Friday, May 1, 2009

Taxes: Make sure you know what's up

Posted By on Fri, May 1, 2009 at 1:21 PM

Make time to discuss the new tax credit with your company's payroll department and your tax adviser to ensure you won't have any surprises waiting for you next tax season.

Millions of Americans enjoying their small windfall from President Barack Obama's "Making Work Pay" tax credit are in for an unpleasant surprise next spring.

The government is going to want some of that money back.

The tax credit is supposed to provide up to $400 to individuals and $800 to married couples as part of the massive economic recovery package enacted in February. Most workers started receiving the credit through small increases in their paychecks in the past month.

But new tax withholding tables issued by the IRS could cause millions of taxpayers to get hundreds of dollars more than they are entitled to under the credit, money that will have to be repaid at tax time.

Read the rest of this article at Charlotte.com.

Here's President Obama's tax day speech:

Tags: , , , ,

Pin It
Submit to Reddit
Favorite

Comments (2)

Showing 1-2 of 2

Add a comment

 
Subscribe to this thread:
Showing 1-2 of 2

Add a comment

Creative Loafing encourages a healthy discussion on its website from all sides of the conversation, but we reserve the right to delete any comments that detract from that. Violence, racism and personal attacks that go beyond the pale will not be tolerated.

Search Events

www.flickr.com
items in Creative Loafing Charlotte More in Creative Loafing Charlotte pool

© 2017 Womack Newspapers, Inc.
Powered by Foundation