Hello, I have a few payments that I need to catch up on that Id like to pay off asap. After that I will be comfortable with my income and can easily pay off any taxes owed. I make 20.75 an hour at the moment four 10 hour days, I don't know if that plays a role. I am only hoping to go tax exempt for 2-2.5 months after which I will go back to normal.
Can I do this, am I likely to incur any fees, would yall recommend it?
Can and should I temporarily go Tax Exempt
byu/Upbeat-Promotion-693 intax
Posted by Upbeat-Promotion-693
1 Comment
The IRS is a pay-as-you-earn type situation. You do that either through employer withholding or estimated quarterly payments. If neither if those things happens and they determine you did have a tax obligation penalties will be assessed. Sorry