The new tax law may have you paying more during tax season next year.
Many of you started getting fatter paychecks early this year, as employers withheld less money in anticipation of lower income taxes under the law.
But now many taxpayers will end up paying more, because of complications in the new tax law that may not have been taken into account by employers in estimating workers’ taxes to be taken out.
Congressional auditors say about 30 million people will have to come up with more money to pay their 2018 taxes next year because their employers withheld too little from their paychecks.
New tax withholding tables for employers were put together by the government earlier this year.
So, what should you do? Experts suggest using the IRS online tax withholding calculator and updating the information on your W-4 forms.