The Governmental Accounting Office (GAO) published a report recently that showed 21 percent of taxpayers are potentially under-withholding taxes for 2018. This means that while many employees are receiving larger paychecks this year, they may owe tax when they file their returns in April 2019.
The IRS is encouraging taxpayers to do a withholding checkup on the IRS website here.
We encourage all of our clients to perform this checkup as soon as possible, in order to adjust their withholding as necessary for the remainder of the year. If you would like to have a personal tax projection prepared, please contact your advisor at Aldrich to schedule a mid-year checkup.
The full report from the GAO can be found here