While all your friends are posting on Facebook about what they plan to do with their tax returns, you're scrambling to figure out how you're going to drum up the money you owe in taxes.
Paying taxes can be a bummer, especially if you are short on cash or unprepared. Here's what you can do to plan accordingly for next year.
Make sure you are withholding the correct amount from your W-4
Check your W-4 form or your withholding exemption form to make sure you are withholding the correct amount, according to Paul F. McGee, CPA and professor in the Accounting and Finance Department at Salem State University.
While the form may look like another language, you don't need to worry about reading it too closely, just make sure you are withholding 0 instead of 1 or another number, according to McGee.
"If you owe money this year probably because you withholdings aren't enough, so if you go to 0 should take care of that problem," McGee said. "Even if you are married, there is a box on W-4 that says married, withhold at single rate and make that 0."