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Latest IRS Move Could Carry Hefty Cost For Some Us Taxpayers

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This article was originally published at StateOfUnion.org. Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

The IRS is increasing the interest penalty for underpaid taxes to 8% from 3% two years ago, impacting self-employed workers and independent contractors.

Taxpayers can avoid the penalty if the balance due is under $1,000 and are required to make estimated tax payments at least once each quarter if they don’t have at least 90% of their taxes withheld.

Most W-2 employees won’t be affected. (Trending: Tucker Reveals The Moment He Became A Full-Blown Trump Supporter)

Joseph Doerrer, a CPA and financial planner said, “It’s a cautionary tale for individuals to think about as we get toward year-end.”

“Are you where you should be?”, asked Doerrer.

Sameet Durg, a marketing executive said, “Now I pay attention to taxes all year around,” after racking up a yearly tax bill in the thousands.

“I don’t want the giant hit in April,” declared Durg.

Taxpayers can use the IRS tax-withholding estimator tool to avoid underpayment penalties.

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