As the TCJA removed exemptions in favor of an increased standard deduction, many taxpayers found themselves under withheld on their wages.
To transition from the old tax system into the new one, the IRS recently released new withholding tables and updated Form W-4 for the 2020 tax year. If you previously took several withholding allowances, you could remain under withheld with the updated withholding tables. Now is the time to review your Form W-4 and see if an updated form is necessary.
Should you have any questions or concerns regarding your withholding, please consult a tax advisor.
