If you anticipate owing taxes in 2010, you can eliminate IRS penalties by having the amount of tax that you owe taken out of your next several paychecks. The IRS counts the money as though it were evenly paid in during the year. This way, even if you forgot (or avoided) Q1 or Q2 estimated tax payments, you can still keep the tax man happy without having to give him ALL of your December check. Talk to your HR department on how to change the amount of tax withheld in your check.
Be Prosperous!
Peggy
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