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February 21, 2019
Due to the Tax Cuts and Jobs Act, many taxpayers’ withholding decreased in 2018 providing more money in their paychecks. During the year, some taxpayers may have received a smaller refund or even owe an unexpected tax bill when filing their 2018 tax return this year. At Bowman Tax & Financial, we are experiencing an increase in public contact requesting help reducing their existing tax liabilities. Depending on one’s unique situation, all hope may not be lost if you have already filed your 2018 tax return, but help may be limited. For this reason we advocate being proactive and taking steps to build an appropriate tax and financial plan. If this year’s tax preparation surprises you, the following tips may be helpful: