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Steps Employees Can Take to Adapt To The New Tax Law

Source: https://forbes.com/sites/financialfinesse/2018/01/02/10-steps-employees-can-take-to-adapt-to-the-new-tax-law/#6b418151906e - Jan 3, 2018

Tax laws have just changed, and that is likely to affect you. Whether your see a net benefit in your paycheck (which I hope you do) or end up paying more is a function of personal factors like your mix of income sources, your overall income, what you currently deduct, how many children you have and where you live. Here are some steps you can take now to adapt to the new law:

Step One: Run a tax projection

How will the new tax legislation affect you? Will your taxes go up or down? The only way to know for sure is to run a tax projection – an estimate of what your tax return will look like for 2018. Several sites have tax projection calculators up now which incorporate proposed major changes, including CalcXML, CNN, and MarketWatch. If you’ve got a complex situation and you think you may owe more or need to make estimated tax payments, consider asking your accountant to run a “pro-forma” tax projection early in 2018 to gauge your tax liability for the remainder of the year.

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Category: General Business