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

submitted 11 months ago by cm0002@lemmy.world to c/usa@midwest.social

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[–] Kecessa@sh.itjust.works 1 points 11 months 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 11 months 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 11 months 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 11 months ago* (last edited 11 months 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.