Check your 2018 Tax Withholding

The Tax Cuts and Job Act passed last year was the biggest change in tax law in the last 30 years.  With the change in brackets, there came a change in withholding tables. Withholding tables are used to calculate federal tax withholding from your paycheck or retirement check.  Recent studies by the Governmental Accountability Office estimate that 21% of taxpayers (roughly 30 million) aren’t withholding enough taxes from their pay this year.

Based on these findings, the IRS is warning employees and retirees to check their withholding to avoid a surprise tax liability this tax season. We encourage you to take a look ahead of time rather than being surprised. If you are comfortable checking for yourself, the IRS has a calculator you can use: https://www.irs.gov/individuals/irs-withholding-calculator.

Please feel free to contact us at 402-643-2333 if you would like assistance with this or you have any other questions.

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