Americans often are forced to pay 'surprise fees' when their tax refund from the year before was too large.
Taxpayers may be in store for a brutal hit to their wallets if they don't use the IRS Tax Withholding Estimator, the federal agency warned today.Americans often are forced to pay 'surprise fees' when their tax refund from the year before was too large or withheld the incorrect amount from their income.But with the IRS Tax Withholding Estimator, you can guarantee you're withholding the right amount from your pay in 2024.
'The IRS has provided it as the most accurate tool to find out the best estimate of what you will owe based on the information you provide,' Alex Beene, financial literacy instructor at the University of Tennessee at Martin, told Newsweek. 'This is pivotal, especially for those who have income they need withholding to apply to throughout the tax year. No one wants to get to the end of the year with a massive tax bill.
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