What PENALTY FOR UNDERPAYMENT OF ESTIMATED TAX means: A taxpayer generally will be subject to this penalty if the tax is $1,000 or more and the taxpayer did not prepay on a timely basis at least the smaller of (1) 90% of the current year tax, or (2) 100% of the prior year tax (110% if the prior year AGI was over $150,000 ($75,000 if married and filing a separate return)).
- Definition Personal Expenses:
- Dictionary individual other than those for business or investment purposes. Personal expenses are not deductible unless specifically allowed under the tax law. Two examples of deductible personal expenses are penalty for underpayment of estimated tax.
- Definition Proprietorship:
- Dictionary An unincorporated business owned by one person. The business owner may have employees working for him or her penalty for underpayment of estimated tax.
- Definition Principal Payments:
- Dictionary The portion of a loan payment that reduces the outstanding balance of the loan penalty for underpayment of estimated tax.
- Definition Personal-Use Property:
- Dictionary Property that is not used for business or investment purposes penalty for underpayment of estimated tax.
How works Penalty for Underpayment of meaning in Tah definition P .