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IRS Warns Taxpayers to Adjust Withholding Now or Face a Surprise Later

"The IRS said taxpayers should adjust their tax withholding as soon as possible or face a potential "surprise" when they file their tax returns next year."

"IR-2023-205, Nov. 3, 2023

WASHINGTON — With 2023 rapidly coming to a close, the Internal Revenue Service today encouraged taxpayers to review their tax withholding as soon as possible to avoid a potential surprise when they file their tax return next year.

Although it's best for taxpayers to verify withholding early in the year, an adjustment made in the final weeks of 2023 could still help to avoid an unexpected result, such as a big refund or a balance due, when filing taxes next year.

With only a few weeks left in the year, the IRS encouraged people who haven't checked their withholding recently to do it soon so they can make any withholding adjustments needed."

Don't get stuck with a large tax bill in the Spring of 2024! Contact us today to evaluate if you need to adjust your withholding up or down before the end of 2023. ACT NOW!

Shelley H. Morales is your Hometown Accountant!

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