Change is inevitable, right?
When was the last time you looked at your tax withholding? With the recent changes to 2018 Tax Laws, there is no time like the present to complete a W4 Worksheet or similar to avoid under withholding for the current year. Whether an Employee or Business this applies to you.
Do you file “complex returns” including Schedule A itemizing, multiple jobs, or major life changes like marriage, divorce, new child, adoption, death of a spouse and/or the start of a new job? Did you start a new business? These especially warrant a review.
Plan now for the 2018 changes to the Standard Deduction, deductions going away or being limited, increases to certain credits, and changes to 401K and IRA contributions.
To help with this task, the IRS will be releasing a 2018 W-4 withholding calculator available on the IRS.gov website, soon.
Contact MJB’s Bookkeeping Solutions, LLC for help with organizing your personal or business books for a clearer economic path.