The Tax Cuts and Jobs Act that Congress passed last year brought many changes to the tax law. With that in mind, it is important to meet with your CPA or CFP® to do a checkup on your taxes. If you are high income or have a complex return, it is advisable to schedule some time to look over the taxes and implement some tax saving strategies that might be available for you. Doing so could save you thousands of dollars.
You can help prevent an unexpected tax bill and penalties next year just by knowing these nuances. Adjust your withholding as soon as possible for the rest of the year if necessary.
You will also need to determine if they should make adjustments to their state or local withholding. Visit your state’s department of revenue for help concerning those taxes.