November 15, 2018

Check your withholding!

The IRS continues to warn taxpayers that they may be at risk for receiving a surprise tax bill due to the Tax Cuts and Jobs Act (TCJA). The IRS noted that while the TCJA lowered tax rates for most taxpayers, it also nearly doubled the standard deduction and limited or discontinued many deductions. As a result, some taxpayers may have too little tax withheld from their pay. Many employees have few paychecks left this year, so time is running out to remedy any shortfall through increased withholding or estimated tax payments. For more details: