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TAXPAYERS SHOULD VERIFY IF THEIR TAX WITHHOLDING IS CORRECT

There are good surprises and there are bad ones. In general, a tax-related surprise is probably unwelcome. To avoid tax surprises, individuals should review their tax withholding.

There are good surprises and there are bad ones. In general, a tax-related surprise is probably unwelcome. To avoid tax surprises, individuals should review their tax withholding. There is still time in 2022 to make changes and see the benefit on your tax return next year. An adjustment made now will help people avoid the surprise of a larger-than-expected balance due or refund. People who owe taxes when they file may also face an underpayment penalty, so they should take steps to avoid it.

It’s a good idea to check withholding when a taxpayer has a big life change. Events such as marriage, divorce, a new child, the purchase of a new home, or changes in tax laws may be reasons to adjust withholding.

Credit amounts may change each year. Taxpayers can visit IRS.gov and use the Interactive Tax Assistant to identify if they qualify for any tax credits that may require a withholding adjustment.

Tax is paid as income is earned

Taxes are generally paid throughout the year, either from wage withholding, quarterly estimated tax payments, or a combination of both. Yet about 70% of taxpayers withhold too much each year. This usually results in a refund.

You still have time to make your statement. Photo: Rodnae Productions

Some other facts about refunds:

Proper withholding adjustments help people increase take-home pay instead of being over-withheld and received as a tax refund.
Most refunds are issued in 21 days or less if the return is filed electronically and without errors, many take longer for different reasons.
It’s generally not a good idea to rely on a refund for large purchases.
Direct deposit is the easiest and most convenient way to get a refund. Over 90% of all refunds are issued this way.
Delays in processing paper returns stemming from the pandemic are six months or more. The IRS COVID-19 operations page offers complete details.
Tax Withholding Estimator

The Tax Withholding Estimator can help individuals determine if they have too much tax withheld and how to make an adjustment. In other cases, it can help taxpayers see if they should withhold more or make an estimated tax payment to avoid a tax bill when they file their taxes next year.

Other Things That May Affect 2022 Taxes

Some unforeseen life events may be reasons for withholding adjustments. These include:

Tax relief for the coronavirus. Tax help for taxpayers, businesses, tax-exempt organizations and others affected by the coronavirus (COVID-19).
Disasters like wildfires and hurricanes. Special tax law provisions can help taxpayers and businesses recover financially after a disaster, especially when the federal government declares your location a major disaster area.
Job Loss: Publication 4128, The Impact of Taxes on Job LossPDF explains how this unfortunate circumstance can create new tax problems.
People working in the sharing economy due to the pandemic – People who earn income in the sharing economy should review estimated tax payments to avoid a balance due or penalties when they file.

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