Yeah you can just not have any taxes taken from your check!
Comment on This should be true
cattywampas@midwest.social 10 months ago
You can change your tax withholding whenever you want.
bdonvr@thelemmy.club 10 months ago
knacht1@lemmy.world 10 months ago
That’s called tax exempt status and all the folks I seen try it eventually got hit up for the money from the lrs.
bdonvr@thelemmy.club 10 months ago
Theoretically you can set that money aside in an account that gains interest and make a little money holding onto it until tax season where you pay it all at once.
gdog05@lemmy.world 10 months ago
And if you’re fairly wealthy, you’ll just spend enough to hire an accountant to move it offshore and then donate to a politician via a church and then the govt pays you taxes.
axexrx@lemmy.world 10 months ago
I thought you had to settle up quarterly?
HeadyBroccoli@lemmy.zip 10 months ago
Very common in the trades, or at least with everyone I worked with, we’d have periods where we had a shutdown usually lasting 2weeks but upto 3 months. We’d work 12-16 hour days 7 days a week (sometimes taking the 14th day off, sometimes not). A lot of my coworkers would go tax exempt during these shutdowns then switch back to normal afterwards.
HeyJoe@lemmy.world 10 months ago
Sadly, I looked into this years ago because I was wondering whats stopping me from just paying all my taxes at the end of the year and I found that if you let it drop to far from the amount you owe then you can be penalized…
irs.gov/…/underpayment-of-estimated-tax-by-indivi…
CubitOom@infosec.pub 10 months ago
Yeah, ideally you want to stay within +/- $1000 range of what you owe