Oligarchy.
Knowing they are a special target sure encourages entrepreneurs and personal startups.
“The penalty, calculated quarterly”
It’s NOT quarterly. 3 months, 2 months, 3 months and then 4 months.
I'm probably going to make a quick estimate of my taxes today. I might be behind because I am getting 5% interest on savings rather than the small fraction of a percent I had for years. I'll toss in a January estimated payment if I'll owe too much.
They always target people who work productively and actually earn money, which is then taken and given to those who don’t work but have their hands out all the time ready to take the money that is given to them.
I use HR Block tax software for federal income tax. For year 2022 software computed my underpayment penalty and I sent total tax owed to IRS.
2-3 months later I got a check in mail from Treasury. First thought was it was fake phishing check. But it cashed fine at my bank. Another few weeks later I received a letter from IRS saying I had overpaid the penalty!
I guess HRB tax software has bugs.
That’s nasty if you are self-employed and your annual income can vary a lot. I’ve had years where I sent in way too much and years where I paid a penalty. There’s no win, no bonus, there is only no penalty, pay a penalty, or pay in too much and lose the use of/income from thousands of dollars for months.
And Hunter owes how much???
In tough times, the governemnt raises your taxes. And they hire 60,000 agents to hunt folks down.
IRS penalty for underpaying estimated taxes jumps to 8% of the shortfall from 3%.
If true the Biden syndicate will lose a lot.
Hunter Biden is exempt.
FU IRS!
All kidding aside, I always thought that only Congress, more specifically the House, makes all the decisions regarding taxes. Not the bureaucrats.
Both parties claim to be the party of the working man and woman. Kind of hard to believe that when they take away the ability for folks to deduct property taxes and mortgage interest on your 1040, if you’re taking the standard deduction.
So, I guess only those that have numerous deductions, for various things, and the rich get to use those deductions while the middle/working class folks get screwed…..as usual.
And it’s been reported that the IRS is going to increase audits on the middle class. Praying in those that can’t afford a $1000/hr tax attorney. What the hell do they think they’re going to get? I guess it’s easier to get an additional $500-1000 from someone that can’t defend themselves rather than the millionaire that shows up with a law firm.
https://www.breitbart.com/politics/2023/01/09/irs-audits-working-class-the-rich/
And republicans in congress do nothing. But everyone will keep voting for them
Was there a Congressional vote on this?
Naaaah.