IRS Increasing Estimated Tax Penalties: What Federal Employees and Retirees Need to Know

IRS Increasing Estimated Tax Penalties: What Federal Employees and Retirees Need to Know

Over the past year, the IRS has significantly increased penalties on underpayment of both estimated tax payments and federal income withholding from salary and retirement income. Individuals who are required to make quarterly estimated payments (due dates each year are April 15, June 15, September 15 and the following January 15) include those individuals with large amounts of investment income such as interest, dividends and capital gains that is not subject to federal income tax withholding. Follow link to read full article. https://bit.ly/3Sp2vx5