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Talking Taxes: These are the top reasons taxpayers owed the IRS

Source: standard.net/Tax-Talk/2017/05/16/Talking-Taxes-These-are-the-top-reasons-taxpayers-owed-the-IRS.html - May 16, 2017

This tax season, I came across two frequent situations in which taxpayers owed the IRS. Each of these situations can be avoided if the taxpayers will make changes throughout the year.

Situation No. 1: Taking money from your retirement fund

Taking money from a retirement fund often makes a taxpayer owe when the tax return is filed. If the taxpayer is under the age of 59 1/2, there is a penalty of 10 percent of the amount withdrawn, which is added to the tax liability.

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Category: General Business