If you pay <90% the amount you get penalized up to 3-4% of the amount you underpaid, which is not insignificant for a lot of people. There are exceptions for emergencies or if you make below a certain amount etc but generally not great unless you can invest it and make over that amount and use the proceeds to cover the penalties. I think the penalties also stack per payment you miss.

[–] Madison420@lemmy.world 5 points 3 days ago (1 children)

It's really not that bad. I know people that didn't pay for 10+ years and when the government pressed they said pay the last 7 years and of you show good effort there then no penalties no prosecution. That shit is expensive and the irs don't want to do it because they're already hated for a job they really shouldn't be. If we just gave them enough money to fight the major players none of us lowly sub millionaires wouldn't ever need to pay into taxes ever again.

[–] phdepressed@sh.itjust.works -2 points 3 days ago (1 children)

Hey, thats one of the things Biden/Kamala was trying to improve, cant be having none of that. Also both sides are the same.

[–] Madison420@lemmy.world 4 points 3 days ago

What?

How exactly did you come to believe I've made some crazy partizan assertion?