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Reply to "If you make 300K or more do you always end up writing 15-20k+ check to the IRS?"
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[quote=Anonymous][quote=Anonymous]No, of course not. We lowered our exemptions to zero and have extra withheld. It's called planning.[/quote] Same here: no exemptions and extra withholding each month. It's painful to do this but we don't end up owing money at the end of the year. We recalculate every year based on what we think our income will be and then check again in the fall to make sure that nothing has changed. If you owe 15-20k+ aren't you getting hit by penalties for under-withholding? [/quote]
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