What is Your Tax Liability?

 

Now that tax season is upon us, it is time to get prepared for all of the things that can come up while you file your taxes. One thing to keep in mind during all of this is what your tax liability is all about. The total tax liability is going to be the combined amount of the taxes that you will owe back to the IRS from your income tax, your self-employment tax, your capital gains taxes, and any interest or penalties that you may have. 


You may also need to pay for some of the taxes you had in the past that are past-due now, ones that you did not pay from previous years. Any time you make income, you will need to work with some kind of tax liability to pay back as well. The exact amount will depend on the full amount of money that you and your spouse made that year and how many deductions you have for the year.

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