IRS Warns Taxpayers to Adjust Withholding Now or Face a Surprise Later

The IRS said taxpayers should adjust their tax withholding as soon as possible or face a potential “surprise” when they file their tax returns next year.

The Internal Revenue Service (IRS) building in Washington, on June 28, 2023. Madalina Vasiliu/The Epoch Times

The Internal Revenue Service (IRS) has issued an alert to taxpayers, encouraging them to adjust their 2024 withholding so as to either avoid effectively giving the government an interest-free loan of their money or face the prospect of penalties and interest if too little tax is withheld.

The IRS said on Nov. 3 that with the end of the year fast approaching, taxpayers should review their tax withholding as soon as possible in order to “avoid a potential surprise” when they file their tax returns in 2024.