Proposed Bill Could Save Taxpayers $100 million
July 5th, 2006 by Sean FlynnA bill recently passed by the Senate Finance Committee could save taxpayers an estimated $100 million a year by raising the threshold at which estimated-tax penalties must be payed. Currently, penalties apply for underwithholding taxes by $1000, but the legislation would raise this limit to $2000. Analysts say this would give hundreds of thousands of taxpayers who file taxes on their own the extra breathing room they need. The bill also includes a provision to expand the ability of people to file taxes online.
July 5th, 2006 at 11:57 am
Sean;
In plain English, this means I can withhold $2000 in taxes from the gov’t?
Or am I missing something - which is probably the case.