Complete a Withholding "Checkup"
It’s hard to believe that another holiday season is upon us. As we approach the end of the year, our team here at Kakenmaster & Associates begins to turn its focus to tax-time. To help our clients prepare for filing their 2019 tax returns and avoid unwanted surprises, we will be sharing several “Get Ready for Taxes” tips over the next several months.
In this article, we will cover completing a “checkup” for withholdings and estimated tax payments. For those of you who received a smaller than expected refund on your 2018 return, or had a balance due, now is the time to confirm that your income, withholding, and estimated tax payments are on track to give you the desired result on your 2019 tax return.
Also, for anyone who has experienced a major life event in 2019, such as marriage or divorce, birth or adoption, retirement, a new home, or college enrollment, it is important to review how these changes will impact your tax situation.
If your situation is straightforward, the IRS offers a Tax Withholding Estimator to help you determine if you have the right amount of tax withheld from your paycheck, pension, or other income.
If you’d prefer to review your tax situation with one of our tax preparers before year end, we are available to help. We can complete the review either at an in-person appointment, or by phone. Our fee for this service is $75.
Please email us or call our office (847-367-0888) to schedule an appointment or call with one of our tax preparers. If you choose the conference call option, your most recent paystub can be uploaded to our secure Client Portal.