I would like to just pay what I owe, if I owe, by April 15th and not pay out little by little over the entire year.
2007-03-13 01:33:57 · 8 answers · asked by Sedit 3 in Business & Finance ➔ Taxes ➔ United States
I would like to just pay what I owe, if I owe, by April 15th and not pay out little by little over the entire year.
Let me expand the question a bit, is there a way to pay nothing, as far as taxes are concerned, for the entire year and pay one lump sum for my yearly federal/state tax by April 15th?
2007-03-13 01:47:05 · update #1
Not legally, if you are saying you want to wait until the end of the year. You could have a minimum amount deducted from your paychecks, and pay the rest in quarterly estimated payments if you want to. If you just wait until you file and owe a lot, you're subject to penalties for underwithholding.
2007-03-13 08:48:49 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
You can change your withholding so that you do not have any deducted and then pay when you file before April 15th. Do this by claiming 99 dependents on your W-4. The person that said you'll pay penalty or interest by NOT having it come out a little at a time is wrong. You do not owe until April 15th of the following year. Why let the govt have your money interest free all year when you could be earning interest on it yourself? Put it into an account until you need to pay the taxes.
This is only on the Federal Level, I'm not sure about how to do it on your state taxes. That amount has alway been smaller so I've just paid it as I went along.
Good luck!
2007-03-13 02:08:29 · answer #2 · answered by Anonymous · 0⤊ 4⤋
you can do that, but you'll owe interest and/or penalties due to your failure to pay your taxes in evenly throughout the year.
the IRS is doing you a favor by requiring withholding - if they didn't withhold, you'd likely spend all your money and not have any at the end to pay your taxes.
2007-03-13 01:48:25 · answer #3 · answered by Anonymous · 2⤊ 0⤋
Sure, I pay upfront every year. If I am under or over then I either get a check back from them or I pay a little more. I am already paid up till 2008.
2007-03-13 01:36:38 · answer #4 · answered by Anonymous · 1⤊ 1⤋
No, that's not possible unless you want to pay penalties and interest for underpayment of taxes throughout the year. Taxes are due when the income is earned, NOT on the filing deadline for the return.
Please ignore the clown above me -- she is TOTALLY clueless!
2007-03-13 02:13:06 · answer #5 · answered by Bostonian In MO 7 · 2⤊ 1⤋
I don't think so. I think it should be that they get what they get weekly and forget about the filing thing every year. But it's just a way for the government to get more money from people.
2007-03-13 01:42:25 · answer #6 · answered by Shari 5 · 0⤊ 2⤋
Yes support Americans for Fair Taxation and end the political pandering that are current tax code is used for. www. fairtax.org
2007-03-13 02:56:55 · answer #7 · answered by Keith C 2 · 0⤊ 3⤋
the only true and not cheating the government is to kick the bucket die
2007-03-13 01:42:45 · answer #8 · answered by boobman 1959 aka cliff 3 · 0⤊ 1⤋