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How may I get a sense about whether I should increase the…

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How may I get a sense about whether I should increase the amount of New York State taxes being withheld from my paychecks, to guard against being surprised and having to pay when filing for 2018? Any suggestions?

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Ordinarily I receive a small refund or need to pay a small amount of $500 give or take. It is very important that I pay sufficiently each month through my employer withholding so that I am not caught short when filing for 2018 and beyond. Given recent changes to federal tax law, and hearing in the media that New Yorkers may NOT benefit and actually need to pay more in fed and/or state taxes, I need some guidance. Should I increase taxes being withheld for NY State?

Submitted: 4 months ago.Category: Tax
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Answered in 1 hour by:
3/31/2018
Tax Professional: emc011075, Tax adviser replied 4 months ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,988
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

The new tax reform affects mostly federal taxes. There are not many changes on the state level since every state controls its own budget. What is your main source of income? W2? Business? Investments?

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Customer reply replied 4 months ago
W2, married filing jointly, combined income about 130,000
Tax Professional: emc011075, Tax adviser replied 4 months ago

If your main source of income is W2 than you should be alright if your last year withholding covered your 2017 state liability. On the federal level however you may expect higher taxes. Do you usually itemize? Do you have high property taxes? Any unreimbursed employee expenses or investment expenses?

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Tax Professional: emc011075, Tax adviser replied 4 months ago

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