Originally posted by teyates:
Don't count on the fact that if you owe nothing there will be no fine.
Two years ago I overpaid my taxes by $1300. I pay quarterly, and have to do estimated tax payments. I overpaid them $1300, HOWEVER the payments were not equal. The first part of the year I made less money, so I paid less. Six months after I filed I got a letter from the IRS. I was being assessed a penalty. Because I paid them in unequal payments, I owed them $200, despite the fact that I had overpaid them by $1300.
The moral of this story, is never, ever underestimate the unfairness of a beauracratic machine which is charged with the task of taking from one group and giving to another.
that is an excellent point, however, i've noticed a difference in how the IRS goes after business as opposed to private individuals.