How Much Should I Withhold in 2018?
How much to withhold has always been a complicated issue for taxpayers to resolve on their own. The new tax law will surely add much confusion to an already difficult process. TEA Tax Agency is ready and willing to help you navigate this potential minefield.
The IRS recently released updated income-tax withholding tables for 2018. These new tables reflect changes made by the newly passed tax reform legislation. The new tables reflect the increase in the standard deduction, repeal of personal exemptions and changes in tax rates and brackets.
The new withholding charts, now shown on IRS.gov, display the new rates for employers to use during 2018. The IRS has asked employers to begin using the 2018 withholding tables as soon as possible, but by no later than Feb 15, 2018. Employers should continue to use the 2017 withholding tables until implementing the 2018 withholding tables.
These new withholding tables are designed to work with the Forms W4 that you already have on file with your employer/s. This helps minimize burden on you and your employer/s. You do not have to do anything with your W4 at this time.
Employees should begin seeing increases in their paychecks sometime in February. The time it will take for employees to see the changes in their paychecks will vary depending on how quickly the new tables are implemented by their employers and how often they are paid — generally weekly, biweekly or monthly.
If you have any questions feel free to reach out to TEA Tax for help.
The IRS wants to remind taxpayers that, “by law, the IRS cannot issue refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) before mid-February.
While the IRS will process those returns when received, it cannot issue related refunds [This applies to the entire refund — even the portion not associated with the EITC and ACTC] before mid-February.
The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb. 27, 2018, if they chose direct deposit and there are no other issues with the tax return.” IRS.Gov 16 Jan 2018
As always, we at TEA Tax are ready to help with your taxes in a timely, efficient and accurate manner.
Don't wait until the rush comes, schedule your appointment today by calling/texting (801) 210-1553.
Can't come to the office? No problem, we can process your tax return remotely. Learn more: https://www.teataxagency.com/how-it-works.html
For all you early bird tax filers, tax season this year begins on Monday, Jan. 29, 2018. This, no matter what anyone might tell you, means that the IRS will not accept any returns, no matter how filed, before January 29.
This doesn't mean you should wait though. Once you have all your tax documents (W-2, 1099, itemized deductions or business expenses, etc.), come into TEA Tax and have us prepare your return so that on January 29
we can send it off.
Why delay your refund any longer than necessary? Don't have all your documents? Bring/send them in as they arrive and we will have your return ready to file as soon as possible.
At TEA Tax, we're ready to help with your taxes in a timely, efficient and accurate manner. Don't wait until the rush comes, schedule your appointment today by calling/texting (801) 210-1553.
Can't come to the office? No problem, we can process your tax return remotely. Visit our website to learn more: https://www.teataxagency.com/how-it-works.html