C. Fully deductible if reasonable cause can be established for the underpayment. D. Not deductible.正确答案:D 分享到: 答案解析: D is corrent. Even though a corporation’s penalty for underpaying federal estimated taxes is in the nature of interest, it is treated as an addition to tax, and...
Today is tax day. If you fail to file your federal income taxes today, you could be hit with penalties and interest if you still owe money to the IRS.
So, your IRS late filing penalty amount depends on: How late the return is The amount of the unpaid tax due with the return Keep in mind that the 5% penalty per month only applies to failing to file. There is also a penalty for not paying payroll taxes. For more information, check ...
If yields fall, you’re already set as the rate is locked in for the CD term. Pros and cons of a no-penalty CD Advantages of a no-penalty CD Guaranteed rate. The ability to lock in a set interest rate for an extended period of time helps you earn reliable returns. Federal deposi...
Think about the responsibilities involved before agreeing to be an executor. Rachel HartmanSept. 20, 2024 I'm a CFP. Here's What I Think of FIRE FIRE involves making large sacrifices to achieve financial independence at a younger age.
President Bush campaigned on a platform calling for repeal of the federal estate, gift, and generation-skipping transfer taxes, and, within his first month in office, introduced a bill that would accomplish that result. Whether or not these taxes are repealed this year, however, the debate ...
You could end up paying an underpayment penalty if you don't pay enough in estimated taxes, tax withholding, or taxes due. Check to see if you qualify for an exemption or reduced penalty if you're charged a penalty. The best way to avoid underpayment penalties is to be sure that you p...
Withdrawal Penalties for IRA Accounts In the case of IRAs, withdrawals before the age of 59½ are subject to a penalty of 10%. Of course, you'll also have to pay income taxes on the amount withdrawn—from a traditional IRA or 401(k)—since it'll be considered taxable income. The am...
$53,120 for married taxpayers with one qualifying child9 High Earners With Similar Incomes Couples who jointly earn between $731,200 and $1,218,700 for the 2024 tax year ($693,750 and $1,156,300 in 2023) will pay higher taxes if they marry.710The 37% federaltax bracketfor married co...
If you have unpaid federal taxes, theIRS can draw on your IRA to pay the bill. The 10% penalty won’t apply if the IRS levies the money directly.3However, you can’t withdraw the money to pay the taxes to avoid the levy. In this case, the exception wouldn’t apply, and you would...