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Many taxpayers saw an increase in their paychecks in 2018 due to the Tax Cuts and Jobs Act. While it may have been a blessing in disguise, the truth is you’ll most likely receive a smaller refund or even owe once you file your 2018 tax return this year.
To help minimize the impact, I advise you to:
1. Use the IRS Withholding Calculator to determine whether you have the right amount withheld from your paycheck.
3. Make additional tax payments if the withholding from your salary, pension or other income doesn’t cover the 2018 income tax that you’ll owe for the year. Form 1040-ES, Estimated Tax for Individuals also has a worksheet to help you figure your estimated payments.