why would i owe taxes?

why would i owe taxes?
Well the more allowances you claimed on that form the less tax they will withhold from your paychecks. The less tax that is withheld during the year, the more likely you are to end up paying at tax time. ... In a nutshell, over-withholding means you'll get a refund at tax time. Under-withholding means you'll owe.
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How can I avoid owing taxes?
You can submit a revised W-4 form to your employer whenever you want. Managing how much your employer withholds through your W-4 form will give you a better shot at owing no taxes come April. You also should avoid having too much withheld, of course. That would be giving Uncle Sam an interest-free loan all year. Dec 29, 2020
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What are reasons for owing taxes?
Too little withheld from their pay. You can give yourself a raise just by changing your Form W-4 with your employer. ...
Extra income not subject to withholding. ...
Self -employment tax. ...
Difficulty making quarterly estimated taxes. ...
Changes in your tax return.
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Why do I owe taxes even though I claim 0?
It's because at your job, your dollars were being treated as if you could put 11550 in a 0 % tax bracket, 19050 in a 10% tax bracket, 58350 in a 12% tax bracket, and so on. At your wife's job, she too was considered to have 11550 getting withheld at 0 %, 19050 at 10%, and so on. Jan 16, 2019
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Why do I owe taxes this year and not last year?
Your employer likely decreased the amount of federal income tax they withheld from your paychecks in 2018. You should have seen the withholding changes in your checks around the end of February 2018. So, instead of getting a big refund at the end of the year, you received more money in your paychecks.
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