Tax Day 2024 and How to Get an Extension from the IRS
Tax Day is on Monday, Apr 15, 2024. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!
Having a baby is one of the most exciting times in life, and there are many things to prepare when you enter in this new phase. While you may have diapers, cribs, and strollers on the top of your mind, it’s important to remember that being prepared from a tax perspective is just as important. So, how can you use PaycheckCity to prepare for your new bundle of joy? We’ll explain in this article.
Having a baby is one of the most exciting times in life, and there are many things to prepare when you enter in this new phase. While you may have diapers, cribs, and strollers on the top of your mind, it’s important to remember that being prepared from a tax perspective is just as important. So, how can you use PaycheckCity to prepare for your new bundle of joy? We’ll explain in this article.
From a tax perspective, having a baby means you can “1” as a dependent. This is essentially giving yourself a raise – congratulations! Why? Because when you claim additional dependents, less federal tax will be withheld every paycheck. This doesn’t mean you should add dependents if you don’t have them. If you need help filling out your Form W-4 use this tool or take a look at this article. Billy Long, Symmetry Software & PaycheckCity Developer who just welcomed a baby into his family, says, “It’s also important to note that you can change your withholding status any time in the calendar year your baby is due. For example, if you know your baby is due in October, you can change your withholding status in June, if you wish.
A raise sounds great, but how can PaycheckCity help me? We can help in a few ways:
Tax Day is on Monday, Apr 15, 2024. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!
IRS has updated tax brackets for 2024. See how this affects your first paycheck this year!
Check out the updated 2024 Federal benefit limits for 401(k), HSA, and simple IRA, and more. Stay informed and plan your finances with confidence!