The middle of the year is a perfect time to check your tax withholding, according to an IRS spokesperson.
“Six months is gone,” said Michael Devine with the IRS. “This is a perfect time to find out whether you’re going to get a refund or you’re going to have to pay next year. That’s doing what we call a paycheck checkup or going to irs.gov and using the Withholding Calculator to figure out whether or not you’ve got enough withheld from your paycheck.”
The math is easy right now.
“Using your end of June pay stubs makes it exactly perfect,” said Devine. “You can basically double everything that’s on there and you’ve got really good numbers to work with.”
Changes in family status also can change your taxes.
“Going from single to married filing jointly, or the other direction,” said Devine. “If you had a child, or if somebody’s graduated high school and they’ve moved out. That changes what you’re going to be able to put on your tax return.”
If you have tax questions, go to irs.gov or you can call them at 800-TAX-1040.