IRS waives penalty for many who failed to meet their tax liability in 2018

IRS waives penalty for many who failed to meet their tax liability in 2018

Great news if you’re feeling uneasy about whether or not you’ve withheld enough from your 2018 earnings. The IRS has announced that it is waiving the estimated penalty for failing to meet your total liability.

If your tax payments reached at least 85% of your liability in 2018 through withholdings, quarterly estimated tax payments or a combination of both, you’ll be able to avoid being penalized for falling short.

Although most are expected to receive refunds, there will be taxpayers who owe additional tax due to policy changes that occurred in 2018. To avoid mistakes in your future withholdings, make use of the Withholding Calculator, an online tool provided by the IRS.

To learn more about the waiving of the estimated tax penalty, CLICK HERE.