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Taking taxes directly from bank accounts

Talking taxes: Adjusting your withholding

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.

podcast_icon 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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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


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

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