IRS Relief to Hit Your January Paychecks: Revised Withholding Tables Released
Pay Less, Keep More
Great news, taxpayers! The IRS has released the revised withholding tables, and they mean good news for your January paychecks. You’ll be keeping more of your hard-earned money.
How Much Will I Save?
Savings will vary depending on your income and filing status. But here’s a quick look at what you can expect:
– Single filers could save up to $1,800
– Married couples filing jointly could save up to $3,600
– Heads of household could save up to $2,300
When Will I See the Change?
The changes will take effect for paychecks issued on or after January 1, 2023. So, you should see the difference in your January pay.
What Do I Need to Do?
Nothing! Your employer will automatically adjust your withholding based on the new tables. You don’t need to take any action.
What if I’m Not Getting Enough Withheld?
If you feel like you’re not having enough withheld, you can always adjust your withholding by submitting a new Form W-4 to your employer. But, keep in mind that withholding too little can lead to a tax bill and penalties when you file your return.
Enjoy Your Extra Money!
The IRS tax relief is a welcome change that will put more money in your pocket. Use it wisely, and enjoy the extra cash!