How to make the most out of the recent tax reform - WKOW 27: Madison, WI Breaking News, Weather and Sports

How to make the most out of the recent tax reform

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(WKOW) -- Major tax reform went into place recently affecting individuals and businesses.

Tuesday on Wake Up Wisconsin, Mark Farnan from Retirement Income Planning LLC provided some tips on following the new guidelines.

He said first and foremost, you should check your withholding. 

"Many people will be in a new tax bracket now with the new tax laws so you may be withholding too much," said Farnan. 

He said you don't want to withhold too much because that's essentially like making an interest free loan to the government. 

To check if you are withholding the right amount of money you can use a calculator provided by the IRS.

Farnan also said many people will be getting tax cuts under these new guidelines, making it a good time to save that extra money for retirement.

Mark Farnan recommends using a financial adviser to help with any questions you may have about these changes.

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