Tax Planning

A Mid-Year Tax Planning Checkup May Be Appropriate

8/6/2018

There aren’t too many people who enjoy thinking about their income taxes, so it comes as no surprise that it’s not a topic people like to revisit more often that is absolutely necessary. But much like skipping a dentist appointment, if you fail to check on whether your tax withholding is correct, you could end up facing a few uncomfortable surprises. When it comes to taxes in 2018 and all the changes that accompany the Tax Reform Act, skipping a check-up could be the financial equivalent of skipping the dentist after eating bags of candy every day.

Though tax reform has brought several different changes that people need to familiarize themselves with, withholding is the area that has the greatest likelihood of causing trouble across the board. The changes to the tax laws have a direct impact on the amount that people need to withhold, and if you aren’t having your employer take out an adequate amount, you could find yourself in the position of having to write a big check come April of 2019 – and maybe even penalties. Here are the taxpayers who are most likely to find themselves withholding the wrong amount:

People who bought or sold a rental property, home, or vacation home
People who bought, sold, or started a business
People who had a child born or who adopted a child
People who have gotten married, divorced, or who were widowed
People who inherited money
People who make significant business purchases
People who withdrew money from an IRA or pension plan that falls outside of planned withdrawals
People whose income fell or increased substantially, or who had a big gain or loss from the sale of bonds or stocks, or investment assets
People whose job status changed because of a new job, because their spouse began to work, or because they retired or plan to retire

The amount that taxpayers are supposed to withhold for tax year 2018 is complicated enough that the IRS delayed in providing a revision for the Employee’s Withholding Allowance Certificate (Form W-4) or to the tables that instruct employers as to how much they should be taking out. Even with those delays, experts are concerned that mistakes will be made in completing the forms, as well as whether revised W-4s will even be requested by employers of employees.

There is no doubt that the intention of the Tax Reform Act was to reduce the amount of taxes that Americans owe, that doesn’t change the fact that the proper amount needs to be withheld as prepayment, whether through employer-generated withholding or the estimated tax payments that self-employed individuals are required to submit. If you are a person who views your annual tax refund as a form of savings, you don’t want to put yourself into the position of not getting the check that you were expecting, let alone potentially owing even more.

The best way to avoid this outcome, whether you are a W-2 employee or a retiree whose income largely consists of pension payments and Social Security checks, is to schedule yourself for a mid-year withholding checkup. If you find out in the middle of the year that you are paying too little or too much, you still have enough time to fix the problem and avoid headaches at tax time. For help with this important undertaking, contact a tax professional as soon as possible: the earlier you investigate, the earlier you will know what type of corrections – if any – you need to make.

Bob Mason, CPA writes for TaxBuzz, a tax news and advice website. Reach his office at [email protected].

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Bob Mason

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Bob Mason is a skilled financial professional who is fully equipped to assist any of your accounting needs. Founding his firm in Santa Cruz, Bob understands the importance of small businesses and how they form the backbone of the area. Coast Financial Services, Inc. has been dedicated to the growth and profitability of businesses in Santa Cruz for 17 years. To learn more about Bob Mason and the rest of his team, visit their website.

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