Here are three of the week’s top pieces of financial advice, gathered from around the web:
Are you taking home too much pay?
“Check your paycheck — you might be getting too much money,” said Michelle Singletary at The Washington Post. With the tax law’s recent passage, most U.S. workers have seen an increase in their take-home pay. That makes it an ideal time to check whether your company is withholding the right amount of tax for you. Ideally, you should sit in the taxation “sweet spot,” where you don’t owe any taxes at the end of the year, but you also aren’t awaiting a significant refund. Revisit your W-4 form, which you filled out when you started your job, to see if your withholding levels match your current tax liability. IRS.gov has a withholding calculator. The new tax law contains seven new income tax brackets, and if your circumstances have changed — say, you had a child, got married, or purchased a home — your withholdings should also be updated. Read more......