More than half of U.S. taxpayers know that they pay an inaccurate amount of taxes each year. Most overpay and are happy to receive a refund. But since IRS withholding changed in 2019, nearly three in ten tax-filing Americans claim to have received an unusually large tax bill. Business owners and high-income taxpayers are surprised more often because their tax obligations are more complicated than having most of their taxes deducted from a paycheck each month. Those surprise tax bills often run $15,000 or more.
So what can you do if tax season hits and your calculations far surpass what you can pay? Or your federal tax return is audited,