How to find out taxes owed
On behalf of Rebeck & Allen | Sep 30, 2019 | Tax Court
One way that people may try to figure out how much they will owe is to look at the federal and state income tax rates that will apply to them and calculate based on their expected or present income. Smart Asset reminds that the total income tax can range from anywhere from 37% to 10%, depending on the individual.
The problem with this method is that it can be complicated to figure out what numbers to use and if there are any exemptions to keep track of. If someone uses the wrong values or makes a mistake in calculating, he or she can end up anticipating the wrong amount of taxes.
Just ask the IRS
Tax Debt Help points out that the simplest and most straightforward way to find out what taxes are owed is to just call the IRS during their operating hours. While the disadvantage to this is that an inquiry will only yield the current balance owed, the person asking can at least know that the information about the present balance is definitely accurate.