To make things more interesting this year, the IRS recently released new withholding tables to reflect the new Tax Cuts and Jobs Act.
The law raised the standard deduction, eliminated personal exemptions and cut individual income tax rates. These tweaks don’t apply to your 2017 taxes, but they are in effect for 2018.
You should take a look at your withholding this year, considering the new changes in place. Also, it’s worth talking to your accountant now to determine how the new laws will affect you.
“I’ve encouraged folks to consider going to a CPA and asking for an income tax projection for 2018,” said Labant. “That can provide you with some answers.”
In the meantime, see below for some ideas on how to use a refund if you get one.