Most of you love your lower 2018 income tax rates. But you may be caught off guard next April! CPA Bob Fumagalli says, “those tax laws may be great now, but some deductions have been eliminated. Many tax-payers may not have enough money withheld from their paychecks – especially if they itemize.”
Fumagalli says he’s not sure the tax tables your employer is using is accurate enough, “I don’t think there’s any way the new withholding tables can accurately calculate someone’s tax return for 2018.”
He advises you visit your tax professional now to make sure you're withholding is ok ...or you could always start make estimated payments this year!