Taxpayers who pay too much tax during the year will claim a credit or refund
for the over payment while those who have too little tax, either through
withholding or paid through estimated payments, may owe tax.
Taxpayers should review their tax withholding in 2019 and make any
adjustments with their employer as early in the year as possible. This can help
protect against having too little tax withheld and facing a lower refund or
unexpected tax bill and even a penalty next year.
In addition to lowering the tax rates, other changes in the law that affect
taxpayers and their families include suspending personal exemptions, increasing
the standard deduction, increasing the child tax credit, and limiting or
discontinuing certain deductions.
If it sounds too good to
be true, it probably is! In recent years, thousands of
people have lost millions of dollars and their personal information to tax
scams and fake IRS communication. This page looks at the scams affecting
individuals, businesses, and tax professionals and what do if you if you spot a
REMEMBER: The IRS doesn't initiate
contact with taxpayers by email, text messages or social media channels to
request personal or financial information. In addition, IRS does not
threaten taxpayers with lawsuits, imprisonment or other enforcement
action. Being able to recognize these tell-tale signs of a phishing or
tax scam could save you from becoming a victim.