You may owe more in taxes in 2019

Personal Finance

Politics aside, reviewing your W-4 is a good practice in any tax year. If not enough is withheld, you’ll owe money come tax time. Pay too much, and you end up with a large refund.

“You may have different circumstances now compared to when you started working at your employer,” said Labant.

Major life changes, including having a child or getting married, may warrant an update to your withholding.

For instance: In the past, it may have made sense for people who itemize deductions to claim more allowances on their W-4 and have less tax withheld.

This may no longer be the case now that the standard deduction has nearly doubled to $12,000 for singles and $24,000 for married couples who file jointly.

About 49 million taxpayers – 28 percent of filers, itemize, according to the Urban-Brookings Tax Policy Center.

“Now that they’ve doubled the standard deduction, there may be people who are no longer eligible to itemize,” said Greene-Lewis. “Be aware that you might not get as many allowances on your W-4.”

Also, the Tax Cuts and Jobs Act does away with personal and dependent exemptions, and broadens the applicability of the child tax credit to include higher-income households.

“Given the changes in the tax code, it’s a good time to look at your W-4,” said Labant. “You don’t want any surprises, especially when that surprise is a large balance due come tax time.”

WATCH: People are waiting for their tax refund check to take care of their health

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