paycheck checkup

Have you given your paycheck a checkup?

This week (March 26th – 30th), the IRS is holding a weeklong campaign to encourage everyone to check their tax withholding.

Certifed Financial Planner™  and SHP Financial Co-Founder, Matthew Peck, talked with WJAR about who should check their tax withholding and how to do it.

Here are some of the points Matt made:


You will thank yourself come April, 2019 if you take the time now to check your withholding. If you are withholding too much out of your paycheck, you will get a big refund next year. That may sound like a good thing, but it’s really not. That’s your money the government is holding interest free. It’s money that you could be investing to grow throughout the year. However, if you withhold too little, you’ll owe at tax time. Ideally, you want to have just enough withheld so that the amount will come as close as possible to your actual tax liability for the year.


Anyone can benefit from a paycheck checkup, but there are a few groups who should especially consider taking this step:

  • Anyone with a complicated financial situation
  • Two income families
  • People who hold more than one job
  • Anyone who itemized deductions in 2017
  • People who claim credits like the Child Tax Credit


  • Get your most recent pay stub from work.
  • If you’ve finished your 2017 taxes, have those handy as well. If not, get out your 2016 taxes. (source: IRS)
  • Enter the information into a calculator from the IRS – Click here for the IRS calculator
  • If the calculator shows your withholding is off, fill out a W-4 with your employer as soon as possible.

Click below for our 2018 Tax Reform Guide

Click here for our 2018 Tax Reform Guide



The content presented is for informational purposes only and is not intended as offering financial, tax, or legal advice, and should not be considered a solicitation for the purchase or sale of any security. Some of the informational content presented was prepared and provided by tMedia, LLC, while other content presented may be from outside sources believed to be providing accurate information. Regardless of source no representations or warranties as to the completeness or accuracy of any information presented is implied. tMedia, LLC is not affiliated with the Advisor, Advisor’s RIA, Broker-Dealer, or any state or SEC registered investment advisory firm. Before making any decisions you should consult a tax or legal professional to discuss your personal situation.Investment Advisory Services are offered through SHP Wealth Management LLC., an SEC registered investment advisor. Insurance sales are offered through SHP Financial, LLC. These are separate entities, Matthew Chapman Peck, CFP®, CIMA®, Derek Louis Gregoire, and Keith Winslow Ellis Jr. are independent licensed insurance agents, and Owners/Partners of an insurance agency, SHP Financial, LLC.. In addition, other supervised persons of SHP Wealth Management, LLC. are independent licensed insurance agents of SHP Financial, LLC. No statements made shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional before investing. Both SHP Wealth Management, LLC. and SHP Financial, LLC. will offer clients advice and/or products from each entity. No client is under any obligation to purchase any insurance product.
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