Many folks seeing more money on their paychecks

Posted at 7:30 AM, Feb 02, 2018
and last updated 2021-01-08 12:16:34-05

The tax reform bill could mean more money in your paycheck, and it may already have happened.

The U.S Treasury estimates about 90 percent of us will see more take-home pay. But, keep that excitement in check for now.

"This tax law came at us very quickly and right at the end of the year when it didn't give us a lot of time to prepare for it." said Gerald Spivey with H&R Block.

The issue is that you could end up getting too much money or maybe not enough. It all depends on how you filled out your W-4 and right now it’s a guessing game.

Spivey says you should not change your withholdings for now.

"What the individual needs to do is sit down and see how it's going to affect them individually based on their situation," he said. "Once they do that there will be plenty of time to change that, it doesn't hurt to even wait until mid-year to change."

The tax reform happened so fast, that many companies have yet to be briefed on the new guidelines to help their employees fill out their W-4 to fit this new reform.

The IRS says it will be publishing a new online calculator by the end of February that will help you decide how to adjust your allowances based on your personal and financial situation. 

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The filing deadline to submit 2021 tax returns or an extension to file and pay tax owed is Monday, April 18, 2022, for most taxpayers. By law, Washington, D.C., holidays impact tax deadlines for everyone in the same way federal holidays do. The due date is April 18, instead of April 15, because of the Emancipation Day holiday in the District of Columbia for everyone except taxpayers who live in Maine or Massachusetts. Taxpayers in Maine or Massachusetts have until April 19, 2022, to file their returns due to the Patriots' Day holiday in those states. Taxpayers requesting an extension will have until Monday, October 17, 2022, to file.