Why Checking Your Pay Stub Matters

Key Takeaways:

1. Employees should regularly review their pay stubs to confirm accurate salary, tax withholdings, and benefit allocations.
2. Life events such as marriages or having children can impact employee benefit enrollment, necessitating a careful review of changes.
3. Proactively monitoring pay stubs can help uncover missed compensation and prevent surprise tax bills at the end of the year.
4. Planning ahead for tax season, even early in the year, can significantly ease the financial burden come December.
5. Tax planning and paycheck review services are available for those who find the task daunting, with experts like Allison ReiffMartin CPA, ready to assist.

 

Chapters:

Timestamp Summary

0:00:42 Introduction to the topic of preparing for taxes by December 31

0:01:18 Importance of understanding and checking pay stubs

0:03:14 Story about people not being paid what they were promised

0:05:05 Checking employee benefits packages and adjusting withholdings

0:06:40 Reminder to start planning for personal tax returns in March and April

0:07:51 Contact information for more assistance and discussion

0:08:09 Disclaimer and end of the conversation

 

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.