Even with the myriad of tax changes that went into effect for 2018, there are still a few go-to tax moves that everyone should make a priority in early 2019.

Checking that the correct amount is being withheld from your paycheck in 2019 is a sure-fire way to be certain your withholdings will in fact meet your minimum tax requirements.  Nobody wants to get to the end of the year and discover they have been underpaying the IRS and face penalties on top of back taxes!  Two examples that can trigger the need to modify your withholding are a change in your income and a major life event.  If a change is necessary, request a Form W-4 from your employer or visit the IRS website.

Make certain you are taking full advantage of the new maximum contribution limits to your 401(k), IRA, HSA and other savings accounts to maximize your tax savings.   And, if you are employed, make sure you are fully utilizing your employer’s retirement matching program.

Do a review of your investment portfolio to determine the best way to proceed for the year.

And last, but certainly not least, if you haven’t already done so, call Simons Bitzer (317.782.3070) to set your Tax Planning appointment.