Comments on: Tax Filing Time, I’m Going To Owe

By: RS

RS — Fri, 27 Jan 2006 17:44:21 +0000

It always amazes me how many people would rather get money back than owe it for taxes. There are even tax software commercials that make it sound bad to owe.

I will say that I usually end up owing too much though…last year it was something around $5000 for both. I would probably like to owe a little less than that.

By: FMF

FMF — Thu, 26 Jan 2006 16:02:52 +0000

Congratulations! It’s better to owe (due to more income) than the alternative. ;-)

By: Dus10

Dus10 — Thu, 26 Jan 2006 15:21:14 +0000

The state return does add a big chunk. Here in Indiana, we have free online tax return filing and preparation for state. So, I just use TurboTax Online for my federal stuff, and then the state’s stuff for that. It has all the features you could ask for, including direct deposit.

By: Poe

Poe — Thu, 26 Jan 2006 09:32:20 +0000

I, too, withheld too low and made abit more than expected from a side job (1099) this past year. I hope I won’t owe too much.

By: Caitlin

Caitlin — Thu, 26 Jan 2006 06:30:22 +0000

I did some shopping around myself and was surprised at how *much* more expensive TurboTax and Taxcut online solutions were once you added a state return into the mix. I ultimately found something for $9.95 for both, including e-filing both if I file before 2/15 so i'm giving that one a try

By: jim

jim — Thu, 26 Jan 2006 05:32:04 +0000

The downside of having not given the government a tax free loan is that now you’ll need to pay estimated quarterly taxes. You can get away with owing money on that revenue if you had a surplus a year before (a lot of people have withholding increased a little at their day job) but since you owe, you’ll have to calculate those payments.

By: Will Kirby

Will Kirby — Thu, 26 Jan 2006 05:19:50 +0000

You made the right decision by keeping your witholding low. I know so many people love the thought of a giant refund check but they’re missing the point completely – we want our money to work FOR us!

Best of luck with your taxes, thankfully i’m still in 1040EZ land!