There IS something you can do.
Increase the numbers on your W4. Most people think it’s illegal to claim more exemptions than the “worksheet” allows, but that’s a falsehood that the form intentionally implies to the person filling it out.
Each exemption amounts to about $23 per pay period (according to my accountant). Bump it up around 10, and put that money in a savings account to pay your taxes next year.
They don’t get it, and you get interest - double win.
The problem with that is if your total tax withheld is too far below what you end up owing, not only are there penalties assessed, but you get the joy of paying quarterly estimated taxes the following year.
I'm no tax lawyer by any means but from what I understand, there is a penalty if you owe Uncle Sam to much money at the end of the year....
There IS something you can do.Increase the numbers on your W4. Most people think it’s illegal to claim more exemptions than the “worksheet” allows, but that’s a falsehood that the form intentionally implies to the person filling it out.
Each exemption amounts to about $23 per pay period (according to my accountant). Bump it up around 10, and put that money in a savings account to pay your taxes next year.
They don’t get it, and you get interest - double win.
Save enough to pay the fine for underpaying.