posted May 7, 2012, 7:37 AM by Patty Langlois
Now that the 2011 tax returns have been filed, or the extension requests have been filed, it is time to take a look at your 2012 tax returns. If you are a W2 employee, this is the time to plan for 2012. Taking the time now to review your tax payments for 2012 will save you a lot of grief and frustration in April of 2013. Many tax laws expired in 2011 which means that your taxable income may be higher in 2012, all other items being equal. Using your 2011 tax returns and your current year to date 2012 paystubs, you can calculate what your withholding needs to be to cover your 2012 tax liability and ensure that you do not give the US Treasury a large, interest free loan for 2012.