decelerating but still elevated, and potential changes to your personal situation, your 2024 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 ...
If you find yourself asking, "Why do I owe federal taxes?", when you see your tax bill, this guide is for you. Many employees who have federal taxes withheld receive a tax refund when they file a return. In some cases, you may owe federal taxes even if you had taxes withheld ...
What Is the IRS and What If I Owe Taxes?Heidi Duran
If you don’t owe tax at the end of the year, but had taxes withheld from paychecks or other payments—filing a return may allow you to obtain a tax refund. You may also be eligible for certain refundable tax credits, like the Earned Income Tax Credit (EITC), which could generate...
If you owe back taxes, it’s important to act quickly and set up a plan to repay them. Kimberly LankfordMarch 25, 2025 Is Filing Jointly or Separately Better? Most married couples will come out ahead by filing jointly, but filing separately may be the better choice for some. ...
Why Do I Owe Taxes? Given the intricacies of the IRS, there could be many reasons you owe taxes. The most common reasons are simple. 1. Not Making Changes to Your W-4 The answer may be right in front of you. Can you remember the last time you updated your W-4? Maybe you recei...
Here's how to track where your refund is — and what might be holding it up. Start preparing your taxes with these options Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability. ...
If you gift someone more than the annual gift tax exclusion amount ($18,000 in 2024), the giver must fileForm 709(a gift tax return). However, that still doesn’t mean they owe gift tax. Do I have to pay taxes on a $20,000 gift?
I owe $2,500 on as federal tax return from 2012. Not because I want, but because I lost everything that I had. Byanon127650— On Nov 16, 2010 I found out that I owe about $1200 in taxes! the bleeps didn't even have the decency to call or answer their phones. They just sent...
If you can't pay your taxes IRS tax payment plans Offer in compromise Take out a personal loan Work with a tax relief company Borrow against your home equity Taxes FAQs IRS installment plan If you don't have the cash right away, the IRS hasinstallment plansthat can help. There's no ge...