Sumary of You Owe Money to the IRS? Great!:
- It may have caused increased financial stress due to lower cash flow, and that money could’ve been put to better use like buying groceries, paying down debt, or investing..
- If your spouse started working last year, receiving a similar wage to your own, you probably didn’t update your W-4 to withhold taxes at the higher single taxpayer rate..
- If you refinanced your home to a lower interest rate, paid less in property taxes, gave less to charity, or put less in your tax-deferred retirement accounts like an IRA or 401(k), you’ll have fewer deductions….