Is your withholding holding you back?
Last December, Congress passed the Tax Cuts and Jobs Act (TCJA). The law is one of the most comprehensive changes to the Tax Code in almost 40 years. And it affects everyone.
While it will result in lower total Federal income taxes for most Americans, the structure of the new withholding tax tables will see most individuals with less tax withheld from their paychecks each pay period. This means larger take-home pay but at the expense of a lower refund at tax time. For some, it could even result in tax due when filing their tax returns.
If you receive a paycheck, retirement or Social Security check from which Federal income tax is withheld, we strongly suggest that you contact us so that we can help you determine if an adjustment should be made to your withholding tax before the end of the year. There is still plenty of time to make these calculations so don’t delay. No one wants to be surprised when filing their 2018 tax return.