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All taxpayers should check their withholding ASAP

IRS representation in Houston

All taxpayers should check their withholding – also known as doing a Paycheck Checkup – as soon as possible. They should do a checkup even if they did one last year.

By checking their withholding, taxpayers can make sure enough is being taken out of their paychecks or other income to cover the tax owed. Here are some things taxpayers should know about withholding and why checking it is important:

  • Taxpayers should check their withholding as early in the year as possible. If someone still has not done a Paycheck Checkup, there’s still time to get their withholding on track. They should do a checkup ASAP.

Taxpayers should also check their withholding when life changes occur. These changes include things like:

  • Marriage or divorce
  • Birth or adoption of a child
  • Purchase of a home
  • Retirement
  • Chapter 11 bankruptcy
  • New job or loss of job

Some taxable income is not subject to withholding. People with this income who also have income from a job may want to adjust the amount of tax their employer withholds from their paycheck. This includes income from things like:

  • Interest
  • Dividends
  • Capital gains
  • Self-employment and gig economy income
  • IRA distributions, including certain Roth IRAs

Some life changes might affect a taxpayer’s itemized deductions or tax credits. The taxpayer should check their withholding if they experience changes to their:

  • Medical expenses
  • Taxes
  • Interest expense
  • Gifts to charity
  • Dependent care expenses
  • Education credit
  • Child tax credit
  • Earned income tax credit

The best way for taxpayers to check their withholding is to use the Withholding Calculator on IRS.gov.

Source: IRS

Alfredo Gaxiola has worked on numerous IRS problem cases and has successfully settled with the IRS to release liens on houses, bank accounts and wages and, if needed, setting a payment installment plan that is not burdensome for the client. He has conducted appeals before the U.S. Tax Court and obtained favorable resolutions in reducing the tax debt of his clients. Mr. Gaxiola served as Treasurer of Camara de Empresarios Latinos, one of the largest and strongest Hispanic organizations in the city of Houston. He has conducted financial and accounting seminars for the Houston Small Business Development Corporation, as well.

06 IRS representation in Houston

IRS representation in Houston.

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