5 Tax Mistakes to Avoid in 2020
Ask pretty much anyone who's on the hook for taxes, and he or she will tell you that paying the IRS is a drag. But if you're not careful this year, you may find that taxes are even more of a burden than you'd expect them to be. Here are a few tax mistakes that could come back to haunt you in 2020.
One important facet of the 2018 tax code overhaul was lowering most individual tax brackets to put more money into workers' paychecks during the year. In conjunction with that change, the IRS issued new withholding tables that told employers how much tax to hold back from workers' earnings. Many workers have since seen their weekly, biweekly, or monthly paychecks go up. But those who haven't adjusted their withholding could be in for an unpleasant surprise during tax season -- owing money to the IRS for having too little tax taken out during the year.
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Source Fool.com
