Over the last week, the IRS has been putting out several news releases encouraging tax payers to check their withholding soon. We agree; it is a very good idea for all tax payers to do do a review of their withholding. So much has changed over the last year with the Tax Cuts and Jobs Act that was passed. The changes affected the standard deduction amount, deduction for personal exemption, and itemized deductions, just to name a few.
This withholding review will be especially important for people with 2 or more jobs, complex returns, high-income tax payers, and people who have children/dependents. Tax payers can use the withholding calculator, and/or read the Publication 505 on Tax withholding and estimated tax for 2018 to check their withholding. For all of the tools and news from the IRS, you can visit their newsroom.
We encourage our tax and accounting clients to always call us with questions or if you need help checking your withholding.