As many of you now know, the Tax Cuts and Jobs Act has officially gone into effect. I came across an article written by Jeremy Rodriguez of The Slott Report regarding some of the changes that may impact your 2018 tax filings from the new tax legislation. Specifically, he recommends that you re-examine your federal withholding. The IRS has released an updated withholding calculator. You’ll need to have your and your spouse’s most recent paystubs on hand to make use of this tool. A copy of your 2017 tax return is also helpful in estimating your potential deductions and credits for 2018. You can read the full article from The Slott Report. It provides some additional details about the specific changes introduced in the new Tax law. As always if you have specific tax questions reach out to your tax advisor.
Cheers.