Tax Withholding Starts Taking Shape

         With the new Tax Law in effect this year, almost every area of Tax and Finance has been changed. Some of the changes are taking place slowly, but they are happening. For example, new tax withholding information for employers simply was not available. The withholding tables have now been released and must be implemented no later than February 15.

          Employees will probably see an increase in their paycheck. This is because of changes in the Tax Brackets, Tax Rates, and standard deduction. This will be true depending on the circumstance of the Taxpayer. At this point, employees have to do nothing. The IRS is working on revising the Form W-4 to reflect the changes made by the Tax Cuts and Jobs Act. When this has been completed, Taxpayers will be encouraged to consider whether or not they need to update their responses on that form. Within this complicated area of Tax and Finance, patience truly is needed.

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