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.
Generally it’s only really worth it if you’re fairly wealthy
Edit: I don’t know what I’m talking about. You’ll be hit with a 7% underpayment for doing this. You can split your taxes quarterly if you really want.
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.
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.
Yeah you can just not have any taxes taken from your check!
That’s called tax exempt status and all the folks I seen try it eventually got hit up for the money from the lrs.
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.Generally it’s only really worth it if you’re fairly wealthyEdit: I don’t know what I’m talking about. You’ll be hit with a 7% underpayment for doing this. You can split your taxes quarterly if you really want.
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.
I thought you had to settle up quarterly?
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.