{"id":9534,"date":"2020-11-25T12:02:42","date_gmt":"2020-11-25T17:02:42","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=9534"},"modified":"2023-06-04T15:19:26","modified_gmt":"2023-06-04T20:19:26","slug":"want-to-avoid-a-tax-time-surprise-review-your-taxes-today","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/want-to-avoid-a-tax-time-surprise-review-your-taxes-today\/","title":{"rendered":"Want to Avoid a Tax-Time Surprise? Review Your Taxes Today"},"content":{"rendered":"<p>As we get older, many things in our lives begin to change.\u00a0 Some of us get married, have babies or even decide to pursue a different career.\u00a0 When these events occur, taxes are probably the last thing on your mind.\u00a0 However, if your life looks even a little different than it did last year, it&#8217;s a good idea to review your taxes.\u00a0 By examining a few key areas, you\u2019ll be able to avoid an unpleasant tax-time surprise.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Review your tax withholding<\/strong><\/h2>\n<p>Believe it or not, some people don\u2019t like getting a refund at tax time.\u00a0 Why?\u00a0 Because not only did they give Uncle Sam a tax-free loan, they missed out on the opportunity to bring home a bigger paycheck throughout the year.\u00a0On the other hand, more withholding and less take home pay is the same as enforced savings&#8230;and you can decide what to do with that savings when you get your refund!\u00a0 Whatever your preference, use a withholding calculator to see if you\u2019re on the right track.\u00a0 If changes need to be made, complete and submit a new <a href=\"https:\/\/www.eztaxreturn.com\/scriptsez\/start.exe\/eztax\/contact-and-support\/tax-terms.html#w\" target=\"_blank\" rel=\"noopener noreferrer\">Form W-4, Employee\u2019s Withholding Allowance<\/a> Certificate to your employer.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Pay your estimated taxes<\/strong><\/h2>\n<p>One way or another <a href=\"https:\/\/en.wikipedia.org\/wiki\/Uncle_Sam\" target=\"_blank\" rel=\"noopener noreferrer\">Uncle Sam<\/a> is going to get his fair share.\u00a0 In most cases, having taxes withheld from your paycheck will suffice.\u00a0 However, if you are self-employed and expect to have a tax bill of at least $1,000, you&#8217;ll need to make estimated tax payments.\u00a0 For tax year 2020, these payments are due on July 15th, September 15th and January 15th (next year).<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Update the Marketplace<\/strong><\/h2>\n<p>Are you receiving coverage through the Health Insurance Marketplace?\u00a0 If so, chances are you chose to receive advance payments of the premium tax credit to lower your monthly premiums.\u00a0 In order to receive the appropriate amount of financial assistance, you\u2019re required to inform the Marketplace any time you experience a life change.\u00a0 Changes that must be reported include getting married, moving or losing your job.\u00a0 Failing to keep the Marketplace up to date has repercussions.\u00a0 If you receive more assistance than your income allows, you&#8217;ll either get a smaller refund or have a balance due at tax time.\u00a0 <a href=\"https:\/\/eztaxreturn.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">ezTaxReturn<\/a> supports the premium tax credit and can easily calculate your refund or balance due when you file with us.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"text-align: center;\">File your taxes fast and ez in 30 minutes or less.<\/h2>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As we get older, many things in our lives begin to change.\u00a0 Some of us get married, have babies or even decide to pursue a different career.\u00a0 When these events occur, taxes are probably the last thing on your mind.\u00a0 However, if your life looks even a little different than it did last year, it&#8217;s [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":9683,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[15],"tags":[],"class_list":["post-9534","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>Want to Avoid a Tax-Time Surprise? 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