Why Do I Owe Federal Taxes This Year 2023? - CountyOffice.org

Why Do I Owe Federal Taxes This Year 2023? Understanding your federal tax liability is essential for effective financial planning. In this informative video, we will break down the factors that contribute to your tax situation this year. We will discuss how your total income, including wages, bonuses, and investment earnings, plays a role in determining what you owe. Additionally, we will cover the importance of deductions and credits and how changes in your financial situation can affect your tax bill.

We will also explain the concept of tax withholding and how filling out your W-4 form impacts your paycheck. For those with additional income from side jobs or freelance work, we will highlight the importance of making estimated tax payments to avoid surprises at tax time. Furthermore, we will touch on the Alternative Minimum Tax (AMT) and how it may apply to your situation.

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