Re: Seriously, my last tax post (Re: Estimated tax payments)
If I recall correctly, the penalty is not on everything you owe this year, it's on what you should have paid in estimated taxes. You are only expected to pay estimated taxes based on the previous year's tax liability. Therefore, if you owe 10k this year, but you only owed 3k last year, you only have to pay the penalty on that 3k, and you can pay the rest without penalty. That is, if I recall correctly.
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