Take Advantage of IRS Resources This Tax Season

The Tax Cuts and Jobs Act is bringing the most sweeping tax reform in more than 30 years, and it is likely to have an impact on your taxes. Fortunately, tools are available. The IRS, which is working to implement the tax law changes, provides resources you can use to adapt to the reforms in a way that preserves your finances and way of life.

Most of the tax reform changes apply to the general public, but some have special implications for the military community. While most service members will see their taxes decrease, the new tax law changes will not impact everyone the same way. The IRS provides specific resources for the military community, including current military personnel, those in combat zone service, veterans and disabled veterans. Take advantage of these guides to learn how the tax changes may affect you and your family.

Be sure to review your withholding selections. Changes in family status, jobs, and large tax refunds in previous years are indications that you may need to update your Form W-4, Employee’s Withholding Allowance Certificate, with your employer as soon as possible. The IRS offers a no-cost Withholding Calculator to help you make sure you are having the correct amount of tax withheld from your paycheck. Keeping your Form W-4 current helps ensure that you don’t have to pay additional taxes when you file.

The IRS often changes and updates its tax forms. Visit the IRS website often for the most up-to-date tax forms before planning or preparing your taxes.

Using the resources the IRS provides will help you maximize your finances and achieve your financial goals. Use the Office of Financial Readiness resources, including this guide, for more helpful information on the Tax Cuts and Jobs Act. Follow FINRED on Facebook, Twitter, Instagram and YouTube to discover more ways to make your money work for you.