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View Diary: Ryan's latest whopper: Oops, I 'overlooked' 20% of my income (Updated) (301 comments)

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  •  No it doesn't (0+ / 0-)

    You pay interest on the amount of underpayment based upon an IRS schedule.

    If you are a business and file quarterly and underestimate your taxes for the quarter and end up owing more then you paid then whether you have to pay a penalty depends on how far off your estimate was from the amount of taxes paid the previous year.

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