SALT LAKE CITY, Utah (News4Utah) The Utah State Tax Commission wants you to double check your income tax withholdings after federal changes.
There’s a good chance you could be paying too much or too little.
The new tax reform gave taxpayers something to cheer about: lower rates and higher tax credits. But some might owe the IRS in April if they don’t adjust tax withholdings.
“Everybody is going to be impacted, some more than others. But everybody will be impacted to some degree,” Utah State Tax Commission Spokesperson Charlie Roberts said.
High earners, parents, married couples, retirees, and people with multiple jobs are among the most likely to be affected. Employers automatically adjusted withholdings after a new withholding tables came out. Taxpayers may need to catch up.
“If you have to pay more than you anticipated, it will have an impact. It is better in most people’s instances to withhold a little bit at a time,” Roberts said.
To prevent paying more in April, the IRS offers a free Withholding Calculator to make sure the right amount of federal tax is taken from each paycheck. Utah has a similar estimator. The sooner changes are made, the better.
The W-4 changes must be made to your employer and not to the government.