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2006 was a year of "firsts" for me in a number of ways. Many of those ways complicated my tax situation more than I thought. So I think I overestimated the amount of deductions I'd be able to take and thus didn't pay as much taxes as I should have over the course of the year. I thought I'd be even - so I wouldnt have much taxes due or much of a tax refund. Boy, looks like I was wrong.

I think I'll be going to an accountant, but it looks like I'll due for another ~$2400 in federal taxes. :(

I suppose, on the one hand, this is good in that I didn't "loan" money to the government.

But now I say byebye to all the toys I thought I had coming.... (plus my bank account is going to take a little hit too).

Anyone else rush to check out their tax situations?
 

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After I had to pay more then what you had to. I decided that after that I would rather 'loan' the government my money.

What is bad is my property taxes got raised 19%. And I don't think I loaned Uncle Sam enough money this year..
 

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You might also owe penalties in addition to your tax liability for failure to have sufficient funds deducted regularly from your paycheck. I generally try to keep my payroll withholdings right at the break even point so I neither owe money nor receive a refund. However, sometimes your income situation changes and you can't maneuver quickly enough to minimize the tax implications.
 

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You might also owe penalties in addition to your tax liability for failure to have sufficient funds deducted regularly from your paycheck. I generally try to keep my payroll withholdings right at the break even point so I neither owe money nor receive a refund. However, sometimes your income situation changes and you can't maneuver quickly enough to minimize the tax implications.
If the penalties are less than about 10% of the money you owe, you're better off keeping it. I know people who underwithhold the tune of 10k+ per year, with the idea that that's just another $1k in their pocket instead of the Government's pocket.
 

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I get several $k back every year. I dont mind "giving the government a loan" as long as I dont have to pay come tax time.
 
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