I decided to do my own taxes this year, instead of hiring an accountant like I did last year. I am (was for 2016) a 1099 contractor. I am looking at my 1040 filed for last year, and I see:
*Line 63 (Total Tax) - $6,458
*Line 78 (Amount Owed) - $6,574
So far, it makes sense to me, as I had a $116 estimated tax penalty. However, in the email that my accountant sent me wrapping up my taxes, he told me that I owed $7,004 federal taxes, which is what I paid to the IRS.
Can anybody shed some light on why my taxes due would be $430 more than the amount shown on Line 78? Did I pay more than necessary last year, or is there something I am overlooking?
Submitted April 01, 2017 at 05:47PM by FoodGoesInPooGoesOut http://ift.tt/2nuZiLG
