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Topic: Making work pay credit
IRS: Check Your Tax Withholding Now
June 26, 2009 | 
NASHVILLE — With 2009 nearly half over, the Internal Revenue Service reminds Tennesseans that there is no better time to check their 2009 federal income tax withholding levels to make sure they do not face any surprises when returns are due next spring.
The Making Work Pay Credit lowered tax withholding rates this year for 120 million American households. However, particular taxpayers who fall into any of the following groups should review their tax withholding rates to ensure enough tax is withheld: multiple job holders, families in which both spouses work, workers who can be claimed as dependents by other taxpayers and pensioners.
“Failure to adjust your withholding now could cause you to owe tax or to get a smaller refund next year,” said IRS spokesman Dan Boone.
So far in 2009, the average refund amount is $2,675 and 79 percent of all returns received a refund. «Read the rest of this article»
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