Tax Facts

Your Paycheck Withholding in 2019

Your tax withholding rate may have decreased in 2018, giving you more money in your paycheck throughout the past calendar year 2018. Given this, some taxpayers may receive a smaller refund this tax filing season, or even owe some tax when they file their 2018 tax return.

This is not entirely a negative thing, because if you think about it:  you kept more of what you earned, instead of paying the government too much then getting your money back in a "refund."

Still, some people may be alarmed by this event. If so, here are some things you can do to make sure it doesn't happen again this calendar year 2019:

If it looks like you underpaid in tax withholding for 2018, call your employer's Human Resources department, or your tax advisor, and ask them to help you determine by how much you need to adjust your withholding for 2018. Then submit a new Form W-4, Employee's Withholding Allowance Certificate to your employer to change withholding. Your tax advisor can help you fill one out, if necessary.

You can always make estimated or additional tax payments throughout the year if the withholding from your salary, pension or other income doesn’t cover the income tax that you’ll owe for any calendar year.

2
Foreign Earned Income Exclusion 2018 Tax Season

Related Posts

Click for the BBB Business Review of this Taxes - Enrolled Agent in Melbourne FL

1000 characters left