Paid my taxes today

When I did my income taxes for 2024 I was shocked to learn that I owed quite a bit. So I went into accountant overdrive mode, and looked for every possible deduction I could claim and I was able to cut the amount I owed in half, but it's still a pretty sizable chunk of money. Today is the deadline to pay without incurring interest charges. So I paid it on-line this morning. Now I'm seriously broke until I get paid next on the 9th. At least it's out of the way nowl

Glad you caught it in time @splitimage

In US they make us do quarterly payments which is good in that I am not shocked at tax time or increase withholding.

Hope thing go okay for you.

CANDC

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I think it’s optional to make quarterly payments. You could do it by estimating how much you might owe. We never do . @CANDC

Some times it is helpful to be a broke old fart living off SS and savings. I don't meet the minimum income to have to pay taxes.

@divine1966 as I understand the US tax code on the Federal if you will owe $1000 or more then you need to do quarterly payments unless other exceptions.

States have requirements that differ.

@CANDC
Well yes It’s recommended to pay extra tax quarterly or you might have to pay a fee at the end of the year if you owe a lot (fee is very minimal so one might choose to do that).

Other option to avoid owing at the end of the year is figuring it out with your work place. Do a different tax form at work with different withdrawals (ask one’s accountant or employer what’s the best withdrawal route) .

The best way is to talk to one’s tax accountant or tax attorney or whoever you do your taxes with and discuss best ways to avoid owing taxes.

But feds don’t really “make you” do it quarterly (if you aren’t self employed or business owner) . It’s recommended as one of the methods to avoid fees and high taxes at the end

"I was able to cut the amount I owed in half,"
If you can do that for me, I'll give you 25%. I'm in the 22% tax bracket. My wife and I are retired, but we both work part time. For 25 years I put 12% of my biweekly paycheck into a Thrift Savings Program. Also a 529 College fund. I was very fortunate to be able to do this.
I considered it an investment. So did the government. Now the TSP is an income source which hasn't yet been taxed. My SS is taxed and my pension is taxed. We payed over $30k in taxes last year, and that doesn't include state or county taxes. I do pay quarterly estimated payments. It's an alternative to having more taxes taken out of the income source. If I didn't do that, I would have to pay an annual penalty for depriving the government of its taxes in a timely manner. I don't have a problem paying taxes, until I see how the government spends my tax dollars. My country is surrounded by two big friendly oceans and relatively friendly nations north and south. How do we appreciate that? We arm 750 military bases around the globe so we have the option of bombing anyone anywhere. Northern European nations have high taxes, but provide health care and education to their citizens. I wish I could say my tax contributions provide health care and education. I look at the environmental destruction caused by 10 years of war in Vietnam and think...my taxes paid for that. I wish someone else's taxes had paid for my education. I had to use the GI bill, which is exactly what they wanted.