With the changes in federal income taxation resulting from the recently passed “Tax Cuts and Jobs Act,” NOW is the time to update your withholding. With so many changes in federal income taxes, including an increased standard deduction, elimination of personal exemptions, increases in the child tax credit, limited or discontinued certain deductions, and changes in tax rates and brackets,now is the time to fine tune your withholding for 2018.
Check out: https://www.irs.gov/individuals/irs-withholding-calculator
The IRS also issued a new 2018 Form W-4, Employee’s Withholding Allowance Certificate.
Source: Financial Planning for Women