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On August 27, the Internal Revenue Service (IRS) reminded taxpayers to use this end-of-summer opportunity to review their withholdings or tax payments. The IRS recognizes that most taxpayers receive a refund during the filing season. However, some taxpayers unexpectedly end up owing taxes. The individuals who owe taxes are frequently gig economy workers, individuals with a "side hustle" or anyone who earns income but does not pay withholding.
The IRS suggests that taxpayers go to IRS.gov and use the Tax Withholding Estimator to calculate what amounts should be paid during the year. The IRS also offered the following tips:
Finally, the IRS reminds taxpayers to check their withholding if there are five circumstances that apply. These changes are if the taxpayer has a new job or other employment that produces income, has received a substantial bonus or an increase in income, gets married, has a child or adopts a child or purchases a home. With any of these changes, a taxpayer should update their tax withholding.
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