As an employee and with the expansion of Medicaid there is not much I can do because the payroll department will just take more from my paycheck for the Medicaid cost increase. They have me over a barrel.
“As an employee and with the expansion of Medicaid there is not much I can do because the payroll department will just take more from my paycheck for the Medicaid cost increase. They have me over a barrel.”
One of the simplest things an employee can do is to increase deductions (especially if you usually get taxes back from the feds and/or state) and put the extra money in your paycheck into an IRA, bonds, gold or a savings account. You will keep the money and depending on the vehicle you choose, will earn far better returns on your money and have some available should you end up owing. And as an added bonus, the gubmint doesn’t get to use your money to give to someone else until the last minute.
Make sure that you compare what you will pay by filing short and long forms. Sometimes you end up better off with one than the other and if your income changes, that could also change.
I am making every effort to reduce my taxes, staying legal, but usinf every available avoidance...tax accountants are sometimes a really good investment (no I am not one and am not shilling for them) and fees (mostly deductible) may save you more than doing them yourself.
Having owned businesses before, I would just look at my profit/loss estimates. Sorry, but I expect a certain amount of profit to maintain a certain standard of living. A few of my employees would be out of work. The ones I suspected voted for Obama would be first on the list. They voted him in they should be the first to experience the benefits of having done so. Of course I would make sure to let them know how under Bush their jobs had never been threatened but under Obama I had no other choice.