May 15, 2017
If You Itemize Deductions, Avoid Tax Surprises with a “Paycheck Checkup”
People who’ve itemized deductions on past tax returns should do a “paycheck checkup” using the updated IRS Withholding Estimator. This is especially important due to tax law changes from the Tax Cuts and Jobs Act, such as:
- A cap on deductions for state and local taxes.
- Limits to the deduction for home mortgage interest in certain cases.
- Eliminated deductions for employee business expenses, tax preparation fees and investment expenses.
See IRS.gov/taxreform for more information.