Taxpayers to get Rude Surprise

Sorry, no update on the bathroom as of now, that will be next.
I had a great article shared with me recently that I wanted to put in front of all of you. (Thank you Karla K.)

"Making work Pay" tax credits could cost you a few headaches at tax time. Many people are thrilled at this new increase in their paycheck, but do not understand that MILLIONS OF TAX PAYERS WILL GET MORE THAN THEY ARE ENTITLED TO, YOU WILL BE EXPECTED TO PAY THIS OVERAGE BACK AT TAX TIME.

Folks at risk: married couples in which both spouses work, workers with more than one job, retirees who have federal income taxes withheld from their pension payments and Social Security recipients with jobs that provide taxable income.

The IRS acknowledges the problems with the withholding tables but has done little to warn average taxpayers.

My suggestion to you, visit www.irs.gov and take a look at the tax calculators. Or, call your tax advisor. If you don't want a surprise at tax time (who does?) it will be worth your effort. If you decide that you would rather circumvent receiving the credit on each paycheck and receive it at tax time, change your withholdings to a higher rate. You can see me if you work at Image Studios, or you can go to www.irs.gov and download a new W-4 and give it to your employer.

To view the complete article please visit http://finance.yahoo.com/news/INSIDE-WASHINGTON-Rude-apf-15091434.html?.v=1