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Over 15 million Taxpayers May Owe Uncle Sam Next Year

By Oscar Brooks     Nov 19, 2009 in Business
Many taxpayers were given a tax credit through the economic stimulus plan. According to the Associated Press, they may owe taxes when they file their federal tax return next year.
The government gave tax credits of $400.00 to individuals and $800.00 to couples. The Treasury Department's inspector general for tax administration said, if you're married and both spouses work, had more than one job or received Social Security benefits, you may owe additional taxes. The IRS issued new withholding tables. Those withholding tables didn't recognize couples that both worked or taxpayers that had more than one job or people receiving Social Security and income from working.
J. Russell George, the treasury inspector general for tax administration said, "While implementing a credit through reduced withholding is an effective way to provide economic stimulus evenly throughout the year, it is difficult to account for everyone's circumstances". It is estimated that more than 10% of filing taxpayers could owe more taxes for 2009. This could be a big surprise to many people. Links to this story are www.dailybulletin.com and www.ap.org.
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