Tax Facts

Information to help individuals and small business navigate our complex Tax Laws. Not to be construed as tax advice. Contact your hired tax advisor for your specific tax situation and advice.

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."

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Changes to Schedule A Itemized Deductions for 2018

There are a number of changes that were made to the Schedule A itemized tax deductions that will apply to your 2018 tax return. But, first consider that with the generous standard deductions for all filing statuses, (standard deduction essentially doubled for everyone) you may not even be using the Schedule A this tax season.

If you have determined that you are using Schedule A, then here are some changes to be mindful of:

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Moving Expense Deduction in 2018

This calendar year 2018, you can deduct moving expenses only if you are an active duty member of the Armed Forces and meet certain other requirements such as a military-ordered permanent change of station (PCS).

But what if your moving expenses were paid out of pocket in 2017, and your move also occurred in 2017, and you were not reimbursed until this year, 2018? The IRS just issued some guidance on this very situation in their Notice 2018-75 which states that if your employer waited until 2018 to reimburse you for those expenses, then the reimbursements should be excluded from your wages on the W-2 and are also not subject to federal income taxes or the payroll taxes.

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