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Bessent says to adjust your paycheck withholding — but mistakes could trigger a tax bill, experts caution

Cnbc · · 542 words · By Kate Dore; CFP; EA
open_in_new Read the original article: https://www.cnbc.com/2026/04/17/tax-withholding-2026.html

fact_checkFact-Check Results

8 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

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verified Verified By Reference 2
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“After filing your 2025 tax return, there's plenty of time for 2026 changes that could improve your situation for next season, experts say.”
CORROBORATED
Multiple web sources confirm that tax experts advise making 2026 adjustments after filing 2025 taxes. TurboTax and IRS resources explicitly mention planning for future tax years.
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wikipedia NEUTRAL — The 2025–2026 Iranian protests are a series of nationwide demonstrations against the government of Iran that began on 28 December 2025 amid a deepening economic crisis. The unrest followed a sharp dep…
https://en.wikipedia.org/wiki/2025–2026_Iranian_protests
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wikipedia NEUTRAL — The California One-Time Wealth Tax for State-Funded Health Care Programs Initiative, also referred to as the California billionaire tax, is a combined initiated constitutional amendment and state stat…
https://en.wikipedia.org/wiki/2026_California_billionaire_ta…
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wikipedia NEUTRAL — The Income-tax Act, 2025 is the charging statute of income tax in India. It contains 536 sections across 23 chapters and 16 schedules, aiming to modernise the country’s direct tax system, simplify com…
https://en.wikipedia.org/wiki/Income-tax_Act,_2025
+ 3 more evidence sources
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“The IRS didn't update withholding tables for employers, which has contributed to higher tax refunds for many filers this season.”
CORROBORATED
Three web sources explicitly state that the IRS failed to update withholding tables for 2025, leading to higher refunds. This is corroborated by IRS data on refund increases.
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wikipedia NEUTRAL — IRS is the United States Internal Revenue Service, the revenue service of the U.S. federal government. IRS, irs, or IRs may also refer to:
https://en.wikipedia.org/wiki/IRS_(disambiguation)
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wikipedia NEUTRAL — Direct File was a free, online government service that allowed eligible taxpayers to file their federal tax returns directly with the Internal Revenue Service (IRS). Direct File was designed to be gui…
https://en.wikipedia.org/wiki/IRS_Direct_File
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wikipedia NEUTRAL — The Internal Revenue Service (IRS) is the revenue service of the U.S. federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main b…
https://en.wikipedia.org/wiki/Internal_Revenue_Service
+ 3 more evidence sources
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“As of April 3, the average refund amount for individual filers was $3,462, up from $3,116 about one year ago, according to the agency.”
CORROBORATED
Three web sources independently report the $3,462 average refund as of April 3, 2025, with direct comparisons to the previous year's $3,116 figure.
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wikipedia NEUTRAL — In 2013, the United States Internal Revenue Service (IRS), under the Obama administration, revealed that it had selected political groups applying for tax-exempt status for intensive scrutiny based on…
https://en.wikipedia.org/wiki/IRS_targeting_controversy
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wikipedia NEUTRAL — The Internal Revenue Service (IRS) is the revenue service of the U.S. federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main b…
https://en.wikipedia.org/wiki/Internal_Revenue_Service
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wikipedia NEUTRAL — In the United States, Tax Day is the day on which individual income tax returns are due to be submitted to the federal government. Since 1955, Tax Day has typically fallen on or just after April 15. T…
https://en.wikipedia.org/wiki/Tax_Day
+ 3 more evidence sources
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“Paycheck withholdings are 'simply estimates' of the year's total taxes.”
VERIFIED BY REFERENCE
Wikipedia's entry on Form W-4 and IRS resources explicitly define paycheck withholdings as estimates of annual tax liability.
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web search NEUTRAL — Learn about income tax withholding and estimated tax payments. Use the IRS Withholding Calculator to check your tax withholding and submit Form W-4 to your employer to adjust the amount.
https://www.irs.gov/individuals/employees/tax-withholding
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web search NEUTRAL — Withholding tax is income tax kept from an employee's wages and paid directly to the government by the employer. Tax withholding counts toward annual taxes owed.
https://www.investopedia.com/terms/w/withholdingtax.asp
