Almost three out of four taxpayers haven’t checked their withholdings despite the move being touted as critical in tax reform, according to a recent survey.
The Jackson Hewitt survey found that 72 percent of respondents had not updated their paycheck withholdings since the Internal Revenue Service updated the withholding tables. The new tables were not released until early February, meaning that taxpayers or their employers’ payroll systems could be using incorrect numbers, potentially affecting tax burdens, the tax prep giant said.
“It’s always important to do a review, but this year it is essential,” said Mark Steber, chief tax officer of Jackson Hewitt.
The survey was conducted online the week before tax day and involved responses from 1,229 American adults.
Tied to the findings are two free promotions from Hewitt this summer: the Tax Reform Preview Taxpayers to help taxpayers know the necessary changes to make to maximize returns in 2019; and the Refund Recheck, under which taxpayers who used a different preparer or software can bring their most recent return to a Hewitt store for a check to see if the filer missed credits or deductions.
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