Overpay vs. Underpay

Today’s Wall Street Journal has an article on how the economy might make the cash-strapped underpay and the affluent overpay their estimated taxes (deadline for 2Q is June 15th).  The goal, as mentioned in yesterday’s post is to do neither, but to pay just enough so that you aren’t giving Uncle Sam an interest-free loan or incurring an interest penalty for next April.  If you are knowingly underpaying this quarter, note the difference and make sure to catch up by the end of the year.  Despite the emphasis on math, paying just enough is an art, not a science.

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