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Talking taxes: Adjusting your withholding

February 8, 2010

Every year I swear I'm going to do some podcasts here on the ol' blog. Then tax season arrives and I get swamped.

Thank goodness for Flexo and Tom. In addition to being podcasters extraordinaire at Consumerism Commentary, this tax season they're recording spots for TurboTax's blog Tax Break.

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So I was jazzed when Flexo and Tom invited me to be part of the program. It's always fun to literally talk taxes. Even better, they edited our conversation so that I sound really cool discussing why and how to adjust your payroll withholding. Thanks guys!

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Comments
  • NO! Do Not change your withholdings! When you pay the state or feds back, it is with penalties and interest!

  • DD, you don’t owe penalties and interest unless you grossly under withhold and owe $1,000 or more or pay any tax due after the April 15 filing deadline. If, however, you adjust the amount taken out of your checks and end up owing the IRS a couple of hundred dollars, that’s all you send in with your April 15 From 1040 filing. No interest or penalties is assessed in these cases, which are the most common. Kay

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