The new tax laws made by the Tax Cuts and Jobs Act, include significant shifts in the tax brackets of U.S. taxpayers. Due to these changes, the IRS has updated its income-tax withholding tables for 2018. While you may be taking home more on payday, you may be in for a huge surprise come tax time.
Your employer may not be withholding enough taxes. The result could be a large unanticipated tax bill in April and, perhaps, a harsh penalty for underpayment.
Who’s at risk? The Detroit Free Press spells it out:
“Households with high incomes, homeowners who live in high-property-tax states and those with complex tax returns are urged to take a second look at their withholding amounts.”
Avoid getting caught short and potential penalties by seeking the advice of your accountant. Previewing your tax situation now will allow you time to adjust your withholding and offset an unwelcome hit on April 15th!
Our tax specialists at DSJCPA will gladly sit down with you and do a timely tax projection that could save you from the unexpected.
To contact one of our Tax Specialists at DSJCPA, just call 516-541-6549.