RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

How Much Is Too Much? Get the Facts on Tax Withholding

November 10, 2015 12:51 am

Is your withholding on par with your tax liability? The Internal Revenue Service (IRS) recommends taxpayers assess their withholding sooner rather than later to ensure the correct amount of tax is withheld. If not enough tax is withheld, taxpayers will owe tax at the end of the year and may have to pay interest and a penalty. If too much tax is withheld, they will lose the use of that money until they get their refund.

When should you check your withholding?

• If you receive a large refund or find you have an unexpected balance due
• If you experience a financial or personal change that may affect your tax liability, such as a marriage, divorce or birth of a child, or if you’ve purchased a home
• If there are changes in federal tax law that may affect your tax liability

To determine the status of your withholding, use the IRS Withholding Calculator on IRS.gov.  This easy-to-use tool can help figure your federal income tax withholding so your employer can withhold the correct amount from your pay. This is particularly helpful if you’ve had too much or too little withheld in the past, if your situation has changed, or if you’ve started a new job.

You may also use the worksheets and tables in Publication 505, Tax Withholding and Estimated Tax, to see if you are having the right amount of tax withheld.

Events during the year may change a taxpayer’s marital status or the exemptions, adjustments, deductions, or credits they expect to claim on their return. When this happens, you may need to give your employer a new Form W-4, Employee's Withholding Allowance Certificate, to change your withholding status or number of allowances.

Generally, taxpayers should give their employer a new Form W–4 within 10 days after either a divorce, if they have been claiming married status, or any event that decreases the number of withholding allowances they can claim.

Source: IRS.gov

Published with permission from RISMedia.


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5 Home Fire Safety Tips

November 10, 2015 12:51 am

Unfortunately, reports of home fire incidents are a common occurrence during the winter season. A home fire can be devastating to households who may not only experience property damage, but also the loss of sentimental, irreplaceable belongings.

To avoid being left out in the cold by a home fire, the American Red Cross strongly advises homeowners to:

• Follow the three feet rule. Heating equipment is one of the leading causes of home fire deaths. Keep children, pets and anything flammable at least three feet away from heating equipment. Turn off portable space heaters when you leave the room and when you go to sleep.

• Use gas wisely. Four percent of Americans admit to having used a gas stove to heat their home. Never use a cooking range or oven to heat your home.

• Use flashlights, not candles. Use battery operated flashlights or lanterns instead of candles during power outages.

• Sound the alarm. Install smoke alarms on every level of your home, inside bedrooms and outside sleeping areas. Test smoke alarms once a month. If they’re not working, change the batteries and test again.

• Plan and practice. Ensure that all household members know two ways to escape from every room of your home. Make sure everyone knows where to meet outside in case of fire. Practice escaping from your home at least twice a year and at different times of the day.

Source: The American Red Cross

Published with permission from RISMedia.


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