Will irs be late in updating are brian murphy and emily axford dating
For instance, last year, single individuals with taxable income of 1,650 to 6,700 were in the 33 percent bracket.
This year, many of those filers will be in the 35 percent bracket, which applies from 0,000 to 0,000 of taxable income.
That's because the individual income tax rates changed for those filers from 2017 to 2018, bumping some of them into higher brackets.
"More of their income is taxed at the next higher marginal rate than last year," said Weston.
If you withhold too much, you'll be due a refund the following year.
Fail to withhold an adequate amount, and you'll owe the taxman (and possibly penalties.) That means certain taxpayers, particularly high-income earners and those who have itemized on their taxes, may need to revisit their W-4 or else risk owing the IRS in 2019.
"There are people who were itemizers, but now they don't make the threshold," said Lisa Greene-Lewis, a certified public accountant with Turbo Tax.
But the federal government is now shut down after a debate over immigration got in the way of Congress passing a spending deal.Further, those taxpayers are more likely to have itemized in previous years, meaning they are grappling with the same loss of deductions.As you set up your appointment with your CPA to file your taxes, it won't hurt to ask how this year's withholding updates might affect your taxes next year.So how will this affect your tax returns and refunds?The short version: You can still mail in your tax returns or submit them online.