As the end of the year approaches, the IRS encourages taxpayers to consider a tax-withholding checkup. When taxpayers take a close look to make sure the right amount is withheld now, they can avoid unexpected tax bills next year. Here are five examples of taxpayers who would benefit from a withholding check-up:
1. Taxpayers who received large tax refunds in past years. When taxpayers have too much tax withheld from their paychecks, they pay too much tax during the year. They can change their withholding to have money upfront rather than waiting for a bigger refund.
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