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If you have income that is subject to tax withholding, such as W2 wages or retirement income, you can ask that the amount of withholding be increased.
You can also make estimated tax payments towards your tax liability so that you don't owe at the end of the year. Here is a great TurboTax article about estimated taxes.
Good afternoon, BLGNERO. Thank you for joining us!
You asked, how can I avoid owing taxes this year.
The best way to avoid owing at tax time, is to make sure you understand that taxes are a pay-as-you-go system. This means that you need to pay most of your tax during the year, as you receive income, rather than paying at the end of the year.
There are two ways to pay tax:
This will help you avoid a surprise tax bill when you file your return.
In addition, to making sure you are paying enough in you may want to consider
For more tips and ideas on how to lower your tax bill, please checkout the following:
Hopefully. that helps!
Terri Lynn, EA
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