Many Americans are gathering their tax documents with the April 15 federal tax filing deadline fast approaching.
Most taxpayers overpay during the year and receive a refund, as roughly 64% of tax returns processed before April 28, 2023, resulted in a tax refund. But even with the best-laid plans, it’s easy to accidentally end up with a tax debt. Miscalculating and underreporting your income, for example, is a common reason many people owe the IRS. Similarly, underestimating self-employment taxes or being unaware of new income tax rules can lead to an unexpected tax liability.
No matter the reason, receiving a tax bill from the IRS can…
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