Smart Tax Planning: Avoid Surprises in 2024 with Strategic Withholding

As 2023 draws to a close, the IRS urges taxpayers to review their tax withholding promptly to avoid surprises when filing next year. Even adjustments made in the final weeks of the year can make a difference. The IRS provides resources like the Tax Withholding Estimator, aiding individuals in determining if they have the correct income tax withheld. Taxpayers earning income not subject to withholding, like gig economy workers, are advised to make quarterly estimated tax payments. Various life events, such as marriage or job loss, can impact tax liabilities. It’s crucial to adjust withholding to optimize take-home pay. Fastest refunds come through electronic filing and Direct Deposit.

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