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Updated Withholding Calculator Released

IRSThe Internal Revenue Service has released an updated Withholding Calculator on IRS.gov. They agency has also issued  a new version of Form W-4 so taxpayers can check their 2018 tax withholdings under the new tax laws.

Signed in December, the Tax Cuts and Jobs Act enacted major change including increasing the standard deduction, removing personal exemptions, increasing the child tax credit, limiting or discontinuing certain deductions and changing the tax rates and brackets.

While the changes do not affect 2017 tax returns, taxpayers can use completed returns to calculate withholdings for 2018.

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