Adjustments to Withholding or Estimated Payments for 2018 Should Be Made Sooner Rather than Later

As a result of tax reform, most taxpayers will be paying less tax for 2018 than they did in 2017.  But that may not translate into a larger refund.  Your refund is the amount that your pre-payments (withheld income tax, estimated tax payments, and certain credits) exceed your tax liability, and if the pre-payment also got reduced, you could be in for an unpleasant surprise at tax time.  (more…)