Avoid tax surprises next year. As summer winds down, review your tax withholding or estimated payments so you can increase them if needed. Not paying enough taxes throughout the year can result in not only a bigger-than-expected tax bill next April 15, but also penalties. Taxpayers most vulnerable to surprise tax bills are gig workers and people with 1) a “side hustle,” 2) income that isn’t subject to withholding, or 3) major life changes, such as marriage or a new child. To help ensure you’re on the right tax track, try the IRS’s Tax Withholding Estimator tool: https://bit.ly/3AJj68K. You may even find you’ve overwithheld taxes. If so, adjust withholding downward for an immediate raise. Contact the Cg Team with questions.© 2024