Smart Money Moves: Check your tax withholding

Check your tax withholding as soon as possible!

You may wonder if it’s worth your while to plan anything after the train wreck of 2020. However, by knocking off a few financial tasks early in the year, you can better equip yourself for whatever 2021 has in store.

Contact your employer if you need to make changes. Use your 2021 pay stub and your tax return from 2020 as a benchmark for tracking your tax withholding ratio.

You might have to make quarterly estimated payments if you’re self-employed. You could consult a tax professional to determine how much the payments should be.