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Reply to "Huge (for us) tax bill. What went wrong?"
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[quote=Anonymous][quote=Anonymous]It's probably the withholding. A few years ago, they (the IRS, I guess) changed something, and it has been impossible for us to figure out what our withholding should be. You could also pay estimated taxes, which is what our tax guy told us to do. [/quote] Thank you for this intel. I've pretty much had my withholding / W-4 on autopilot in a similar job for many years, and I had a big tax liability for 2020. I adjusted my withholding for 2021 and overshot, so then readjusted for 2022 and had a big liability again (about $4-$5K in each case). In prior years my withholding always got me to within $1K of my actual tax bill.[/quote]
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