First Returns Show Sad Results

The new withholding tables designed to make taxpayers feel as though they got a chunk of the Gift to Billionaires Tax Act is claiming victims for a second year. Every return sent out so far this year is showing either lower refunds or bills due compared to last year and 2017’s returns. Withholdings have been lower straight up and as a percentage of income so it isn’t just a matter of people earning more. Hopefully, you won’t share this disappointing outcome but please mentally prepare yourself. You may also want to visit the Withholding Calculator at https://www.irs.gov/individuals/tax-withholding-estimator. If you have two incomes or income from multiple sources, sometimes the best way is to have $X dollars extra taken out each week to guarantee the results are what you want them to be.