Did you owe an additional amount for taxes when filing for 2018?
OR
Get a refund that was larger or smaller than expected?
OR
Have had life changes this year such as marriage, child birth, buying home or income
changes
NOW IS THE TIME TO CHECK YOUR Y.T.D. PAYROLL WITHHOLDING/DEDUCTIONS
Retirees should also check their Y.T.D withholding. For those of you who have direct deposits to your personal accounts this is especially important. Due to the recent changes in our tax laws make sure your withholding’s are up to date. Review your pay stubs.
The IRS has published a TAX WITHHOLDING ESTIMATOR to be used NOW so that you are not SURPRISED when April 2020 tax day appears. This estimator uses your 2018 tax information to project your tax liability for 2019. The estimator worksheet is found on the IRS website: “www.irs.gov.” Publication #505 will also help if you have high income or a complex return.
I would suggest using this worksheet for taxpayers who:
Have children and claim credits such as the Child Tax Credit
Have older dependents, including children older than 17
Itemized deductions in the past
Are two income families OR have two or more jobs at the same
Only worked part of the year and/or now retired
The results when completing the ESTIMATOR and checking your YEAR TO DATE withholding/estimated taxes paid to date will enable you to make the needed changes before year end.
PLEASE CALL IF YOU NEED ASSISTANCE WITH THIS PROJECT. I AM HERE ALL YEAR LONG; NOT JUST AT TAX TIME.