In 2018, many Americans experienced changes in their tax liability. Some people who typically received tax bills finally got a tax refund and vice versa. Even when there are no major tax reforms, life changes may also affect your tax liability, such as getting married, changing jobs or moving to a different state.
Don’t wait until the last minute to see what your tax liabilities might be. By doing some accounting early on, you can follow proactive financial planning tips to lower what you may owe. This may include charitable donations, investing in activities you can write off or putting in less overtime at work. All of these may impact how much money you get from or pay back to the government.
