The biggest Tax Day is over — and before you put it out of your mind entirely, use the results from last year to plan for this year's better results. There are plenty of things that are under your control when it comes to tax results.
Checking and then adjusting your tax withholding can help make sure you don’t owe more tax than you were expecting. Being proactive helps you avoid a surprise tax bill and possibly a penalty when you file next year.
At the same time, with the average refund more than $2,700, some taxpayers may choose to reduce their withholding to have a larger paycheck and smaller refund. We find that many taxpayers prefer to receive a refund at tax time rather than break-even.
Now is an ideal time to check withholding, since having a completed tax return is helpful when using the Withholding Calculator on IRS.gov. Since taxpayers need to estimate deductions, credits and other amounts for 2019, having similar information from the 2018 return can make using the Withholding Calculator easier.
Not surprisingly, New Jerseyans feel that the state government is not doing much to relieve the financial pressure of taxation.
About 8 in 10 are either somewhat or very dissatisfied with how the state government is handling the cost of living and affordability (81%) and taxes (78%). Over half are unhappy with how the government is handling the state budget (57%) and business and employment opportunities (52%).