Installment Payment Agreement Billing Notice.... this is the long fancy term that NY State uses when you owe taxes and cannot pay in full. I received my first notice today, and it is Bill 1 of 6.
Six whole months of paying Mr. Tax man over $100 per month. It is partly my fault. With the new job in the neighboring state last year, I never double checked to make sure they are taking out sufficient taxes. By the time I figured this out, I was doing my tax returns and it was too late.
The withholdings were changed immediately, so next year I should break even. My philosophy with taxes both Uncle Sam and his bastard state child (aka state income tax) is to break even. At worst I do not mind owing a few dollars. I do not want a big refund at the end of the tax year, not with the rate on these high yield savings account. However, this bill for over $600 was a bit much.
At tax time next year I should break even with the Tax Man.