Year-End Planning Tip: Double-Check Your Withholding

There might be moves you can make NOW to reduce your 2019 personal taxes – but you will need to act soon!

Tip: Double-check your withholding.

If you had to much or too little tax withheld from your paychecks and other income in 2018, be sure to avoid the same mistake in 2019. One way to check that the right amount is being withheld is to use the IRS’s withholding calculator, located online at https://www.irs.gov/individuals/tax-withholding-estimator. You also want to determine if your withholding and estimated tax payments are on target for the year. If you discover that not enough tax has been paid to date, you can avoid a tax penalty by increasing your withholding to make up the shortfall before the end of the year.

For more year-end planning tips refer to our white papers located at: https://www.dh-cpa.com/resources/. 

With offices in Williston and Rutland Vermont, Davis & Hodgdon Associates CPAs has been assisting Vermont’s residents and entrepreneurs for more than 30 years. Our proactive approach make us more than an accounting firm – we counsel our clients on a wide range of financial and management issues, resulting in better decision making and more confidence in their success.