Paycheck Checkup for Taxpayers Who Itemize

 

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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.