Many people struggle with deciding how many deductions to claim and how much tax to have withheld from their regular paycheck. If you have too much taken out, you’re depriving yourself of money you could use throughout the year, and in essence giving a free loan to the IRS. Wouldn’t it be better to keep that money for yourself?
On the other hand, if you have too little taken out, you risk having to pay the IRS come tax time, or even risk having a penalty assessed against you for underpayment.
Fortunately, there’s an easy way to determing your withholdings. Just use this handy app from the IRS (and who should know better?)
Silicon Harbor Business Services is based in Mount Pleasant, SC. We provide solid, practical advice to small business owners and select individuals. We work with Quickbooks Online, Quickbooks Desktop and Quickbooks Enterprise. For Quickbooks Online, we work with clients in Mount Pleasant, Charleston, Philadelphia, and across the US. For Quickbooks Desktop and Quickbooks Enterprise, we only work locally in the Charleston, SC area.