If you usually receive a large federal income tax refund, you’re essentially making an interest-free loan to the IRS. Rather than wait until you file your 2015 tax return in 2016, why not begin enjoying your “refund” now by reducing your withholdings or estimated tax payments for the remainder of 2015?
It’s particularly important to review your withholdings, and adjust them if necessary, when you experience a major life event, such as marriage, divorce, birth or adoption of a child, or a layoff suffered by you or your spouse.
If you’d like help determining what your withholding or estimated tax payments should be for the second half of the year, please contact us.
We highly recommend you confer with your Miller Kaplan advisor to understand your specific situation and how this impacts you.