Janna Herron
with the next due date falling on June 17. The IRS says that taxpayers who are employed can also sidestep the issue by asking their employer to withhold more money from their paychecks, but of course that depends on workers first being aware that they mi...
The penalty is $95, or 1% of income above a certain threshold (roughly $20,000 for a couple). So you could end up owing the IRS a lot of money. Take a married couple with $100,000 in income - their bill comes to $797, according to theTax Policy Center ACA penalty calculator. T...
Do You Owe Money to the IRS?Do You Owe Money to the IRS?The article features the Summertime Tax Tip 2010-2015 entitled "Nine Tips for Taxpayers Who Owe Money to the Internal Revenue Service (IRS)" in the U.S. It mentions the several payment options offered by IRS to assist taxpayers ...
If you have a side gig in addition to your job, you should be withholding taxes from that money too, rather than planning to pay up at the end of the year. The IRS wants you to pay taxes as you earn the money. Fortunately, if you have a W-2 job, you can adjust your withholding...
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If you want to claim your 2018 refund, keep in mind that you should file a return for 2019 and 2020, too. Otherwise, the IRS might hold onto your check until you do. Also, if you owe money for a variety of reasons—student loans, child support, unpaid federal or stat...
The IRS has begun accepting individiual federal income tax returns. For many Americans expecting refunds, that money will go toward necessities like groceries or to pay down outstanding debts. Meanwhile, nearly a quarter of filers who will owe money expect to go into debt to pay their tax bil...
"You have to file the tax return. Whatever you do, file the tax return," he said. But Waters says there are options if you are short on cash. He says if you don’t have the money to pay, you can work with the IRS to opt for a payment plan installment a...
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