Kathleen Kaminski, CPA, Senior Tax Manager talks about one way to have some control over your tax liability. Kathleen practices in the areas of individual, partnership, corporation, fiduciary, and not-for-profit tax return preparation. She engages in tax planning for individuals and businesses and represents clients with federal and state taxing authorities. For guidance on your particular tax situation, contact Kathy at 315.701.6322 or [email protected].
You may not be able to control the income tax laws, but one thing that taxpayers often overlook, is the control they have over the amount of money that is or isn’t withheld from their paycheck for state and federal tax purposes. “Withholding” is the amount of income taxes that are taken out of your paycheck every pay. This amount builds up, basically like a savings account, and when you calculate your taxes at the end of the year, the amount of your withholding is applied to the amount that is due. If you withhold too much, you will get a tax refund. If you don’t withhold enough, you will have to pay.
The IRS continues to urge taxpayers to do a Paycheck Checkup as soon as possible, to see if they’re having their employer withhold the right amount of tax from their paychecks for 2019. This is particularly important given changes implemented by the Tax Cuts and Jobs Act (TCJA). For 2018, some taxpayers received refunds that were larger or smaller than anticipated, and some unexpectedly owed additional tax. To help taxpayers avoid this for 2019, the IRS urges everyone to use the “Withholding Calculator” available at www.irs.gov. Taxpayers will need their completed 2018 tax return and most recent paystubs. Results from the calculator can be used to complete and submit a new Form W-4.
For guidance on how to adjust your withholdings, contact Kathleen Kaminski, CPA, Senior Tax Manager at 315.701.6322 or [email protected].
Grossman St. Amour CPAs PLLC has been in business for over 60 years! As a certified public accounting firm located in central New York, Grossman St. Amour CPA provides businesses and individuals with accounting, audit, taxation, business planning and valuation, financial planning, investment consulting, and fraud examination and deterrence services. For more information about how Grossman St. Amour CPAs PLLC can be of service to you, contact [email protected], or call 315.701.6350.
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