💼 What are the consequences of not paying estimated taxes or underpaying taxes?

If you do not pay enough taxes throughout the year, either through withholding or estimated taxes, you may have to pay a penalty for underpayment of estimated tax. The amount of penalty or interest is typically calculated on half a percentage of the amount you owe for each month you are late, up to a maximum of 25%.

To avoid this penalty, use the Safe Harbor method!

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