Since the IRS released its tax withholding guidelines last year as a result of the tax cut legislation, I’ve been concerned that many would owe a significant amount when they file their 2018 taxes.
There are superior alternatives to the conventional wisdom, and with some tweaks you could achieve a “portfolio longevity” increase of over three years.
When the new tax law was enacted almost a year ago, your take-home pay probably increased. My concern is that the changes will result in millions of taxpayers owing in April.
While giving is primarily inspired by our desire to help others, getting a tax break in April is frosting on the cake.