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Taxpayers Should Consider Checking Their Federal Withholding


Most taxpayers are encouraged to review their federal tax withholding at least once a year to ensure that too much or too little tax isn’t being kept aside. There are, however, certain employees who should be extra diligent in double checking their withholding. For help determining whether you fall under this category, don’t hesitate to reach out to our legal team today.

Adjustments to Withholding Amounts

It’s important for taxpayers to check their withholding regularly, as those who fail to do so could end up owing additional taxes and may even incur penalties when they file their returns. This is especially true for employees who have more than one job, or who have income from sources that are typically not subject to withholding. Taxpayers may, on the other hand, need to decrease their withholding amount if they qualify for income tax credits or special deductions. In either case, employees who find that their withholding needs to be adjusted, should submit a new Form W-4, Employee’s Withholding Certificate as soon as possible, as withholding from paychecks occurs not on a single date, but throughout the year.

Who Should Check Their Withholding

Although all employees should try to check their withholding amounts regularly, it is especially important for certain individuals to do so, including:

  • Employees who are working two or more jobs at the same time;
  • Employees who only work for part of the year;
  • Those who claim certain credits, including the child tax credit;
  • Those who claim dependents aged 17 years or older;
  • Employees who itemized deductions on prior returns;
  • Employees with large tax refunds from the previous year; and
  • Those with large tax bills from the previous year.

Most taxpayers can benefit from using the IRS’ tax withholding estimator to check their withholding. It is, however, a good idea for taxpayers to reach out to a tax professional for help if they:

  • Have a pension, but are unemployed, as they will require a special form to estimate withholding;
  • Have a nonresident alien status, which will necessitate the use of Notice 1392;
  • Have a particularly complex tax situation; or
  • Collect long-term capital gains or qualified dividends.

Before assessing their withholding amounts, taxpayers should be sure to have access to certain documentation, including their pay statements from all employers, details about other income sources, and a copy of their most recent tax return. For help gathering the information you’ll need to check and, if necessary, modify your withholding amount, please reach out to our legal team today.

Free, One-on-One Consultations Available

Do you have questions about your federal tax withholding? Are you confused about your tax obligations? Our dedicated team is here to help. To learn more, please call 386-490-9949 and set up a meeting with experienced Florida and nationwide tax lawyer, CPA, and former Special Agent with the FBI Ronald Cutler, P.A. today. We don’t charge for initial consultations, so don’t hesitate to reach out to our legal team by phone or online message to schedule an appointment.