Despite the tax filing deadline not being for another couple of weeks (May 17, 2021), many taxpayers have already filed and have heard some buzz around refunds and next year’s returns.
Federal Tax Myth:
Getting a refund this year means there’s no need to adjust withholding for 2021.
Taxpayers should make any changes now to prepare for next year’s tax filing year. They can make these changes directly with their employer. If unsure on what changes to make, you can always contact your CPA and CTBK service team to help find the balance that’s right for you.
For those who are experiencing a life change, marriage, divorce, birth of a child/adoption, or no longer claiming a dependent should check their tax withholdings and make any necessary adjustments as soon as possible.
Need help tracking a refund, adjusting withholdings, or tax planning? Contact the CTBK team to learn more.