witholding taxes

[Dina_Mo]

what do i need to do so i won't owe federal taxes?

[dburns1]

To prevent from owing taxes at the end of the year, it is crucial that  you pay your taxes through out  the year as you earn income. This prevents any underpayment penalties. If you are an employee you should fill out Form W-4 and report all your wages from work. Step 2 of Form W-4 has a wage estimator derived from the IRS website that can be used to calculate any income tax you might be liable for. 

If you are not an employee and not subject to any withholdings you can make estimated tax payments. Use Form 1040ES  and its accompanying worksheet to calculate your estimated tax liability and determine your quarterly payments. Pay your quarterly payments timely to avoid any penalties.

By taking these steps you can proactively mange your tax obligations and minimize the chances of owing at year end. 

[dburns1]

Here is a link to the IRS estimator:https://www.irs.gov/individuals/tax-withholding-estimator. It is a very good tool to estimate how much your tax liability might be.