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At Tax Time, Urge Review of Paycheck Withholding and Retirement Savings

January 29, 2019

Via: SHRM

As employees look over their W-2 earned-income forms, due to them by Jan. 31, and prepare to file income taxes by April 15, HR departments can advise them to review their paycheck withholding and consider increasing their contributions to tax-advantaged retirement accounts, tax advisors say.

Withholding Review

Due to changes under the Tax Cuts and Jobs Act, which took effect in 2018, many employees may find that their withholding is not enough to offset their income taxes this year. Others may discover they’ve withheld too much, said Tom DiLorenzo, senior manager at consultancy EY’s employee financial services.

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