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End of Year FIT Withholding and ES Tax Payment Adjsments

Posted by Admin Posted on Nov 19 2018

End of Year FIT Withholding and ES Tax Payment Adjustments – if you haven’t already done so it’s a good idea to check your FIT (Federal Income Tax) and/or ES (Estimated) tax payments before the end of the 2018 calendar year to make sure you are on track.  While many of the tax law changes under the TCJA (Tax Cuts and Jobs Act) are beneficial when it comes to reducing your 2018 income taxes, several provisions are not, and may actually increase your overall income taxes.  Additionally, since the FIT withholding tables were adjusted to reduce an employee’s withholding, you’ll have paid in less than the prior year, even if no changes were made to your W-4 withholding status.  One very helpful tool is the IRS’s Withholding Calculator, which allows you to determine the adequacy of your FIT withholding in time to make any necessary changes by the end of the year.  If you need some additional help, or if you are either self-employed or own your own company, our firm provides income tax projection services, so we can assist you in determining the adequacy of your 2018 FIT withholding and/or ES payments. Please let us know if we can assist you. Happy Holidays! Mike and Staff