This year I wasn't diligent on making mid year checks and adjustments, so ended up owing the feds and and getting refund from the state. Overall ended up owing $1500.
I usually wait until after bonuses are paid to do my check on actual vs estimated taxes to adjust and stay under +/- $1k overall.
For some reason I can't manage to get my state taxes to work out in a way that results in less than a few hundred dollar refund. The upside is that makes it super low risk to push federal right to zero. Even if I end up owing a few bucks, I know I'm still getting a refund overall. And I feel much less bad about giving the state a free loan because that money is way more likely to actually benefit me. Over the past two years I averaged about an $8 federal refund (owed $30 something last year, got $51 this year).
In reply to Pete. (l33t FS) :
Exactly my point. There is no education on finances, tax or credit management for people unless they are in accounting. This stuff should be taught in high school.
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