Could Owe Money on Tax Return

President Barack Obama’s "Making Work Pay" tax credit is providing many Americans with more money on their paychecks. It started back in April and was able to do so by withholding less of the federal tax.

However, that tax credit may end up costing you more on your tax return.

United Way Financial Stabilization Partnership Coordinator, Amy Davis, says it’s a mistake that wasn’t foreseen.

"Now that it’s coming around the end of the year. Tax season is just around the corner and Christmas. Everyone’s worried about finances and stuff like that. It’s coming to the forefront that this could be an issue with some families, " says Davis.

Those who will be affected include: people who have more than one job, young people who work but are claimed as dependents by their parents, people who receive social security but earn taxed wages, and married couples where both spouses work.

Davis says there may not be much you can do now to change the amount you will owe come tax time.

"There’s not a lot of time left because credit goes through the end of the year, I believe. You can talk with you HR department at work and see if you can change your withholdings. Have them withhold a little but more so you won’t owe so much at tax time, " says Davis.

You can also visit the website irs.gov and utilize its withholding calculator function.