Comment on This should be true

cattywampas@midwest.social ⁨1⁩ ⁨month⁩ ago

• HeyJoe@lemmy.world ⁨1⁩ ⁨month⁩ 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…

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  • CubitOom@infosec.pub ⁨1⁩ ⁨month⁩ ago

    Yeah, ideally you want to stay within +/- $1000 range of what you owe

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• bdonvr@thelemmy.club ⁨1⁩ ⁨month⁩ ago

  Yeah you can just not have any taxes taken from your check!

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  • knacht1@lemmy.world ⁨1⁩ ⁨month⁩ 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.

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    • bdonvr@thelemmy.club ⁨1⁩ ⁨month⁩ 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.

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      • gdog05@lemmy.world ⁨1⁩ ⁨month⁩ 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.

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      • axexrx@lemmy.world ⁨1⁩ ⁨month⁩ ago

        I thought you had to settle up quarterly?

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    • HeadyBroccoli@lemmy.zip ⁨1⁩ ⁨month⁩ 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.

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