As the year wraps up, it’s a great time to ensure your payroll information is up-to-date. Reviewing your W-2 withholdings now can save you from surprises come tax time.
Here are some scenarios where you should consider updating your withholdings:
You’ve had income changes (significant increases or decreases).
You’ve experienced life changes such as marriage, divorce, a new child, adoption, or retirement.
You’ve bought or sold a home.
You have taxable income that isn’t subject to withholding.
You anticipate changes to your deductions or credits in 2025 that aren’t reflected in your current withholding.
Taking a few moments now can save you significant headaches (and potential penalties) in the new year!
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