Dear John, I was told that if I did not have enough taxes taken out of my wages through the year that I would have to pay a penalty – is this true? Alex.
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Hi Alex,
The government wants their money as you earn it so if you owe more that $1000 in taxes at the end of the year, Uncle Sam will consider it a loan to you and require that you pay the interest on that loan as well as a fee. I wonder who learned from who - the Credit Card company or the IRS? In any case, you will need to then estimate your taxes for the next tax year and begin making quarterly payments.
Best Wishes,
John
PS.There are ways to avoid the fees. If you need some help with this please email me and become 1 of my limited 30 clients for this upcoming tax season. Email me: dullc2005@gmail.com
Tuesday, December 22, 2009
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