by Thomas Keister
Most everyone has their own household rituals they do throughout the year, whether it is ‘spring cleaning’ or even ‘spring forward, fall back.’
One ritual you should add to that schedule is checking the tax withholding on your paycheck near the end of summer. With fall coming, most people get their attention divided. It can be the kids going back to school, football season starting up, the dreaded year-end holiday trilogy of Halloween, Thanksgiving, and Christmas, anything really.
While it may not seem like a big deal- you might have basically the same tax situation every year, and little to nothing ever changes, one should bear in mind that there are some significant changes to tax returns are coming next year.
With the passage of the Tax Cuts and Jobs Act last December, there are several tax law changes going into effect that could impact one’s tax return, including:
Checking and making any necessary changes to your withholding can prevent unpleasant surprises when tax season rolls up on you or can allow you to take home a bigger paycheck at the expense of having a larger tax refund. Taxpayers should check their withholding if they:
The Internal Revenue Service has Publication 505, Tax Withholding and Estimated Tax, and maintains a withholding calculator to assist taxpayers in making the right choices as it pertains to withholding.
The last, but no less important tip to remember is once you make any changes to your withholding, always follow up with your HR or Payroll department to ensure the changes have been made correctly.
Tax, business, and consumer news and opinion. Curated and/or written by the HFG staff.
(c) 2017-18 Hoosier Financial Group, LLC
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