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It’s not too late for taxpayers to adjust their 2012 tax withholding to avoid the under-withholding from pay that results in large tax bills.

Withholding Adjustment Can Reduce Amount Owed on Tax Day

  • 9/12/2012

Withholding Adjustment Can Reduce Amount Owed on Tax Day

The IRS recently reminded taxpayers to adjust their 2012 tax withholding to avoid the under-withholding from pay that results in large tax bills. “Taxpayers should act soon to adjust their tax withholding to bring the taxes they must pay close to what they actually owe,” the IRS explained.

Employees may submit a Form W-4, Employee’s Withholding Allowance Certificate, any time they want to change the number of withholding allowances. However, if a taxpayer has recently married, had a child, changed jobs, or experienced another life event that results in the need to decrease the number of allowances, the taxpayer has 10 months to provide his or her employer with a new Form W-4.

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