I’ve gotten notices for both not paying enough and for paying too much. I don’t look close at the ones that want to give me money, but the one that informed me of a penalty was because I hadn’t done the “Estimated Tax” and I didn’t realize I was required to. And BTW, Estimated Tax is a total rip-off. They make you pay your income tax for the following year, apparently just so they can have the use of the money before they are “entitled” to it…
I’ve gotten notices for both not paying enough and for paying too much. I don’t look close at the ones that want to give me money, but the one that informed me of a penalty was because I hadn’t done the “Estimated Tax” and I didn’t realize I was required to. And BTW, Estimated Tax is a total rip-off. They make you pay your income tax for the following year, apparently just so they can have the use of the money before they are “entitled” to it…