If you receive a sizable refund of your 2017 taxes, it may be time for you to check your withholding. Reducing your withholding is as simple as filing a new Form W-4 with your employer. The form comes with a worksheet to figure out how many allowances you should claim. Don’t forget to allow for other taxable income besides wages, such as dividends or investment gains.
With the tax law changes taking affect in 2018, it is really a good idea to invest in some tax planning so you neither get a large refund or owe a significant amount. The changes are so many and so varied, that it requires a thorough review of your specific situation to see how the new tax rates and deductions will affect you. It is not a one size fits all kind of tax bill.
We are available for tax planning and strategies and we can provide this service to most clients for about $250. Invest in your tax situation so you do not have any surprises come early 2019.