I can understand why you sprained the middle finger.
You may not have to pay any penalty for underestimating last year's income, assuming you were paying estimates based on the previous year's income. See form 2210, wherein ye diresome penalty and exemptions are calculated. You'd have to pay interest, however.
One more thing: don't assume that the tax dept. calculated your overdue / owed taxes correctly. They dunned my father for a big chunk of money and he proved 'em wrong. In fact, I think they ended up owing him. Go, Dad!
NB: Dad's retired and has plenty of time to mess with the IRS's collective head. He is also deeply crafty and tenacious as a badger. Ordinary mortals may want to get an accountaint.
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timeasmymeasure
no subject
Date: 2009-04-01 01:07 pm (UTC)You may not have to pay any penalty for underestimating last year's income, assuming you were paying estimates based on the previous year's income. See form 2210, wherein ye diresome penalty and exemptions are calculated. You'd have to pay interest, however.
One more thing: don't assume that the tax dept. calculated your overdue / owed taxes correctly. They dunned my father for a big chunk of money and he proved 'em wrong. In fact, I think they ended up owing him. Go, Dad!
NB: Dad's retired and has plenty of time to mess with the IRS's collective head. He is also deeply crafty and tenacious as a badger. Ordinary mortals may want to get an accountaint.