Client Tip for November 2018: NEW MISSOURI WITHHOLDING TABLES
NEW MISSOURI WITHHOLDING TABLES
The Missouri Department of Revenue has recently published new withholding tables. The tables that were issued earlier this year decreased withholding by a greater margin than the overall estimated tax reduction. This unexpected decrease was due to a longstanding inaccurate calculation of the federal tax deduction that had previously gone undetected. As a result, some Missouri taxpayers were under-withholding for the 2018 tax period, meaning those taxpayers may see a smaller refund or a greater balance owed than they had seen in previous years.
The Department is encouraging businesses to offer to update withholdings from their employees’ paychecks moving forward. This will ensure that appropriate withholding taxes are collected the rest of this year, which will help lessen unanticipated 2018 tax liabilities.
“A friend is one that knows you as you are,
understands where you have been,
accepts what you have become,
and still, gently allows you to grow.”
“Your Partner In Success”