New year, new tax situation

A new year doesn’t just mean remembering to write 2015 instead of 2014 after the date.  Many of us have experienced changes in 2014 that will impact our tax status for 2015.

If you recently married, had a change in dependent status, finalized a divorce, or even bought a new house, your tax situation probably changed. Right now is the perfect opportunity to adjust your wage withholding for these changes and prevent any penalties for under payment of taxes.

Changes to your withholding are made by submitting an updated copy of IRS Form W-4.

Form W-4 IRS Withholding CPA Austin Taxes Launch Consulting
IRS Form W-4 Personal Allowance Worksheet

For more information on completing IRS Form W-4, Employee’s Withholding Allowance Certificate, contact or visit the IRS website.

If you are a business owner and experienced any of the changes mentioned above, Launch Consulting, Inc. can also help you correctly calculate your quarterly estimated tax payments.