If you have high income or a complex tax return, you should do a paycheck checkup after the recent tax law changes. Use the IRS Withholding Calculator to make sure you’re have the right amount of tax taken out of your pay.
Notable changes affecting high-income taxpayers:
The standard deduction nearly doubled and there are changes to itemized deductions, including:
- A $10,000 cap on deductions for state and local property, sales and income taxes.
- New limits on deductions for some mortgage interest and home equity debt.
- Higher limits on the percent of income a taxpayer can deduct as charitable contributions.
- No deduction for miscellaneous expenses including investment expenses and un-reimbursed employee expenses such as travel, meals, entertainment and uniforms.
Don’t forget to check your state withholding too.