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Use your 2018 return to get 2019 tax withholding right

Posted by Admin Posted on July 15 2019


Done with taxes this year? Then use your 2018 return to get your 2019 tax withholding right.

It’s very important to have the correct amount of taxes withheld from your paycheck. Use the IRS Withholding Calculator and your 2018 tax return information to adjust your withholdings to ensure you don’t have too little or too much withheld.

Checking and then adjusting tax withholding can help make sure you:

  • don’t owe more tax than you are expecting;
  • don’t get a surprise tax bill, and possibly a penalty, when filing next year; and
  • don’t receive a refund that is much larger or smaller than expected.

It’s important to do this as early in the year as possible, so that if a tax withholding adjustment is needed, there is more time for withholding to happen evenly during the rest of the year. Waiting means there are fewer pay periods to withhold the necessary federal tax.

For 2018, the average refund was around than $2,700. As you do your new calculation, decide if you want to reduce withholding to have a larger paycheck and smaller refund and adjust accordingly. Then provide your employer with the new information on Form W-4, Employee’s Withholding Allowance Certificate. It’s that simple!

If you have any questions regarding accounting, domestic taxation, essential business accounting, international taxation, IRS representation, U.S. tax implications of Real Estate transactions or financial statements, please give us a call at 305-274-5811.

Source: IRS                

The information provided on the LBCPA Blog is a community service for general information purposes only, and should not be used as a substitute for consultation with professional advisors who specialize in the topics covered. Please refer to your advisors for specific advice on these subjects. The information is not intended to be used, and it cannot be used, for the purposes of avoiding U.S. Federal and/or State tax laws or the tax laws of any foreign jurisdiction.

These blogs contain general information only and Lord Breakspeare Callaghan LLC or any of the other companies or firms presenting information are not providing accounting, business, financial, investment, legal, tax, or other professional advice or services. Lord Breakspeare Callaghan LLC or any of the other companies or firms contributing with articles shall not be responsible for any loss sustained by any person who relies on this information.