Enjoy that bigger paycheck in 2018, courtesy of the tax overhaul. You may end up owing Uncle Sam more money in 2019.
The change brings good news for workers.
"You will start seeing more money in your paycheck — a 1 percent to 3 percent reduction in tax rates overall under the new law," said Lisa Greene-Lewis, a certified public accountant at TurboTax.
Now for the bad news: The IRS hasn't yet released its new withholding tables — which, along with your Form W-4, are instrumental in determining how much in federal income taxes are taken from your paycheck.
Tax experts expect this information to emerge in the next few weeks.
"By the end of January or early February, you should look at your W-4 to make sure your employer has the information you need to withhold appropriately for 2018," said Melissa Labant, director of tax policy and advocacy at the American Institute of Certified Public Accountants.
If too few taxes are withheld from your pay in 2018, you could owe the IRS in 2019.