7 Tax Moves To Consider Before 2019
Adjust your withholdings. If you haven’t taken this important step yet, you should, says Joseph Conroy, a certified financial planner and financial advisor at Synergy Financial Group in Towson, Maryland. “The TCJA made sweeping changes that directly impact tax liabilities,” Conroy says. “These changes include the elimination of the personal exemption, a higher amount of the child tax credit and increased standard deductions. Taxpayers may want to adjust their W-4 to optimize their tax withholdings,” he says. He also adds that the Internal Revenue Service’s website features a withholding calculator that can help taxpayers see if they would benefit from making changes to their W-4. Plus, the withholding calculator can save you time since you won’t have to complete the Form W-4 worksheets that you would otherwise have to fill out.
