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Trump Set To Announce Biggest Tax Increase On Americans In Decades (www.huffpost.com)

submitted 1 week ago by cm0002@lemmy.world to c/usa@midwest.social

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[–] Kecessa@sh.itjust.works 1 points 1 week ago (2 children)

I'm not in the US but I thought about that once, I would be better off not paying taxes on my paycheque, putting what I'm supposed to owe in a savings account and keeping the interest when paying all my taxes at once...

[–] btaf45@lemmy.world 3 points 1 week ago

Then you would owe the IRS interest on the money in the form of a special penalty surcharge on your taxes owed.

[–] piccolo@sh.itjust.works 3 points 1 week ago (1 children)

Fun fact. If you are self employed, you are expected to predict your annual tax and pay it quarterly. Get it wrong, and you pay penalties.

[–] Kecessa@sh.itjust.works 1 points 1 week ago* (last edited 1 week ago)

Same in Canada if you've got too much capital gains one year, you're asked to pay in advance the following year but it's not an obligation.