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With employment in America at high levels, many two-income families and taxpayers with multiple jobs should perform a "Paycheck Checkup."
In IR-2019-97, the Service explained why these taxpayers should check their withholding amounts. Because 2018 was the first year for full implementation of the massive changes in the Tax Cuts and Jobs Act, many taxpayers overwithheld and received substantial refunds. Some taxpayers underwithheld and had to pay a large tax bill. A few of the taxpayers with large tax payments also paid penalties for underwithholding.
The Service stated, "The Tax Cuts and Jobs Act (TCJA) made changes to the tax law. Among other things, the new law increased the standard deduction, eliminated personal exemptions, increased the child tax credit, limited or discontinued certain deductions and changed the tax rates and brackets. As a result, many taxpayers ended up... Read More
With a documented planned gift donation of $25,000 and above, you are eligible for induction into The Citadel Legacy Society, which takes place at our annual Leaders in Philanthropy weekend each fall. You will join a group of your peers who take pride in being members of The Citadel family of supporters. Induction takes place the year following the year of your gift.