Introduction
You may receive a tax bill if you owe money to the government. Your employer might have withheld income taxes from your paycheck, and those funds are now available for your use. If your filing status was different from what it should have been, you may get an incorrect tax bill. A new income limit may have put you in a higher bracket on Form 1040, which added to your tax liability.
You may receive a tax bill if you owe money to the government.
If you owe money to the government, you may receive a tax bill. You could owe money if:
- You didn’t file your taxes on time (or at all).
- You didn’t pay enough in taxes.
- Your deductions and credits were too big for your income level and/or taxable income.
Your employer might have withheld income taxes from your paycheck
If your employer withheld income taxes from your paycheck, and those funds are now available for your use. While this is great news, there are some things to keep in mind. For example:
- You might need to pay taxes on the money you received (and file a return). That’s because when an employer withholds federal and state tax from employee checks (for example), they’re required by law to send that money directly back with interest charged at a rate of 3% per year—or more if the amount exceeds $1 million per year—to the IRS by Jan 31st of each year. In addition, employers must file Form W-2c within three weeks after filing Claim for Refund Due Date Under Section 6511(a)(2) Of The Internal Revenue Code With Respect To Certain Tips Received From Employees Who Are Not Required To File Tax Returns Under Section 61 Or 62 That Are Not Included In Their Income Tax Returns Because They Weren’t Paid Directly By Customers Or Vendors . . .
what it should have been, you may get an incorrect tax bill.
If you filed your taxes late, or if you didn’t file at all, the government may still send you a bill.
The IRS will not contact you to collect the money. They won’t even penalize you by adding interest or penalties to your bill. The IRS will simply send it over in the mail once they’ve processed everything properly and verified that your account is in good order and balance.
A new income limit may have put you in a higher bracket on Form 1040
If your tax liability is higher than you expected, it may be because of a change in income. The IRS uses Form 1040, Schedule C and Form 1040A to calculate your taxes. If you have made more money than expected from self-employment or other sources (such as investments or wages), then you may owe more taxes at the end of the year.
If your federal adjusted gross income (AGI) increased as a result of these changes and put you into a higher tax bracket on Form 1040, which added to your liability for 2018 taxes.
You can find out how much you owe in Tax Bill
If you receive a tax bill, it’s important to contact the IRS as soon as possible. You can find out how much you owe by calling your local IRS office or going online through the website at [http://www.irs.gov/].
Conclusion
So, the next time you get a tax bill in the mail, don’t panic. You can contact your local IRS office to find out what’s going on and how much you owe. This will help calm your nerves and be sure that you have everything in order before paying any money to the government.