WASHINGTON (News4Utah) – The IRS is asking taxpayers to double check their weekly withholdings thanks to the new tax law.
Checking now could mean a bigger refund next year.
IRS spokesperson Matt Leas says taxpayers hoping for a refund check had better do some homework.
Because of the new tax law, some of us may not have enough money withheld from our paychecks and could face a nasty surprise at tax time.
“If you check your withholding now, you can figure out if you’re going to have a bigger return or maybe owe a tax bill come tax season,” said Leas.
A new government report estimates 30 million people are “under” paying their taxes and will owe the IRS money next year.
That’s about 3 million more than before the tax cuts were signed into law and the IRS issued new tax withholding rules.
But the IRS says there’s still time to make changes. The IRS is encouraging taxpayers to head to its website and use this withholding calculator to see based on your current withholding if you’ll owe money or get a refund.
Oregon Senator Ron Wyden accuses the Trump Administration of purposely misleading Americans about the tax cuts.
“Be very careful, because, in their effort to make it look like they’re making more money now, you’re going to have under withholding,” said Wyden (D-Ore.).
The IRS says it wants to work with taxpayers to clear up any confusion. The tax man is encouraging you to call or write or log-in to the IRS if you have any questions.