Now is a good time to look at your taxes. It may sound boring, but a mid-year tax review now could save you a lot of headaches later. Federal tax reform is in force, so what you did last year is not a safe bet for this year.
Luckily, CNBC’s Darla Mercado has some tips on what to look for in a mid-year tax checkup.
She recommends three things:
- Review your tax withholding;
- Review your schedule A from last year; and
- See your accountant.
“Mid-year tax planning is especially important in 2018, experts say, as accountants and their clients grapple with a volley of changes from the Tax Cuts and Jobs Act,” Mercado writes. “Updates under the new law include sharp limits to itemized deductions and an overhaul of the tax withholding that applies to your wages.
“Even your income tax return — Form 1040 — is getting a makeover: It will be postcard-sized, with six worksheets filers will need to wade through in order to claim above-the-line deductions and credits,” she says.