ON THE MONEY: Income tax tips part two

January 12, 2014 by  
Filed under Wind Energy Tips

Continuing with last week’s theme of techniques to save on income taxes, one of the most often misunderstood IRS tax penalties is the underpayment of taxes penalty. The U.S. tax system operates on the principle that you pay your taxes as you generate income during the year.

The usual rule is that taxpayers must pay 90 percent of what they owe during the year by means of tax withholding for W-2 recipients or quarterly estimated tax payments for other income.

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