What to do when you owe income taxMike Grenby
time), and potential changes to your personal situation, your 2023 return could look different from last year's. Consult a tax advisor to get personalized help, but here are a few reasons you may owe taxes this year when you normally don't—or have a smaller or larger refund or tax ...
The IRS has restrictive guidelines for determining who needs to file, which means even if you don't owe, you may still have to submit a tax return.
The IRS uses a couple of rules to determine if you need to make quarterly estimated tax payments: You expect to owe more than $1,000 after subtracting withholding and tax credits when filing your return, or You expect your withholding and tax credits to be less than: 90% of your estima...
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Any American, no matter their personal political beliefs, will wholeheartedly support the Constitution. Does this mean all Americans have the same opinion of the 2nd Amendment and the Right to Bear Arms? No. Does it mean Americans all have the same opinion on the continuance of slave...
There are a few explicitly stated situations that require you to file a tax return as well: 1. You owe any special taxes, including any of the following (see the instructions for Schedule 2). a. Alternative minimum tax. b. Additional tax on a qualified plan, including an individual retir...
Dividends are regular payments of profit made to investors who own a company's stock. Dividends can be paid in cash or reinvested back into the stock.
You may have earned no income last year, or your income may be so low that you do not owe the Internal Revenue Service any taxes. Nevertheless, whether or not you have to file a tax return is subject to IRS rules, and in some cases you may be required to file even if you owe no...
Some taxpayers may file both exemptions and credits on certain tax returns. Both are generally favorable for the taxpayer, but each has a different mechanism to benefit the filer. Tax exemptions reduce the amount of income on which you owe tax. Instead of having to pay taxes on your gross ...