Limit Surprises Next Tax Season by Checking Your Withholdings
With the changes from the Tax Cuts and Jobs Act (TCJA), many taxpayers were surprised with less than favorable results after filing of their 2018 tax return. Likely, part of the problem was not withholding enough from each paycheck to cover federal and/or state taxes.
Because of the recent tax changes, the IRS encourages taxpayers to do a “paycheck checkup”, and we agree.
The easiest way to check on your Federal withholdings is to use the IRS Withholding Calculator.
For any Oregon withholdings you may have, use the Oregon personal income tax withholding and calculator.
Periodically checking on your withholdings progress is a great best practice. It may limit some of the surprises that could arise during next year’s tax season.
For more complicated tax situations, such as multiple wage-earning households or non-wage sources of income, contact a Delap advisor for assistance.