IRS spokesman Chris Miller says it’s important to look at the numbers now.
“Time is running out for taxpayers to do a paycheck checkup,” Miller says. “To check their withholding yet this year — to make sure the right amount of tax is being withheld from their paycheck for their particular situation.”
Miller says if you find a problem, there are still a few months to adjust your withholding amount to fix it.
“Doing a paycheck checkup now is going to help those taxpayers avoid a potential unwelcome surprise at tax time,” according to Miller. “That could be an unexpected tax bill and a penalty. Or it could be a refund that’s unnecessarily large.”
He says it’s better for you to not get a big refund, because you can use that money throughout the year.
Miller says they made an earlier push for everyone to check their withholding after the new tax law went into effect.
“The new tax law will change the way many of us calculate our taxes, and it also has changed the amount of tax our employers are withholding from our paychecks,” Miller explains.
Those with more complicated tax returns are the ones who most need to check their withholding. That includes two-income households, those with two or more jobs at a time, those who have had a job only part of the year, and those who claim the child tax credit or itemize deductions in 2017.
He suggests visiting the agency’s website and click on the link to do a paycheck checkup.