The Internal Revenue Service is alerting the small business and self-employed community about its recent launch of a new IRS Tax Withholding Estimator online tool. It replaces and expands the previous IRS Withholding Calculator.
The new tool offers a mobile-friendly, step-by-step way for employees, self-employed individuals, and retirees to tailor the amount of income tax withheld from their wages, self-employment income and pension payments. Other features include:
- The
ability to more effectively project either a tax due amount close to zero,
or a refund amount during filing time.
- Self-employment
tax for individuals who have self-employment income in addition to wages
or pensions.
- A
new progress tracker to help users see how much more information they need
to input.
- The
ability to move back and forth through the steps, correct previous entries
and skip questions that don’t apply.
- Tips
and links to help the user quickly determine if they qualify for various
tax credits and deductions.
- A
mobile-friendly design.
For more information, see: IRS launches new Tax Withholding Estimator; Redesigned online tool makes it easier to do a paycheck checkup.
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