Now that the April tax-filing deadline has come and gone, many taxpayers are eager to get details about their tax refunds. When it comes to refunds, there are several common myths going around social media.
Here are five of these common myths:
Myth 1: Getting a refund this year means there’s no need to adjust withholding for 2019
To help avoid an unexpected tax outcome next year, taxpayers should make changes now to prepare for next year. One way for a taxpayer to do this is to adjust their tax withholding with their employer. The IRS encourages people to do a Paycheck Checkup using the IRS Withholding Calculator to determine whether their employer is withholding the right amount. This is especially important for anyone who got an unexpected result from filing their tax return this year. This could have happened because the taxpayer’s employer withheld too much or too little tax from the employee’s paycheck in 2018. Continue reading