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5 Nerd-Its
RE: They just won't let you do it.
Aside from the urge to do a great deal more fist shaking, I wonder if this is yet another benefit of the Fair Tax. You pay taxes exactly when you buy something, so there is no issue of either the government or the citizen holding on to the other's money too long.
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They just won't let you do it.
Yeah, the Anonymous poster is right, and not only that..
According to the IRS, if they determine that an employee is not having enough withholding from their paycheck, they will put a stop to it as follows: (from the link)
Q3: If the IRS determines that an employee does not have enough federal income tax withheld, what will an employer be asked to do?
A3: If the IRS determines that an employee does not have enough withholding, we will notify you to increase the amount of withholding tax by issuing a “lock-in” letter that specifies the maximum number of withholding allowances permitted for the employee.
In other words they frown heavily on what you are proposing. This issue comes up with self employed people a lot when they do not have an employer to withhold taxes. If they determine that you will owe too much money at the end of the year they will make you pay these "estimated" taxes. I've seen where they can also fine you and charge you interest for owing too much at the end of the year. It looks like the dogs mouths start watering when you begin to owe around $1000.00.
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