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Well, I'm being totally and completely nailed on my state income taxes this year because of changes in the law this year from last. I inherited some stuff from my mom's estate and some of it was liquidated this year, some of it last year. Last year, for the state, I didn't have to pay income tax on it. This year, I do. I didn't know the tax laws had changed until I did a rough estimate of my taxes a couple weeks ago using Tax Cut. I totally would have had state taxes withheld at the time if I'd known the law was going to change. At the time that I liquidated it, the law hadn't been changed yet. Sure, it stinks having to suddenly come up with $3500 in the next 3 months, but I wouldn't evade taxes by not reporting it. I'm going to owe the state additional penalties for not having more withheld through out the year too, even though I'll be paying it all on time by April 15th. They will bill me for that later. I do wish I'd known about the changes so I could have planned better, but I won't cheat on my taxes. In fact, my ex-husband (an accountant!) tried to lie about some of charitable deductions when we were married and I refused to sign it until he made it right. I'm not taking any chances. I deduct my mortgage interest and charitable deductions as allowed. I don't consider those "loopholes". I did know that Federal was going tax me on everything that was liquidated and planned for that and am even getting a refund from them. It will help pay off the state... It is a little shocking when you realize that you paid more in taxes in one year than your usual taxable income for a typical year!
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