The survey taken by Jackson Hewitt, within one week of tax day, discovered that roughly 3/4 of responding taxpayers had yet to revise the withholdings amounts on their paychecks. The survey was taken by over 1200 American adults.
In light of the results of this survey, inaccurate withholding numbers could be reflected in many taxpayers’ current financial figures. Additionally, payroll systems which have not been updated accordingly, could potentially affect millions of employees come tax season in 2019. As the new withholding tables were just released in February, many taxpayers and businesses are still in the dark as to what these changes signify, being left unaware of the potential consequences.
This divergence between the revised IRS tables and the yet to be updated taxpayer figures and payroll systems may affect taxpayers with heavy financial burdens that could have otherwise been avoided with a simple tax review.
Chief tax officer of Jackson Hewitt went on to comment the importance of doing a tax review, especially with the changes that are happening this year. In this regard, it should also be noted that professional tax preparers have the responsibility and opportunity to proactively reach out to their clients to hold full tax reviews.
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