Search More:
Please select from the menu above
- Marginal tax rate
- Margin interest
- Marital deduction
- Market discount
- Master limited partnerships (MLP)
- Material participation
- Medicare tax
- Midmonth convention
- Midquarter convention
- Mileage rate
- Mortgage interest
- Moving expenses
- Multiple-support agreement
- Personal interest
- Passive-loss rules
- Personal exemption
- Plug-In Electric Drive Motor Vehicle Credit
- Points
- Preference items
- Premature distribution
- Prizes and awards
- Property taxes
- SIMPLE
- S corporation
- Salary reduction plan
- Sales taxes
- Saver’s credit
- Scholarships and fellowships
- Section 179 deduction
- Self-employed health insurance premiums
- SEP
- Short sale
- Short-term gains and losses
- Social Security Tax
- Social Security Tax, excess withheld
- Spousal IRA
- Standard deduction
- Standard deduction for a dependent
- Standard mileage rate
- Stepped-up basis
- Student loan interest deduction
- Accelerated depreciation
- Acquisition indebtedness
- Active participation
- Additional child tax credit
- Adjusted basis
- Adjusted Gross Income (AGI)
- Adoption credit
- Advocate
- Alimony
- Alternative Minimum Tax (AMT)
- Amended return
- Audit
- Automobile, business use
- Automobile, donating to charity
- Automobile, driving for charity
- Capital gain
- Capital loss
- Capital-loss carryover
- Casualty loss
- Charitable carryovers
- Charitable contribution
- Charitable mileage
- Child credit
- Child support
- Child- and dependent-care credit
- College credits
- College expense deduction
- Combat pay
- Conservation easements
- Constructive receipt
- Consumer interest
- Coverdell education savings account
- Earned income
- Earned income credit
- Education interest
- Education savings account
- Educator expenses
- Elderly or disabled credit
- Electronic filing
- Energy credits
- Enrolled agent
- Estate tax
- Estimated tax
- Excess Social Security tax withheld
- Exemptions
- Expensing
- Head of household
- Health Savings Account (HSA)
- Highly-paid individuals
- Hobby-loss rule
- Holding period
- Home equity loans
- Home office expenses
- Home sale profit
- Homebuyer credit
- Hope credit (now the American Opportunity credit)
- Household employees
- Imported drugs
- Imputed interest
- Incentive stock option
- Indexing
- Individual 401(k) plan
- Individual retirement account (IRA)
- Individual retirement arrangement
- Innocent-spouse rules
- Installment sale
- Investment interest
- IRA payouts for first-time homebuyers
- IRA withdrawals for education
- Itemized deductions
- Lifetime learning credit
- Like-kind exchange
- Limited partnerships
- Listed property
- Long-term care insurance premium
- Long-term gain or loss
- Lump-sum distribution
- Luxury car rules
- Nanny tax
- Net Unrealized Appreciation (NUA)
- Nonbusiness bad debt
- Noncash contributions
- Nonqualified stock options
- Real estate taxes
- Recapture of depreciation
- Reimbursement account
- Retirement saver’s credit
- Rollover
- Roth 401(k)
- Roth IRA
Underpayment penalty
The penalty is the IRS’s not-so-subtle reminder that taxes are due as income is earned, not just on April 15 of the following year. Basically, it works like interest on a loan, with the penalty rate applied to the amount of estimated tax due, but unpaid by each of four payment dates during the year. The penalty rate is set by the IRS and can change each quarter. There are several exceptions to the penalty. See Estimated tax.