Taxes in the Fall -- Part 7.
The fall is also the correct time of the year to evaluate tax payments.
If you pay too little, you could be assessed a penalty.
You are required to pay the lesser of 90% of your current year's or 100% of last year's U.S. Income Tax either in the form of withholdings or estimated tax payments to avoid being penalized.
If your income was high (over $150,000), the threshold is increased to 110% of last year's tax for the above comparison.
These penalties can be avoided by making certain you meet these criteria.
Don't forget to look at this calculation before the end of the year.
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