200\/q:mauto\/f:best\/ig:avif\/https:\/\/sherylschuff.com\/blog\/wp-content\/uploads\/2018\/07\/CanvaBlogGraphicFromMyThumbnail300x200.png 300w, https:\/\/mlsfkhvpsenu.i.optimole.com\/w:150\/h:100\/q:mauto\/f:best\/ig:avif\/https:\/\/sherylschuff.com\/blog\/wp-content\/uploads\/2018\/07\/CanvaBlogGraphicFromMyThumbnail300x200.png 150w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt;\"><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt;\">T<\/span>he best way to prevent a big tax bill in April and avoid estimated tax penalties is to make sure you pay enough taxes as you go throughout the year<\/strong><\/span><\/h2>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\"><strong>The two major ways to do that are<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"font-family: arial, helvetica, sans-serif;\">through <strong>payroll tax withholding<\/strong> deductions<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif;\">by making the appropriate <a href=\"https:\/\/sherylschuff.com\/blog\/estimated-taxes\/how-to-pay-estimated-taxes-tax-tips-for-business-owners-who-want-to-avoid-trouble-with-the-irs\/\" target=\"_blank\" rel=\"noopener\"><strong>estimated tax payments<\/strong><\/a><\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">In general, you\u2019ll be subject to underpayment <strong><span style=\"color: #ff0000;\">penalties if your Form 1040 shows a balance due of $1000 or more<\/span><\/strong>.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">However, there\u2019s an <strong>exception to that rule if the amount you paid in toward the current year\u2019s taxes is at least as much <span style=\"font-size: 14pt;\">as<\/span> the total tax liability you had last year<\/strong>. <\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">If you\u2019re counting on meeting that requirement through payroll tax deductions (including your spouse\u2019s if you\u2019re married filing jointly), then it\u2019s absolutely critical to <strong>make sure the correct amount of taxes are being withheld from your paychecks.<\/strong><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\"><strong><span style=\"color: #ff0000;\">The bad news is that you can\u2019t tell that just by looking at your paystubs<\/span><\/strong>.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">The good news is that there\u2019s a <a href=\"https:\/\/apps.irs.gov\/app\/withholdingcalculator\/\" target=\"_blank\" rel=\"noopener\">free IRS calculator<\/a> to help you do a paycheck checkup to figure this out!<\/span><\/p>\n<h3 style=\"text-align: left;\"><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>The best way to prevent a big tax bill in April and avoid estimated tax penalties is to make sure you pay enough taxes as you go throughout the year <\/p>\n<p>The two major ways to do that are<\/p>\n<p> through payroll tax withholding deductions by making the appropriate estimated tax payments <\/p>\n<p>In general, you\u2019ll be subject [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","tve_updated_post":"","tve_custom_css":"","tve_user_custom_css":"","tve_globals":{},"tcb2_ready":0,"tcb_editor_enabled":0,"tve_landing_page":"","_tve_header":"","_tve_footer":""},"categories":[159],"tags":[],"class_list":["post-3435","post","type-post","status-publish","format-standard","hentry","category-payroll","odd"],"_links":{"self":[{"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/posts\/3435","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/comments?post=3435"}],"version-history":[{"count":23,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/posts\/3435\/revisions"}],"predecessor-version":[{"id":3648,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/posts\/3435\/revisions\/3648"}],"wp:attachment":[{"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/media?parent=3435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/categories?post=3435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/tags?post=3435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}