Agili President, Michael Joyce, told NBC12 reporter, Rachel DePompa, that consumers should review their paycheck deductions regularly. “Planning your deductions could put more money from each paycheck into your wallet, while also ensuring you do not owe taxes when you file.” This story was shared by Gray Media in markets across the country.
Watch the video here: Update Your Paycheck Deductions Maximize Your Money
Don’t Deduct Too Much from Your Paycheck
Michael reminds consumers that while it might be nice to get a big tax refund at the end of the year, they don’t want to forego money in their paycheck. He tells NBC 12 that “…you want to have more dollars in your pocket today rather than six months from now.”
And Don’t Deduct Too Little!
And, of course, Michael also reminds folks to be sure they’re not withholding too little from their paycheck. “You don’t want to be setting yourself up for a big tax surprise where not only do you have to pay more taxes, but you could have a penalty under withholding.”
Remember to Update Withholdings with Major Life Changes
When people experience major life changes like marriage, a new baby, a divorce or a death, they should consider how that life event will impact their deductions.
To learn more about the financial planning services we offer at Agili, check out our Financial Planning services page.