Am I overpaying in withholding and estimated tax?
Am I overpaying in withholding and estimated tax? Although an annual review of your form W-4 (Employee’s Withholding Allowance Certificate) or estimated tax payments is always important, it may be particularly imperative to do so in 2009. The current economic recession and other changes to your personal and financial situation may have had, and will continue to have, a significant impact on your income. Moreover, recent changes in the tax law, including extensions of certain deductions and credits through 2009, make accurately estimating your tax and ensuring you are not overpaying in withholding all the more important. Changes in the latest stimulus tax package likely will require further adjustments to withholding and estimated tax for many taxpayers |