We’re now in the fourth quarter of 2019. Did you owe money with your 2018 tax return in April? Are you included in that group?
One way to do a “paycheck checkup” is to go to the IRS Withholding Calculator found at:
This step may give you enough advanced notice to begin either increasing your withholdings per paycheck or to begin a savings plan to make sure that your tax filing experience in April of 2020 is not a painful one. In addition, this will give you another opportunity to address those planning ideas you had considered last year but didn’t act on – such as a stock donation, a qualified charitable distribution (QCD), deferring a bonus to January, etc. It is better to begin this process now, in October, versus waiting until December when it may be too late to accomplish your goals.