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.
Comment on This should be true
knacht1@lemmy.world 3 weeks agoThat’s called tax exempt status and all the folks I seen try it eventually got hit up for the money from the lrs.
HeadyBroccoli@lemmy.zip 3 weeks ago
bdonvr@thelemmy.club 3 weeks 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 3 weeks 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 3 weeks ago
I thought you had to settle up quarterly?