Many people ask Why do I owe taxes this year and not last year? We answer the question of why do I owe taxes in this video. This is a discussion identifying the primary causes of why do I owe federal taxes this year.
Why do I owe on my tax return is a frequently asked question that we get asked by our clients. It's because your withholdings have changed or because your spouse's withholdings have changed. It could be that you have capital gains or any other forms of income where you didn't withhold any tax. In those situations, your tax balance will increase or your tax refund will decrease where you have taxable income and no taxes withheld in that situation.
It could also be due to you being a sole proprietor or and independent contractor or a business owner. Therefore, yes, there is some overlap with sole proprietorship taxes and taxes for business owners or business taxes. This video is less about how to lower your taxes and is more about identifying the reasons of why your tax refund decreased.
If you have a tax balance due, please adjust your W4 tax form settings. And yes, the taxes 2020 have brought upon us many tax changes. The 2020 tax changes have brought a different method of selecting our withholdings from our W-4 tax form. This can have a severe impact on our tax return results in 2020 for when we do our taxes in 2021 as well.
So please see our other video about tax changes 2020 as well!
Please check out our other videos about how to lower my taxes and see our live streams, which are extremely helpful if you are filing taxes yourself on Turbotax or TaxAct or H&R Block.
We hope you enjoyed these tax tips and tax advice and it helps you in knowing how to get a bigger refund, a big refund, or at least not owing taxes in the year to come!
Thank you again and please check out our other individual income tax return videos about 1040 tax preparation.
ClearValue Tax and affiliates and related parties do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
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