Double-check to make sure that you did not miss any credits that you are entitled to.
There are a variety of reasons why you may owe taxes this year, including receiving unemployment income or taking on an additional job. If a dependent turned 18, it could lower your Child Tax Credit to $500 instead of $2,000 or $3000.
Some of the most common reasons for owing taxes include:
- Additional income without increasing withholdings
- Fewer deductions
- Fewer credits
- Change in filing status
For more detailed information, please refer to this help article Why do I owe taxes?
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