Receiving a tax bill or huge refund?
In some years you may owe the IRS money; in other years you may receive a huge refund. If this happened to you recently, it might be a good time to reassess whether you’re withholding the right amount from your paycheck. For returns filed in 2016, the average federal tax refund was $2,860. Sounds great, right? But instead of giving the government an interest-free loan, you could have been using that money throughout the year.
Examine the amount of federal and state withholding that’s being deducted from your paycheck.
I can help you determine whether the amount withheld is too low, resulting in tax due (with possible penalties), or too high, resulting in a larger than necessary tax refund. Together, we can fine-tune your withholding to ensure that you get the best result for your situation next year.