Please note the following tax due dates on your calendar, and come back often to keep up with the changes.
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Important Tax Changes for 2018
The income-tax withholding tables for 2018 have been updated and now reflect the changes made by the tax reform legislation.
The new tables have the revised rates for employers to use during 2018. These withholding tables should be utilized as soon as possible, with February 15, 2018 being the cutoff day.
These changes may already be reflected on many employees’ paychecks, though the changes will take a varying amount of time to show. The time difference will vary based on how often employees are paid.
These new withholding tables are intended to work with the Forms W-4 that have already been filed with employers. Employees will not have to change anything due to the updated withholding tables.
Changes in 2018
There are many changes in 2018 that affect individual taxpayers. These tables will reflect the increases in standard deduction, modifications to tax rates and brackets, and repeal of personal exemptions.
If you have less complex tax arrangements, these tables should assist with generating the correct amount of tax withholding. The tables should also help to avoid withholding the wrong amount of taxes.
The IRS has released a withholding tax calculator on IRS.gov since the end of February. This will help individuals determine and adjust for their withholding.
If you need assistance with the updated withholding tables, please call for assistance.