With the summer months coming to an end, it is a good time to review your federal withholding exemptions to determine if adjustments need to be made.
Early in 2018 the federal withholding tables were adjusted to reflect changes made with the Tax Cuts and Jobs Act. Many employees saw larger paychecks as a result. However, some taxpayers may find themselves owing more taxes than expected when filing their 2018 tax return.
The Internal Revenue Service has added a Withholding Calculator to their website to assist in determining if you are having enough taxes withheld. We are also available to assist with this calculation if needed.
Avoid surprises and check your federal withholding today, before it is too late.
Christine Fisher, CPA