January 23, 2018
The Internal Revenue Service released the updated 2018 withholding tables reflecting enactment of the new tax law, the Tax Cuts and Jobs Act. The new withholding tables that go into effect February 2018 will reduce the amount of tax withheld in your paycheck.
If you are a resident of a high tax state and have, in the past, taken itemized deductions for state and local taxes in excess of the new $10,000 limit on these taxes, you might want to look at the tables and withhold the same, or more, than you are currently having withheld.
The following is an article discussing withholdings for 2018 as well as the withholding tables: http://www.thinkadvisor.com/2018/01/11/irs-releases-tax-withholding-tables-for-2018
Please feel free to contact our office with any questions or concerns that you may have.
Theodore J. Sarenski , CPA, PFS, CFP™
Chief Executive Officer & President
Blue Ocean Strategic Capital, LLC