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What Happens If You Spend More Taxes Than You Anticipated?

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curiousmindmagazine.com
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Before the start of tax season, self-employed individuals who run their own companies or work as independent contractors must prepare their income taxes.

The most common question from self-employed taxpayers is regarding how to make expected tax payments. How do you calculate your total profits when the year has just begun?

If you pay the IRS less than you owe because there is a tax penalty for underpayment, you will surely run into issues. But is overpaying taxation also undesirable?

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