![]() ![]() Claiming dependents and other credits: If you have any children or other dependents who qualify for the child tax credit (more details on this credit below) or other tax credits for dependents.Multiple jobs or working spouses: If you (or your spouse if you’re married filing jointly) have more than one job.Your filing status: Single, head of household, married filing jointly, married filing separately or qualified widow(er).To help your employer get a more accurate idea of just how much to withhold each paycheck, you report the following on the W-4: 1 You almost certainly filled out a W-4, which is a tax form that determines how much money your employer will withhold from your paycheck for taxes. If you got a new job this year, your employer probably had you fill out a bunch of paperwork in between handshakes and bathroom breaks. Here are seven reasons why you might owe taxes. That usually means you didn’t have enough money withheld from your paycheck to cover taxes.īut figuring out exactly why you ended up owing Uncle Sam money is a little more complicated. But at the end of the day, a tax bill boils down to simple math: You owe more taxes than you paid throughout the year. If you’re used to getting a refund, having to cut a check to the IRS can really throw you for a loop. And good news: We’ll show you how you can avoid having that sinking feeling ever again. Well, let’s take a look at some common reasons why you might owe so much in taxes. Your heart sinks, and the first question that pops into your head is: Why do I owe taxes this year? ![]() It’s right up there with seeing blue lights flashing in your rearview mirror or hearing your dentist say, “You need a root canal.” Getting to the end of your taxes and realizing you owe lots of money to the IRS is one of the worst feelings in the world. ![]()
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