Litchfield Resident Seeks Help
If you wind up owing $1,000 or more in taxes, you may incur an IRS underpayment penalty. For the last tax season, those who paid in at least 80% of their tax bill did not incur the penalty, in the future that number will be 85%. If you wind up a significant amount in taxes, it is important to adjust your tax withholdings for the current year. This may mean having your employer take more out of your paycheck or increasing estimated payments for those that are self-employed.