In some cases, you may owe federal taxes even if you had taxes withheld throughout the year. Here's what you need to know about tax withholding and how it can impact your tax refund at the end of the year. TABLE OF CONTENTS The IRS has revamped Form W-4. The content regarding ...
Each year, the IRS announces changes to certain tax breaks, like refunds and deductions, and it's possible this year's adjustments could affect you. 1. Marginal tax rate brackets changed Whether your income went north or south—or even stayed the same—the rate at which your income is ta...
Yikes! I Owe the IRS $5,443 by April 15doi:urn:uuid:ac2c86c91167c410VgnVCM100000d7c1a8c0RCRDFreelance income can vary tremendously, and so can taxes due. If you're in the fortunate position of having a growing income, what should you do?Nicole Dieker...
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...
When you buy and sell capital assets, your gains and losses fall into two classes: long-term and short-term. How the IRS treats these two classes is very different in terms of the tax consequences you’ll encounter. Short-term capital gains and losses come from the sale o...
Provides tips on filing tax refunds in the U.S. Importance of filing income tax return on time; Payment plans offered by the U.S. Internal Revenue Service when one cannot pay taxes in full on the deadline set by the agency; Disadvantage of ha...
The Federal Solar Tax Credit (Residential Clean Energy Credit) can reduce the amount of federal income tax you owe by up to 30% of the total cost of your solar panels, balance of system, and installation. The percentage of your tax credit can vary based on numerous factors, such as when...
Can I File Bankruptcy on the Taxes I Owe the IRS?doi:urn:uuid:93c98c8f541f6410VgnVCM100000d7c1a8c0RCRDIf you owe Uncle Sam a lot of money, bankruptcy might help, but before you take that route, consider this option.Judy O'Connor...
What Is the IRS and What If I Owe Taxes?Heidi Duran
Pat Murphy