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-222 NEW YORK CITY DEPARTMENT OF FINANCE TM Finance 2014 UNDERPAYMENT OF ESTIMATED TAX BY CORPORATIONS ATTACH TO YOUR TAX RETURN For CALENDAR YEAR 2014 or FISCAL YEAR beginning, 2014 and ending Print
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What is underpayment of estimated?
Underpayment of estimated tax occurs when an individual or business taxpayer pays less in estimated taxes throughout the year than the amount required by the IRS.
Who is required to file underpayment of estimated?
Individuals and businesses who expect to owe a certain amount in taxes at the end of the year are required to file and pay estimated taxes to avoid underpayment.
How to fill out underpayment of estimated?
To fill out underpayment of estimated taxes, taxpayers can use Form 2210 provided by the IRS to calculate any underpayment penalties and complete the necessary information.
What is the purpose of underpayment of estimated?
The purpose of underpayment of estimated taxes is to ensure that taxpayers are paying their fair share of taxes throughout the year rather than waiting until the end of the year to pay in full.
What information must be reported on underpayment of estimated?
Taxpayers must report their total income, deductions, credits, and payments made throughout the year on their underpayment of estimated tax forms.
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