{"id":15750,"date":"2018-08-29T12:27:12","date_gmt":"2018-08-29T16:27:12","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=15750"},"modified":"2023-05-30T11:21:19","modified_gmt":"2023-05-30T16:21:19","slug":"more-taxpayers-will-owe-the-irs-next-year","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/more-taxpayers-will-owe-the-irs-next-year\/","title":{"rendered":"More Taxpayers Will Owe the IRS Next Year"},"content":{"rendered":"\r\n<p class=\"wp-block-paragraph\">Get your checkbook ready, there\u2019s a good chance you\u2019ll owe the <a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html\/#irs\" target=\"_blank\" rel=\"noopener noreferrer\">IRS<\/a> in April.\u00a0 A new report by the <a href=\"https:\/\/www.gao.gov\/\" target=\"_blank\" rel=\"noopener noreferrer\">Government Accountability Office<\/a> revealed that many employers are withholding too little under the new tax law.\u00a0 So, while you\u2019re enjoying a fatter paycheck now, you may be in for a nasty surprise come tax time.\u00a0 It\u2019s estimated that more than 30 million taxpayers will be affected.\u00a0 Here\u2019s how the IRS suggests you take action to minimize the blow.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-do-a-paycheck-checkup\"><strong>Do a \u201cpaycheck checkup\u201d<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Before you start panicking, use the <a href=\"https:\/\/www.irs.gov\/individuals\/irs-withholding-calculator\" target=\"_blank\" rel=\"noopener noreferrer\">IRS Withholding Calculator<\/a> to see where you stand.\u00a0 The process only takes a few minutes and mostly focuses on your income, tax credits and deductions.\u00a0 Therefore, you&#8217;ll need to have a copy of your most recent pay stub and tax return handy.\u00a0 Once you punch in the numbers from your documents, the tool will reveal your anticipated income tax for 2018.\u00a0 They\u2019ll also state whether you\u2019re on track to have a refund or owe the IRS along with the amount.\u00a0 This is assuming that you don&#8217;t make any changes.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Complete a new Form W-4<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Now that you know you&#8217;re going to owe the IRS, it\u2019s time to make your move.\u00a0 Fortunately, the IRS already has a game plan for you.\u00a0 In your results, you\u2019ll find specific instructions for getting closer to your anticipated tax.\u00a0 To adjust your withholding, simply copy the IRS\u2019s recommendations onto a new Form W-4 and submit it to your employer.\u00a0 Act fast because you want your changes to have enough time to make an impact.\u00a0 When the tax season rolls around, don&#8217;t forget that the fastest and easiest way to prepare your return is with <a href=\"https:\/\/www.ezTaxReturn.com\" target=\"_blank\" rel=\"noopener noreferrer\">ezTaxReturn.com<\/a>.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Get your checkbook ready, there\u2019s a good chance you\u2019ll owe the IRS in April.\u00a0 A new report by the Government Accountability Office revealed that many employers are withholding too little under the new tax law.\u00a0 So, while you\u2019re enjoying a fatter paycheck now, you may be in for a nasty surprise come tax time.\u00a0 It\u2019s [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":15755,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"<!-- wp:paragraph -->\r\n<p>Get your checkbook ready, there\u2019s a good chance you\u2019ll owe the <a href=\"https:\/\/www.eztaxreturn.com\/contact-and-support\/tax-terms.html\/#irs\" target=\"_blank\" rel=\"noopener noreferrer\">IRS<\/a> in April.\u00a0 A new report by the <a href=\"https:\/\/www.gao.gov\/\" target=\"_blank\" rel=\"noopener noreferrer\">Government Accountability Office<\/a> revealed that many employers are withholding too little under the new tax law.\u00a0 So, while you\u2019re enjoying a fatter paycheck now, you may be in for a nasty surprise come tax time.\u00a0 It\u2019s estimated that more than 30 million taxpayers will be affected.\u00a0 Here\u2019s how the IRS suggests you take action to minimize the blow.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:heading -->\r\n<h2 id=\"h-do-a-paycheck-checkup\">Do a \u201cpaycheck checkup\u201d<\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Before you start panicking, use the <a href=\"https:\/\/www.irs.gov\/individuals\/irs-withholding-calculator\" target=\"_blank\" rel=\"noopener noreferrer\">IRS Withholding Calculator<\/a> to see where you stand.\u00a0 The process only takes a few minutes and mostly focuses on your income, tax credits and deductions.\u00a0 Therefore, you'll need to have a copy of your most recent pay stub and tax return handy.\u00a0 Once you punch in the numbers from your documents, the tool will reveal your anticipated income tax for 2018.\u00a0 They\u2019ll also state whether you\u2019re on track to have a refund or balance due along with the amount.\u00a0 This is assuming that you don't make any changes.<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:heading -->\r\n<h2><strong>Complete a new Form W-4<\/strong><\/h2>\r\n<!-- \/wp:heading -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>Now that you see what\u2019s heading your way, it\u2019s time to make your move.\u00a0 Fortunately, the IRS already has a game plan for you.\u00a0 In your results, you\u2019ll find specific instructions for getting closer to your anticipated tax.\u00a0 Depending on how much you owe, this may mean claiming 0 allowances plus paying a little extra for the rest of the year.\u00a0 To adjust your withholding, simply copy the IRS\u2019s recommendations onto a new Form W-4 and submit it to your employer.\u00a0 Act fast because you want your changes to have enough time to make an impact.\u00a0 When the tax season rolls around, don't forget that the fastest and easiest way to prepare your return is with <a href=\"https:\/\/www.ezTaxReturn.com\" target=\"_blank\" rel=\"noopener noreferrer\">ezTaxReturn.com<\/a>.<\/p>\r\n<!-- \/wp:paragraph -->","_et_gb_content_width":"","footnotes":""},"categories":[15],"tags":[],"class_list":["post-15750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-tips-and-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.13 (Yoast SEO v20.13) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>More Taxpayers Will Owe the IRS Next Year<\/title>\n<meta name=\"description\" content=\"Get your checkbook ready, there\u2019s a good chance you\u2019ll owe the IRS in April. 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