Only 44% of Americans Are Equipped to Pay a Tax Bill With Savings
Each year, the majority of people who file a tax return wind up with a refund on their hands. Sometimes, that refund is sizable. Otherwise, it's a smaller but appreciated sum.
But what if you're in the minority of filers who aren't entitled to a refund? If you never adjusted your tax withholding following the major 2018 tax code overhaul, then that could be the situation you're in this year. Part of that overhaul involved adjusting withholding tables so workers could access more of their earnings up front, in their paychecks. Some workers, however, got their hands on too much extra money, and if your paycheck went up a whole lot, you could wind up with an underpayment on your hands for 2019. As such, you may find that you owe the IRS money this April when you file your taxes.
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Source Fool.com
