Instead of dreaming about how the new tax package will affect them next year, millions of taxpayers might want to focus on a more immediate issue: How to avoid getting hit needlessly by estimated-tax penalties for 2017.
If you’re confused by the rules, you have plenty of company. The latest Internal Revenue Service statistics show a surprisingly large increase in the number of taxpayers ensnared by these penalties. While the rules can be tricky, most people who haven’t paid enough taxes during the year can avoid trouble by doing some basic homework. That includes focusing on how to sail into what tax professionals refer to as “safe harbors,” says Eric L. Green, a lawyer at Green & Sklarz LLC in New Haven, Conn.
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