IRS issued an alert to tax payer to adjust 2023 withholding
IRS starts accepting 2022 taxes starting from today Jan 23, 2023. At the same time, IRS is reminding tax payers to revisit their withholding from their paycheck towards 2023 taxes. If you are not withholding enough taxes, you are at the risk of paying penalties when you file 2023 taxes. If you are withholding more than what your obligation is, you are effectively giving the government an interest-free loan.
There are resources for you to determine the close to the right amount of taxes you will owe to the IRS.
Tax Withholding Estimator, this tool calculates the taxes owed based on the tax codes for 2023 and help taxpayers determine if they have to make any adjustments to their withholding in order to avoid owing taxes and potentially end up paying penalties for insufficient withholding when they file taxes the following year.
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