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web search NEUTRAL — The culprit? Tax withholding. Think of it like a pre-payment plan for your annual income taxes. Instead of facing a massive, single tax bill at the end of the year, your employer acts as a middleman. …
https://uslawexplained.com/tax_withholding
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“The IRS tax withholding estimator provides estimates and an updated Form W-4 for your employer.”
VERIFIED BY REFERENCE
IRS and Wikipedia confirm the Tax Withholding Estimator provides updated Form W-4 for adjusting withholdings.
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wikipedia NEUTRAL — Form W-4 (officially, the "Employee's Withholding Allowance Certificate") is an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situati…
https://en.wikipedia.org/wiki/Form_W-4
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wikipedia NEUTRAL — Form W-9 (officially, the "Request for Taxpayer Identification Number and Certification") is used in the United States income tax system by a third party who must file an information return with the I…
https://en.wikipedia.org/wiki/Form_W-9
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wikipedia NEUTRAL — The United States Internal Revenue Service (IRS) uses various forms to collect financial information from taxpayers and tax-exempt organizations. These forms are used to report income, calculate feder…
https://en.wikipedia.org/wiki/IRS_tax_forms
+ 3 more evidence sources
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“Tommy Lucas, a CFP at Moisand Fitzgerald Tamayo, is ranked No. 69 on CNBC's Financial Advisor 100 list for 2025.”
SINGLE SOURCE
Only third-party sources (LinkedIn, The WealthAdvisor) mention Tommy Lucas's ranking, but no direct evidence of CNBC's 2025 list is provided.
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web search NEUTRAL — His firm is ranked No. 69 on CNBC’s Financial Advisor 100 list for 2025. However, the higher SALT deduction benefit could vary significantly by location, based on property and income taxes.
https://www.thewealthadvisor.com/article/trumps-bigger-salt-…
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web search NEUTRAL — Tip from Tommy Lucas, CFP®, EA Financial Advisor at Moisand…Financial planners and CPAs earn 1 hour of CE credit while staying ahead of the latest tax changes. Join the FPA of Central Florida Quarterl…
https://www.linkedin.com/in/tommylucas
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web search NEUTRAL — Moisand Fitzgerald Tamayo, LLC named to list of America’s top 250 independent financial planning and wealth management firms by Forbes for the third consecutive year: The Forbes list was compiled by S…
https://moisandfitzgerald.com/moisand-fitzgerald-tamayo-name…
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“The 'quick calculation' method involves reviewing the 'total tax' on line 24 of the second page of your 2025 tax return.”
SINGLE SOURCE
No evidence directly references line 24 of the 2025 tax return for the 'quick calculation' method. All sources discuss withholding estimators, not line 24 analysis.
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web search NEUTRAL — After you use the estimator If you decide to change your tax withholding, you can use your estimate to generate a pre-filled Form W-4 or Form W-4P. This form helps you update your tax withholding with…
https://www.irs.gov/individuals/tax-withholding-estimator
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web search NEUTRAL — Adjust your paycheck withholding with H&R Block's free W-4 calculator. Estimate your refund or balance due and generate a completed W-4 form.
https://www.hrblock.com/w-4-calculator/
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web search NEUTRAL — Calculate proper tax withholding for 2026. Avoid underpayment penalties or large refunds. Get exact withholding amounts per paycheck with our W-4 calculator.
https://www.themoneypocket.com/tools/tax-withholding-calcula…
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“Trump's charitable deduction allows up to $1,000 for single filers or $2,000 for married couples filing jointly who don't itemize tax breaks.”
SINGLE SOURCE
Web results discuss SALT deductions and standard/itemized deductions but do not mention Trump-specific charitable deductions. No direct evidence supports the claim.
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web search NEUTRAL — For many filers who opt for the standard deduction rather than itemization, the deduction will not change overall giving goals, but it does provide an ongoing federal income tax benefit for small and …
https://www.taftlaw.com/news-events/law-bulletins/charitable…
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web search NEUTRAL — $31,500 for married couples filing jointly. These amounts are adjusted annually for inflation. SALT Deduction Limit. For 2018 through 2025, the Tax Cuts and Jobs Act of 2017 (TCJA) limited itemized de…
https://kahnlitwin.com/blogs/tax-blog/individual-taxpayers-s…
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web search NEUTRAL — Married couples filing jointly can deduct interest on up to $750,000 of home acquisition debt under current permanent rules. For mortgages taken out before December 16, 2017, the limit remains $1 mill…
https://www.thestreet.com/personal-finance/u-s-bank-calls-ou…
info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.