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Originally posted by Sonic dB
Good question and topic.... any other tax tips for 2005? Im going to pay about $60K in taxes this year, even after my deductions. It sucks totally.
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All depends on family situation for exemptions, then of course you have itemized deductions, qualified business deductions, charitable contributions and so and so forth. Is the $60k your AGI or is this what you pay out in taxes throughout the year? I hope you have set up some kind of withholding throughout the year.
http://www.irs.gov/formspubs/article/0,,id=109876,00.html
Major Tax Changes for 2005.