Tax Cuts and Jobs Act- August 24th

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Dear Clients and Friends,

In late 2017 Congress passed a significant tax bill called the TCJA, (Tax Cuts and Jobs Act) which resulted in lower total Federal income taxes for many Americans. Most Americans pay their Federal income tax through withholding taxes taken out of your check every pay period. At the end of the year, many people find that they have overpaid and receive a nice Federal tax refund.


The law changed this year will result in less total tax, but the way it is structured most people will see less tax withheld every pay period rather than through a refund check at the end of the year. We are quite concerned about this effect and the surprise you may see at tax filing time next spring. Without a review of your tax situation, you may go from a history of receiving refund checks to a balance due to the IRS at tax time. However, the good news is that we still have time to change the year-end result if we act soon.


We very, very strongly suggest that every client with withholdings, whether from a W-2 job, retirement or Social Security, contact us to set up a time to meet (or to drop off your information and let us calculate and call you) and have us figure your 2018 tax situation, and withholdings. We will recommend changes as needed. Not yet a client, no problem just call the office 772-337-1040 for an appointment.


First, we will need a copy of your most recent paystubs. Also, some information about any changes in your family or tax status to calculate our estimates.


Then, we will determine where you will be without the change. We will also determine how to change your withholdings, if needed, to obtain a refund.


If you need to change your withholdings, we will fill out a new W-4 to provide to your employer and “catch up.”


Because of the time and knowledge necessary to recalculate your 2018 tax withholding, we will charge a small discounted flat fee of $175, without regard to the time it takes to recalculate your 2018 tax estimates. We strongly urge you to contact us immediately to determine where you will stand, tax-wise, at the end of 2018. We don’t want any surprises either.


So until I see you for a checkup,


C ya


Jeffrey “We do not Like Surprises” Schneider


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