There is a way around that.
Don’t have any withholding from your paycheck.
Put a certain amount of money into an interest earning account ever payday. At the end of the year...pay the taxes you owe out of the account.
yeah, i’ve thought about doing that.
for me, it would have to be a separate account and it would have to be out-of-sight, out-of-mind...
Don’t have any withholding from your paycheck.
Put a certain amount of money into an interest earning account ever payday. At the end of the year...pay the taxes you owe out of the account.
...plus the penalty for underpayment of your taxes. The IRS wants a [monthly] cashflow. You would probably at least have to make quarterly payments to avoid the penalty.