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BonesCPA, could you please explain why the IRS has underpayment penalties? Shouldn't I be able to forego withholding altogether and just pay the tax due at the end of the tax year? Said another way, why should I be forced to give the government an interest free loan until tax time? I always get a refund and this year it could be quite substantial due to overpayment. I approached my payroll department about decreasing the amount withheld from my pay and I was warned severely about these penalties. What gives?
I thought of messaging you with this question, but I figure that the answer might benefit the group.
Thanks in advance for your input.
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You do not really understand something unless you can explain it to your grandmother.
- Albert Einstein
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