Thursday, November 1, 2018

21% of Taxpayers Will Owe in 2019

After the Government Accountability Office (GAO) assessed the impact of the Tax Cuts and Jobs Act provisions and the withholding allowances established by the IRS, has estimated 21% of taxpayers will under withhold for 2018, up from 18% in 2017.

This means that 21% of taxpayers will owe tax when filing their return in 2019. This also means that for taxpayers who normally get a large refund will get less of a refund than they were expecting.  Be advised that under withholding can be a real financial hardship, do a Paycheck Checkup.

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