Lock-in Letter, Explained.

Описание: "Lock-in Letter... What is that?!?"

Hey Taxpayers, Tiffany Gonzalez CPA is back with another great installment of "What is that?!?" Where we bring you financial terms and topics you may have heard, but we make them super easy to understand.

Today we are talking about the Lock-in Letter, which is sent to you by the IRS as punishment for not withholding enough money for taxes. This Lock-in letter forces you to withhold more than necessary in taxes for each pay period.

This extra withholding, which means less money in your pocket, is forced on you for 3 years.

If you are not withholding the correct amount on your W-4 you will want to watch this video!

Tune in and get your financial I.Q. up!

Accounting to Scale is dedicated to the betterment of the community through financial education. Please leave any topics you wish to learn about or feel should be talked about in the comments below.

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