Yes. Your self-employment income was not taxed, no deductions claimed, and no dependents were some of the factors that triggered high tax liability. Even if your filing status was married filing joint, your tax withholding may not be enough to cover your tax liability. The following are few ways to lower tax liability and additional tax assessment.
- Contribution to employer qualified retirement plan such as 401K or at any banks.
- Submit a new W4 to change withholding exemption on your federal and State of Georgia.
