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Reply to "Owing Federal tax each year - am I doing something wrong?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Owing money to Uncle Sam come tax time is a good thing. Who wants to give the govt an interest free loan just so they can go waste it. Just make sure you follow the Safe Harbor Rules so you don't pay any under withholding penalties. The easiest Safe Harbor rule to estimate is to pay at least 100% of your prior year tax liability in withholding and estimated taxes (if your previous year AGI was $150K+ then the formula is 110%). By the way, if you owe $5K in taxes, don't pay early. Wait until April 15th and continue to collect interest unless you like giving the govt free money.[/quote] But then she has to pay tax on that interest next year so is the delay actually beneficial?[/quote] You’re kidding right?!? Don’t let the tax tail wag the money making dog.[/quote]
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