The IRS is reminding taxpayers that to prevent surprises at tax time they should review their withholding and, if necessary, adjust it. Tools are available to help. The Tax Withholding Estimator at irs.gov enables you to calculate your withholding and see how it affects refunds, take-home pay and tax due. If you or your employer aren’t withholding enough, you might want to start making estimated tax payments. This can become necessary when a taxpayer has more than one job, is self-employed or has rental income. However, 70% of taxpayers have the opposite issue: They withhold too much and receive tax refunds. By adjusting your withholding, you can keep more of your money as you earn it. Contact us for tax advice. © 2023