A great way to make sure your tax bill isn’t larger than it has to be come April is to keep track of your 2018 withholding and/or estimated taxes. If you’ve underpaid, consider adjusting your withholding for the last few months of this year, or increasing your remaining quarterly estimate.
We have found many clients have withholding amounts that WILL NOT cover their 2018 tax liability, especially when combined with a spouses’ income. Don’t wait for what will surely be an unwelcome surprise in April 2019. Know where you stand on your payments today. Get tax planning if necessary to avoid the bad news or being unable to pay your outstanding liability due to too little withholding during 2018.
