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You would also satisfy the safe harbor provisions if you paid $9,000 in estimated taxes this year and your current tax liability is no more than $10,000, since $9,000 is equal to 90% of $10,000.
The safe harbor rules say you can avoid IRS penalties by paying at least 90% of your 2024 tax liability or 100% of 2023 taxes, whichever is smaller. You must meet these thresholds throughout the year.
This includes making a "safe harbor" employer contribution to employees' accounts. Safe harbor contributions can take the form of a match (generally totaling 4% of pay) or a non-elective profit sharing (totaling 3% of pay). Safe harbor 401(k) contributions must be 100% vested at all times with immediate eligibility for employees.
The last day to start a new safe harbor 401(k) is Oct. 1, because the safe harbor provisions must be in place at least three months before the plan year begins. Adding a safe harbor provision to ...
Finally, in Revenue Procedure 2008-16 the IRS has clearly defined what is acceptable. This revenue procedure creates a safe harbor for taxpayers wishing to use Section 1031 with properties that follow a simple set of rules: For a minimum of two years prior to, and after the exchange:
It is also called a TEFRA waiver because it was passed as a provision of the Tax Equity and Fiscal Responsibility Act of 1982. The Office of Tax Analysis of the United States Department of the Treasury summarized the tax changes as follows: [3] repealed scheduled increases in accelerated depreciation deductions; tightened safe harbor leasing rules
The way to avoid the underpayment penalty is to stay within the “safe harbor” rules outlined above by the IRS. ... 100% of your prior year’s taxes or 90% of what you will ultimately owe in ...
Safe harbor provisions appear in a number of laws and in many contracts. An example of safe harbor in a real estate transaction is the performance of a Phase I Environmental Site Assessment by a property purchaser: creating a "safe harbor" protecting the new owner if, in the future, contamination caused by a prior owner is found. Another common ...
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