Georgia taxpayers will need to get ready for the new W-4 form that the IRS is rolling out for next year. The government agency says that the goal of the new form is to make sure that taxpayers owe as little as possible at the end of they year. Ideally, neither the government or a taxpayer will owe the other any money at tax time. However, the new form will require taxpayers to provide more information.
For instance, they will be asked to include a dollar amount for itemized deductions and interest income. Itemized deductions include mortgage interest, charitable giving, and state or local taxes paid. They will also have to include any income tax credits that they expect to receive in a given year. Currently, the IRS has only released a draft version of the form, and a revised version is expected on May 31.
Afterward, the agency will accept comments and make further changes before releasing a final version by the end of 2019. When filling out the W-4 form, taxpayers are encouraged to have information such as their filing status and number of dependents by their side. They are also encouraged to know how much they made from all jobs worked.
While filling out tax forms may feel complicated to some, there are resources available to help taxpayers do so correctly. For instance, an IRS representative may be able to tell a person how to find information or how to interpret a form’s instructions. An attorney may also be able to help a person fill out a tax form or file a tax return. If a mistake has been made, legal counsel may help a person correct the error before or after the IRS contacts the taxpayer.