Larojo
Level 2
06-28-2024
08:57 PM
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Each of my clients are 100 % 1099 sole proprietors with varying levels of income that is way above the $400 tax for NJ minimum. I’ve experienced that NJ has come back charging interest when the income was higher in certain quarters and the quarterly payment was underestimated.
Income that year exceeded $200k so it was easy for NJ to select it for audit, and I suspect that’s how they assessed interest!