By Susan Tompor, Detroit Free Press Personal Finance Columnist
Before you blink, half of the year will be gone. But before you splurge on a summer vacation, make sure you won’t be on the hook for a huge tax bill next spring.
We’ve all heard about tax cuts this year. We’ve seen more money in our paychecks. But tax experts warn that many people need to take time to tinker with the amount being withheld from their paychecks for income taxes now in order to have enough time to fix any potential big trouble spots ahead.
Not taking any action means you could be risking an extra-large income tax bill come April 2019. Or you might be shocked by a much smaller refund than you’d expect.
Major changes in the federal tax law that went into place in 2018 make it necessary for many taxpayers to re-evaluate their paycheck withholding.