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Check Your Withholding This Summer

Check Your Withholding This Summer

| June 02, 2021
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How much are you withholding per paycheck?
Is the amount too little? (Or too much?)

Find out the answer before the year ends. You may not want to discover next year that your withholding amount for this year was too small.

The I.R.S. offers you some help at its website, in the form of a free tax withholding estimator. (Search online for “I.R.S. tax withholding estimator” and you’ll quickly find it.) This online tool may be particularly useful for retirees, freelancers, and other taxpayers who are not W-2 workers.

We must note that the information in this material is not intended as tax or legal advice, and may not be used for the purpose of avoiding any federal tax penalties. So, please consult legal or tax professionals for specific information regarding your individual situation.

Before the year ends, check your withholding on your paycheck. Are you overwithheld? Underwithheld? The answer may surprise you.

As part of our service to our clients we can do an analysis using your most recent pay stub. We are all vaccinated and meeting clients in Somers, New York at our office. We also are meeting clients at a satellite location in Greenwich, Connecticut. 

June 15th is the due date for the second estimated taxes of 2021. If your company or financial advisor have not been withholding enough taxes, you may be able to send an estimated payment and potentially avoid a penalty and heartache come April. We are also working online using a secure portal for clients who are not comfortable meeting in person. 

The content is developed from sources believed to be providing accurate information. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.

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