Grain Valley News
  • Home
  • About
    • Submit Your News
    • Contact
  • News
    • Voter Resources
    • Online Puzzles
  • Community
    • Events Calendar
    • Kindness Awards
    • 2023 Garage Sale Directory
    • Parade
  • Job Board
  • Best of Grain Valley
  • Support
    • Advertise
    • Become A Sustaining Member
  • Business Directory Submission Form
  • Home
  • About
    • Submit Your News
    • Contact
  • News
    • Voter Resources
    • Online Puzzles
  • Community
    • Events Calendar
    • Kindness Awards
    • 2023 Garage Sale Directory
    • Parade
  • Job Board
  • Best of Grain Valley
  • Support
    • Advertise
    • Become A Sustaining Member
  • Business Directory Submission Form








​news

How To Ensure A 2019 Tax Refund

6/20/2019

 
Picture
by Lorne Meinershagen, CPA, Floyd, Meinershagen & Co.
 
     Many taxpayers were surprised to learn they were getting a smaller refund than in prior years – or worse, that they owed money – when they filed their 2018 tax returns.
     And while it may have seemed like they were getting back less money than they had in the past, most taxpayers actually paid less in taxes in 2018 than they did in 2017. 
     That’s because the IRS updated the Federal withholding tax tables in January 2018 based upon tax cuts in the new tax law. The change effectively gave everyone their tax refunds early by withholding less from paychecks, which resulted in lower refunds at the end of the year.
     If you like getting a refund, you need to change your withholdings as soon as possible so you will have more paid in by the end of the year. Since it’s already June, however, remember you will only see half the impact of withholdings changes on your 2019 tax return.
     Keep in mind, too, that a refund means you have given the government an interest free-loan.   
     That said, many taxpayers use their tax refund as a savings account, because they know they tend to spend the money they receive in their paychecks. 
     There are other ways to save as well.  Many employers offer other opportunities to transfer money to a savings account via payroll deduction, so you never see the money. And if you choose an interest-bearing savings account, your money will grow faster than if you “loan” it to the government on an interest-free basis. Be sure to consider all of your options for savings and adjust your withholdings accordingly.
     If you need to save more money, take action now one way or another.  Change your Federal withholdings, or set up a payroll deduction to a savings or other account.
     Before you change your withholdings, consider consulting with a certified public accountant because every taxpayer’s situation is different.  Here’s an example: If you receive paychecks biweekly (every two weeks) and asked your employer to deduct an additional $50 per paycheck, you would pay in an additional $1,300 over the course of a year. Put another way, you would increase your refund by the same amount: $1,300. But remember, you would only see half of that for your 2019 return, or approximately $650, since the year is half over.
     If you would like some help adjusting your payroll withholdings or learning how to maximize your earnings, please contact Lorne Meinershagen, CPA,
at Floyd, Meinershagen & Co. (FMC):
816-847-0536 or lorne@floydmeinershagenandco.com.
 

Comments are closed.

    RSS Feed

    Categories

    All
    Burton Kelso
    Business
    Cathy Allie
    Celebrations & Transitions
    Census
    City Of Grain Valley
    Columnists
    Community Profile
    Covid19
    Covid-19
    Economic-development
    Education
    Elections
    Financial-health
    Fitness
    Food Inspections
    Good News
    Good-news
    Grain-valley-assistance-council
    Grain Valley Fair
    Grain Valley Historical Society
    Grain-valley-partnership
    Grain Valley Schools
    Health And Fitness
    Health-and-fitness
    Home And Garden
    Jackson County
    Kindness Awards
    Ld
    Letters
    Local News
    Looking Back
    Lorne-meinershagen
    Missouri House Of Representatives
    Missouri Senate
    Musings From The Middle
    Neighborhood View
    On-the-job
    Pets
    Police Blotter
    Quick-news
    Rdn
    Recreation
    Sally-whitaker
    Seniors
    Senior-send-off
    Sports
    State Of Missouri
    Technology
    Tracey-shaffer
    Transportation
    University Of Missouri Extension
    Waynes-world

    RSS Feed

    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018

Grain Valley News

Grain Valley News is a free community news source published weekly online. 
(c) 2023 Grain Valley News

Contact Us

PO Box 2972
​Grain Valley MO 64029

Privacy Policy
Picture