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Personal Stuff: Penalties On Taxes You’ve Already Paid? Don’t get caught in this trap. Always designate the specific tax liability you are paying, by writing it on the check. Otherwise IRS may, and does, apply an undesignated payment to any tax liability – including those you may not yet be aware of – which could leave you incurring nonpayment penalties on taxes you thought you had already paid. Source: Bottom Line Personal, June 1997 To subscribe newsletter, please click here. |
