As Tax Day Approaches, a Reminder about Withholdings
The 2017 federal tax reform legislation is just now beginning to show its impact for many filers. As April 15 approaches, many individual taxpayers may begin to see different totals than they have been used to on their tax returns. The change in the standard deduction has gotten lots of attention, but the new limits on deductibility are also having an effect on the bottom line.
Last year, the IRS reminded taxpayers to do a “Paycheck Checkup” to ensure that their withholdings were calculated in conjunction with the new tax law. If you skipped your checkup last year, you may be among the many finding unwelcome surprises at tax time. But, it’s not too late to correct course for 2019.