Tax Tip: Double Check Payroll Withholding

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Tax Tip: Double Check Payroll Withholding

The IRS has released a new tax tip for 2009 which describes why it is important to double check your payroll withholding during the year so you will not be surprised when you file you taxes and did not without enough federal tax. With the reductions in withholding under the Making Work Pay Credit passed by the government, some Americans may not be withholding enough tax based on their incomes.

Affected Groups

Groups that might fall into this category include multiple job holders, spouses that both work, and workers that are claimed as dependents on their parents tax return. If these groups do not adjust in time to collect additional taxes during the year, they may owe taxes when they file in 2010.

Making A Change

Taxpayers can visit the IRS website to learn more about adjusting their withholding and can also read the instructions that accompany the W-4, Withholding Allowance Certificate, form. Once completed, returning the form to your employer will correct any necessary withholding issues that you currently have.

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3 Comments

  1. Posted September 30, 2009 at 2:37 pm | Permalink

    It’s easy to overlook payroll taxes, especially this year because of all the tax reduction and changes that were implemented.

    Actually, having a software will result in fewer work and less headaches for individuals filing their own taxes.

    Steve, you are right in recommending turbo tax. Ive been using their e-filing option for years now without any problems, and they have fantastic customer support.

    »crosslinked«

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  2. Posted October 10, 2009 at 5:17 am | Permalink

    Thats right. Its quite necessary to take an extra look over it. It makes us sure about the situation and total amount of tax.

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  3. Posted November 15, 2010 at 2:33 am | Permalink

    Thank you for this great information, very useful article about Double Check Payroll Withholding. An unbelievable resource for any person looking for effective tax tips for Double Check Payroll Withholding. I have you bookmarked your blog. So keep sharing with us.

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