Reported 8 months ago
Americans who pay income taxes quarterly are experiencing a rise in penalties from the IRS for underpaying. These penalties result from the IRS claiming that individuals are not meeting their tax obligations. Yahoo Finance's Kerry Hannon provides strategies to help taxpayers avoid additional fees by making timely payments. Ensuring at least 90% of annual income is paid in quarterly installments can prevent penalties of 8%, up from 3% in 2021, due to the current interest rates. Making regular payments and seeking assistance from tax advisors or tools can help taxpayers manage their tax responsibilities effectively.
Source: YAHOO