Why do I owe taxes? | IOOGO

Why do I owe taxes?

If you owe taxes, you have not paid enough taxes throughout the year to cover your tax liability. Check to see if you missed any adjustments or credits and make sure you are taking the best deduction option. To avoid owing taxes next year, you will want to re-evaluate how much you are paying in taxes throughout the year. This may need to be adjusted through your employer through a W-4 or you may need to pay more in estimated taxes if you are self-employed. The IRS has a tax withholding estimator to assist you https://www.irs.gov/individuals/tax-withholding-estimator.