Might be time to change your tax withholding, CPA explains

SPRINGFIELD, Mo. -- Today is Tax Day. Your tax returns have to be postmarked by midnight.

U.S. Air Force / MGN

You can file for an extension if you've procrastinated too long.

But, you must pay any money owed to Uncle Sam by tonight, Monday.

The big thing a lot of people are finding out this year is that they either owe a bunch or have to pay a bunch because of changes to the tax code. That means you might need to adjust your withholding at work.

If you don't like how things went this time around, there are things you can do now, to make sure you don't have sticker shock the next time around.

"Ideally, you would break even or come close with a refund or a payment of a small amount at the end of the year," said Certified Public Accountant Erica Smith, with BKD. She says talk with your tax advisor or your HR person at work to make sure your withholding is appropriate for you, and just to make sure you are taking advantage of all the tax deferred accounts that your employer offers.

"There is a savings plan for dependent care benefits... so if you put money into that plan, then it's tax free and you are not taxed on it. Also, a health savings account will save money on your medical costs, that goes in tax free... so it's also important to make sure you've reviewed all the benefits that your employer has and you're maximizing the tax savings for those."

Read the original version of this article at www.ky3.com.