Withholding Tax Changes
The IRS is updating the withholding tables to make corrections based on the 2018 filing issues experienced by many taxpayers. The tax tables put in place in February of 2018 did not properly account for all the changes associated with the new tax law, resulting in large swings of either the refund or balance due for 2018, compared to 2017. The updated tables will correct this. Your take home pay should increase (lower withholding) or decrease (more withheld). Please contact our office with any questions regarding the withholding change, we would be happy to assist you in updating the form W-4 if needed. Please note, the new withholding tables are expected to be implemented this month. We will need a pay stub with the old withholding amounts and the new withholding amounts to compare. Please contact the accountant who completed your tax return or Jennifer, if you do not recall who did your taxes. If you are 100% self-employed, please disregard this.
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