It’s hard to believe that 2018 is almost over. It’s been an exciting year with a lot of changes that are sure to play a role into 2019. That said, as the year draws to a close we want to ask you to do something – check your tax withholding from your income sources and make sure you won’t owe.
2018 saw the implementation of the Tax Cuts and Jobs Act. Our office has witnessed the IRS pushing pretty hard for every taxpayer to do what they call a “paycheck checkup.” The IRS has an online calculator tool designed to help you make sure you won’t owe come April 15 of next year.
We encourage everyone to utilize this tool or meet with a knowledgeable tax professional to make sure the changes to tax law won’t adversely effect you. Click HERE to go to the IRS’s checkup tool (this will direct to an IRS Website).
If you are in any of the following situations it is even more important to do a check to make sure you won’t owe come filing time.
- Have self-employment income of any amount
- Were employed, will file, and can be claimed as a dependent on another person’s return
- Received unemployment pay
- Had income from multiple sources at any point in the year
- Itemized in 2017
- Owed a tax balance for 2017
- Claimed tax credits in 2017
- Had a distribution from a retirement account in 2018
- Receive Social Security and had any other source of income for the year.
While each tax situation is likely going to be unique it is essential you act now to avoid costly penalties and interest that could be applied to any outstanding balances you owe. Even if you pay the balance in full with the filing of your return you may be subject to penalties in April.
Acting before the end of the tax year is the ideal way to prevent costly penalties.
Wall & Associates, Inc. is one of the premier tax representation firms in the country. Through a targeted case review our office is able to provide our clients top tier tax representation services. If you or someone you know needs competent tax help don’t hesitate to visit us at WallandAssociates.net.