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Tax changes are coming....

The new tax law changes will impact everyone who is required to file a tax return for 2018. Since 2018 will hold significant changes for all taxpayers, tax planning should be a crucial part of your visit with your tax professional this year. While the tax changes will not have an impact on the tax return you will be filing in the next few months, you will start to feel the impact in your paychecks by February. Be prepared to see your take home pay change. A major part of the new tax bill includes changes to the tax tables which will create changes to the employer Circular E that is used to calculate your withholdings.

ZipTax recommends that you plan ahead to avoid having a big surprise when file your 2018 taxes in 2019. Many of the tax changes that are happening on the Federal level will not actually apply at the State level. This will cause tax filing to be even more complicated. Consulting a professional early in 2018 could save you some trouble in the end. Always get advise from an experienced tax professional that is up to date on not only the Federal but State tax laws.

Heather Bockrath