Individual taxpayers may be caught off guard when filing their tax returns for 2018 due to the Tax Cuts and Jobs Act.
Last year, many taxpayers paid less in federal taxes, yet received a bigger refund. But a larger question remains: Are you withholding enough?
You may need to submit a new Form W-4 before December to reflect the new tax law changes. If you don’t, you may have to pay the difference in what you owe, and you could face an IRS penalty. Questions about adjusting your holdings? Refer to the IRS Withholding Calculator, or contact an accountant.
– Maxine Riddle, McClintock & Associates