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Why am i paying a penaltyinterest if i am paying my taxes in full on time
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The IRS expects you to pay as you earn during the year. If you don't pay as you earn, you may be subject to an underwithholding penalty and interest. This can occur if you underwithhold from your pay or if there is no withholding form self employment income and you don't pay quarterly estimated taxes.
Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and estimated tax payments, or if they paid at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller.Oct 10, 2016
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