Will you be able to afford your taxes in April?

Allie_Oops

Will you be able to afford your taxes in April?

Just curious to see how many people are worried about tax season since the law changed, and the majority of employers didn't follow it correctly. I won't be hit nearly as hard as a single person, but a lot of married middle class people with kids are owing thousands of dollars this year. I've never owed ever in my life until this year, and that seems to be the trend. People on Facebook and Twitter are using the hashtag #TaxScam to vent their frustration. This is effecting those who itemized the most (which, thankfully, I've never done since my accountant mother advised me to not do so because it would've lowered my refund in previous years). It's estimated 30 million taxpayers will owe this year and, therefore, will not receive a refund.

The thing is that, apparently, if you do the math, everyone did actually pay less in taxes. The problem was the law muddled how taxpayers are supposed to withhold their money, and a lot of companies did not follow the law correctly. That, and most taxpayers didn't bother to look at their paycheck to see if their withholdings were more or less than previous years. But most Americans do not have the income to pay back the taxes in one lump sum or if they do, it'll be a huge hit to their savings.

Long story short: Even if you changed nothing, most people are going to end up owing the government this year instead of getting a refund. Those most likely to be safe are those who worked under a new employer for the first time last year. But if you haven't changed any of your tax information since you were hired then it sucks to be you.
Will you be able to afford your taxes in April?
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