2018 will end before you know it. Before it does, make sure to go to the IRS withholding calculator to find out where you will stand come tax time. Although your taxes withheld from your paycheck may have gone down, there are certain circumstances where this may be a detriment rather than a benefit. You should definitely check your withholding, if any of the following are true:
You are a two-income family.
You have multiple jobs or more than one job during the year.
You work a seasonal job or only work part of the year.
You claim the child tax credit.
You have dependents age 17 or older.
You itemized your deductions in previous tax years.
You have high income or a complicated tax return.
You had a large refund last year.
You had a tax bill last year.
If you find you haven't withheld enough, use the results from the withholding calculator to file a new W-4 with your employer. Reducing the number of allowances will help for 2019, but may not help this year with so fewpaychecks left til year-end. To avoid a penalty, make sure you have at least paid in the smallest of these amounts:
90% of your current year tax or
100% of your prior year's tax.
There is no penalty if your tax due is $1,000 or less. If you would like to make an estimated payment in order to lower your tax due come April, you can do so at https://www.irs.gov/payments. Here you can choose to pay by e-check, debit card, or credit card.