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Reply to "If you've ever owed the IRS ..."
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[quote=Anonymous]I had a similar situation my first year of being a 1099 employee. I didn't call the IRS, I just filed my return, and paid late. The penalty (for roughly the same owed amount) was about $100 if I recall correctly. Side note, have you checked into putting some money into a SEP IRA? One year I owed something like $8K, but if I put $5K into my SEP, it lowered the amount of taxes to about $5K. I figured even though I was out $2K more up front, at least $3K ($5K total) was now going to me, instead of IRS. [/quote]
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