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Avoid a Surprise at tax time, Update your withholding tax.

If you have major life changes such as:

• Lifestyle - Marriage, divorce, birth or adoption of a child, home purchase, retirement, filing chapter 11 bankruptcy.
• Wage income - You or your spouse start or stop working or start or stop a second job.
• Taxable income not subject to withholding - Interest income, dividends, capital gains, self employment income, IRA (including certain Roth IRA) distributions.
• Adjustments to income - IRA deduction, student loan interest deduction, alimony expense.
• Itemized deductions or tax credits - Medical expenses, taxes, interest expense, gifts to charity, dependent care expenses, education credit, child tax credit, earned income credit.

It is encouraged by the IRS to check if you need to update your withholding tax. Use this withholding tax estimator: https://apps.irs.gov/app/tax-withholding-estimator

Call Bee Ong, CPA to discuss further about your specific situation at 503-466-0129 or email Bee at : beekong@beekongcpa.com