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Check your tax withholding

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The Tax Cuts and Jobs Act substantially changed the way taxes are calculated. It changed tax rates and brackets, increased the standard deduction, eliminated personal exemptions and raised the child tax credit. It also changed many common itemized deductions. Even if you expect to receive a refund this year, it’s a good idea to check your 2019 withholding to avoid problems next year.

The IRS provides you with tools to help you estimate your income tax. IRS Publication 505 is a booklet that can help you estimate how much you should withhold. It includes beneficial explanations, examples and worksheets. The IRS also provides a withholding calculator that can be found by clicking here.

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