The warnings from the IRS started during 2018 when they realized that many people would be affected by fundamental changes in the tax laws and the resulting changes to the withholding tables used to calculate the correct withholding for payroll. On the surface it would seem that filling out the W-4 correctly should be as easy as indicating your marital status and how many dependents you claim. Unfortunately, this isn’t true as the actual calculations must take into account things like spousal income, your specific allowable tax deductions, and tax credits. If you’ve ever looked at pages 3 and 4 of the form W-4, you soon realize how complicated these calculations can be. Let us help you evaluate the appropriate amount of withholding for you. By reviewing recent paystubs and other tax information, we can help you make adjustments to avoid unnecessary surprises this tax year.
If you have a business or investments and pay quarterly estimates instead, it becomes even more important to make adjustments for changing circumstances. The new tax laws open up a myriad of new planning opportunities. Let us help you review your financial progress and make sure you’re making the most of your situation.