What taxpayers need to know following release of new tax withholding tables by IRS

The IRS is now letting taxpayers know when they can start seeing changes on their paychecks following the new tax law.

The agency released the new withholding tables for employers Thursday.

Kathy Bylkas, the owner of Your Tax Lady, said right now employers and payroll service providers will be the ones doing a lot of the work as the new IRS withholding tables are being implemented.

Bylkas said though all taxpayers will have to be on the lookout as the new tax law gets implemented, specifically making sure their W-4 is withholding the right amount.

“It may mean that you may owe, no matter what they’ve done with the tax brackets, because if you have nothing withheld, you may not get anything back,” Bylkas said.

The good news is paychecks will start to look better for many taxpayers come February.

“You will be getting a lot more in your paycheck. You’re talking $20 or $30, but that’s a lunch or a dinner for some people,” Bylkas said.