- ORIGINAL NEWS
This costly withholding mistake is ‘always a surprise,’ tax pro says
- SUMMARY
Tax withholding errors made last year could lead to unexpected tax bills.
This can occur if you have multiple jobs and each employer withholds taxes based on your individual earnings, rather than your combined income.
It can also happen when you change jobs and the new employer doesn’t withhold enough taxes.
Major life events, such as divorce, can also affect your withholding and result in owing taxes.
To avoid surprises, it’s important to review and adjust your withholding throughout the year, especially after any significant changes in your financial situation.
- NEWS SENTIMENT CHECK
- Overall sentiment:
neutral
Positive
Negative
“For filers with multiple jobs,…”
“The IRS requires tax payments…”
“By contrast, you may see a tax bill if you didn’t …”
“For example, if you made…”
“A similar…”
“For example, if you get…”
“If you didn’t adjust your…”
“While making adjustments early in the year is recommended…”
“Loyd added”