April 15 is rolling around again, and according to a recent Wall Street Journal article, more Americans are finding that instead of receiving a refund, they owe taxes to the Internal Revenue Service (IRS). In all, the Journal reports, 18.6 million individual taxpayers were on the hook for $316 billion at the end of 2022. Two big reasons: not enough withholding from paychecks due to a second earner or outside income, for example from investments or a “side hustle,” and increased participation in the gig economy, where workers must estimate their annual income and submit quarterly payments. Bill Davell: […]
-Read MoreWhat to Do If You Owe Taxes: Don’t Panic. Do Act
- William C. Davell
- 3 Apr 2024
- no comments