Federal Income Tax
Withholdings & Estimates Check-Up
W-4 & Form 1040-ES Review
We announced in our May 30, 2018 post that the IRS had updated its W-4 calculator on its website. The updated IRS tax tables for withholding are designed to increase a taxpayer’s take-home income during the calendar year. While this is a good thing, taxpayers who are use to overpaying during the tax year and receiving a nice federal income tax refund when filing their tax return in April may be unpleasantly surprised when filing their 2018 Form 1040.
Due to the change in 2018 tax withholdings, some taxpayers with a history of receiving refunds may find themselves owing the IRS come April 15. The good news is that you can take action now to determine your year-end result with respect to whether you receive a refund or have a balance due.
Planning TIP:
Taxpayers with withheld federal income taxes (W-2 jobs, 1099-R pension distributions, Social Security earnings, should contact their tax professional to determine if withholding changes need to be made.
If you would like to discuss your business or personal tax planning, tax preparation and other financial concerns with an experienced tax professional, we invite you to call 610-594-2601 today to make an appointment at our Exton PA CPA office to discuss your situation. You can also schedule a consultation at Click Here.
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About F. Bryan Haarlander, EA, CTRS:
Bryan Haarlander is an IRS licensed Enrolled Agent and who owns and operates a specialized tax services firm serving clients in the western suburbs of Philadelphia, PA, which includes the cities of Chester Springs, Coatesville, Collegeville, Devon, Downingtown, Exton, Frazer, King of Prussia, Paoli, Philadelphia, Phoenixville, Pottstown, Radnor, Reading, Wayne, West Chester in Berks, Chester, Delaware, Montgomery and Philadelphia Counties, as well as clients in Delaware, New Jersey, New York and throughout the continental USA.
A Certified Tax Resolution Specialist, Bryan is well-known for his IRS tax resolution expertise and his book How to Resolve Your IRS Tax Debt Problems.
