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Friday, May 1, 2009
News Taxes: Make sure you know what's up
Posted By Rhiannon Fionn-Bowman 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:
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