• Major tax reform will have some impact on virtually all tax payers this year. It may be a good idea to consult with your tax accountant to ensure your total paycheck with-holdings at the end of the year line up with the new changes.

There may have been a change in your tax with-holdings earlier in the year due to these changes listed in the our blog's site. These with-holding changes were dictated by the IRS to employers earlier this year. While the IRS does its best to apply the tax law changes to the withholding tables, it's not able to correctly estimate every individual tax situation. Even new W-4 forms used by employees to adjust with-holdings is filled with rough estimates of the impact of these new rules. According to a recent announcement by the U.S. Government Accountability Office (GAO), as many as 30 million taxpayers may not have sufficient with-holdings for 2018.

If you have not already done so, now is a great time to forecast your upcoming tax liability. Doing some tax planning this summer gives you time to adjust your with-holdings if needed and possibly make estimated tax payments. An accurate forecast can provide you with the peace of mind that there will be few, if any, large tax surprises this year