Time to Revisit Your Tax Situation

It’s hard to believe, but we are already halfway through the year. While taxes might be the last thing on your mind in the middle of summer, now is a good time to take a look at your tax situation and make changes if needed.

If your 2023 tax return yielded unwelcome results (either too much money owed or too much money refunded back to you), you should consider changing your withholding. Complete and submit a new Form W-4 and new state withholding form to your payroll provider to change your withholding. You can find current withholding forms on our Forms page. If PPG Partners does your tax planning, please talk to us if you’d like to make a change that we are not aware of.

You may also want to review how much you want to contribute to retirement savings this year. As a reminder, the  2024 401(k)/Roth Employee Deferral Limit is $23,000, and the catch-up contribution is $7,500. The 2024 SIMPLE 401(k) Employee Deferral Limit is $16,000, and the catch-up contribution is $3,500. The 2024 IRA Contribution Limit is $7,000, and the catch-up contribution is $1,000. You can view all of the 2024 retirement and cafeteria limits in our article here.