Wait a minute, didn't we just get a tax CUT? Yes - but some employees might get a nasty surprise next April.
You may want to double check just how much money your employer is withholding from your weekly wages because they might not be taking enough out due to the new tax law.
According to a new report from the Government Accountability Office, more Americans are likely to be writing a check to the IRS in April, about 21% of taxpayers.
However, it looks like 73% of taxpayers will be over-withheld and receive a refund from the Internal Revenue Service.
Are YOU in the 21%. I was drawn to this story because of personal experience. I just had a meeting with the person who does taxes for my wife and me. Because of the combined income, our respective employers WERE NOT withholding enough money from our paychecks. Had I not scheduled this appointment, we were in for a shock next year.
And I am glad that I scheduled this appointment in JULY. If I had waiting and my tax preparer would have hit me with the news that we weren't withholding enough later in the year, I'd have experienced a cash flow crunch in trying to make up the difference in just a few paychecks.
CHECK THAT WITHHOLDING AMOUNT!