Here’s what you need to know about tax reform right now:
- Your take-home probably changed, even slightly.
- You might need to see if you’re withholding the right amount for taxes.
- Your ability to itemize deductions and write off job-related expenses might change.
- Big changes to the tax laws for large and businesses.
You may be impacted most if you:
- Are in a dual-income family
- Work two or more jobs
- Work seasonally
- Are a parent/guardian who claims credits like the Child Tax Credit
- Have dependents, including children ages 17 and older
- Itemized deductions in 2017
- Have a high income
- Have a complex tax return
- Are self-employed, have a side job, or work in the gig economy
What can you do to make sure you’re prepared for how tax reform will affect you?
- Get a midyear checkup – Visit us to see how you’re affected
- Update your withholdings – If you’re not withholding enough, you could end up owing the IRS money. If you’re withholding too much, you could be giving the government more money than necessary.
- Pay quarterly or estimated taxes if you’re self-employed or a small business owner – Avoid any unpleasant surprises when filing your taxes next year.
- Take advantage of opportunities to check your tax status – Buckley and Endow offers tax projections throughout the year. We can tell you if you’re withholding too much from your paycheck, or if you need to take additional steps to reduce your tax burden on your next return.