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Fail to withhold enough tax money in 2018? Those who didn’t won’t be happy

taxesAccording to an article published by CNBC, those who filed taxes earlier than most have already taken to social media to complain about either owing more taxes than expected or receiving a much smaller refund than anticipated.

These nasty little surprises are a direct result of the 2018 Tax Cuts & Jobs Act, which led to an adjustment to the IRS and Treasury’s tax withholding tables. These adjustments, in turn, affect the amount of income taxes that are withheld.

However, according to the CNBC article, these early filers won’t be the only unhappy ones this tax season; 21 percent of United States taxpayers (or roughly 30 million people) will either owe more than they did the previous tax season or receive a lot less than expected.

This information comes from a report (PDF view) provided to Congress by a legislative agency called the “Government Accountability Office.”

Trump Voters Turning Against the MAGA Leader

As American’s are beginning to find out that they’re losing money or even owing taxes to the IRS – after believing it would be the other way around – Democrats and Republicans are going head-to-head over Trump’s tax returns.

Rep. Bill Pascrell (D-N.J.) told Politico, “Every president should release his or her returns to the public as a matter of course.”

“And when we have cause for concern over conflicts or tax violations we have every reason to use the authority given to this committee,” he said. “The law is on our side.”

Those who learned of this nasty surprise have already taken to social media sites like Twitter and voiced their dismay. On person Tweeted, “I just did my taxes and paid in /made the same as last year. I owe 4K more .. wtf.. I voted for Trump. But will not be next election.”

Since one of Trump’s primary campaign promises was to lower the working person’s taxes, of course, people are upset. On top of it all, the 2018 Tax Cuts & Jobs Act gave some serious tax breaks to some of the nation’s largest corporations.

What to Do If You Find Out You Owe Unexpected Taxes

If you find that you owe the state or United States government taxes, the first thing you should remember is to never go at it alone. You should contact a Georgia tax debt resolution expert as soon as you can since they’re trained to know how to handle such legal issues. Secondly, it’s vital that you take care of tax debts in a timely manner.

Do You Need To Call the IRS?

In most cases, you won’t need to call the IRS. However, if you find that your tax situation is more complex than the average person, then you might need to talk to an agent. If you feel overwhelmed with the idea of making the call yourself, you may authorize a licensed tax professional to call on your behalf.

For those who want to make the call themselves, you should know now that the IRS will not answer any type of legal questions.

Furthermore, IRS agents will not send you any forms, advise you of your refund status, notably if you filed within the last 21 days, or give you a transcript. And at the top of the list, it’s a waste of time to complain to an IRS agent about tax regulations or high taxes.

And according to the Tax Defense Partners based in California, here are a few tips for calling the IRS.

  • Settle in and be prepared to wait to talk to an agent, as the average waiting time can be around 27 minutes during peak times.
  • For a shorter wait time, try calling first thing in the morning.
  • Have all your information ready when you call. This includes:
    • Your name
    • Your date of birth
    • Your Social Security Number
    • Your filing status
    • Any tax notices you may have received from the IRS
    • Any relevant tax documents (like a W-2 or 1099)
    • Your last tax return
    • Have all your questions for the IRS ready (it’s a good idea to write your questions down before calling).

Lastly, don’t be rude to the agent when you call. They’re not to blame for any tax-related issues. They’re only working a job just like anyone else. Plus, they have to deal with rude people all day. If you call with a polite demeanor, you will get a lot farther in the end than if you have an attitude.

augusta free press
augusta free press