Not too Early to Think About Your April 2019 Tax Bill

April 5, 2018 by OSYB Staff

Accounting Today shares some things to think about for next year’s tax bill.  An analysis released Wednesday by the Tax Policy Center notes that most Americans will owe less in taxes as a result of President Donald Trump’s overhaul of the U.S. tax code, but in a few jurisdictions, about one in 10 will be paying more.

So if you live in some of these states you may  be seeing a tax hike:

• In New Jersey, most likely 10.2 percent of NJ taxpayers will be seeing a 2019 tax hike (New Jersey tops the list of states with the highest percentage of taxpayers seeing a hike)
• In Maryland and the District of Columbia, 9.4 percent of tax payers will likely pay more
• In California, 8.6 percent of taxpayers will probably see a tax increase
• In New York, 8.3 percent of tax payers may have higher levies
• North Dakota will most likely have the most winners from the new law, with 75.4 percent receiving a tax cut and less than 4 percent seeing an increase.

It is expected that, “About 65 percent of taxpayers will receive a tax cut in 2018, averaging $2,200 from the new law’s individual provisions, while 6 percent will receive an increase of about $2,800, according to TPC. Nationwide, 6.2 percent of taxpayers in the top 20 percent income level can expect an average increase of $8,800.”

New tax laws, new withholding tables and other tax changes suggests that if you have any questions, it is essential that as you work on your current tax payments, you should include time talking to your tax professional about preparing for your next year’s tax bill.

For details:  April 2019 tax bills seen catching some Americans off guard

Image Credit:  Deposit Photos