Eddie Murphy thinking

I claim 99 dependents and give the government an allowance. Seriously. Been doing this for a decade. My calculations have always been within 10% thus no penalty.

Bullshit. 100% bullshit. You will accrue a penalty for estimating wrong. But you knew that.

To avoid a penalty, pay your correct estimated taxes on time. Find how to figure and pay estimated taxes.

You may avoid the Underpayment of Estimated Tax by Individuals Penalty if:

Your filed tax return shows you owe less than $1,000 or
You paid at least 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return for the prior year, whichever amount is less.

https://www.irs.gov/payments/underpayment-of-estimated-tax-by-individuals-penalty

ParadiseLost - listen to my advice & you will find paradise

Which by the way...you would not be taking any taxes out and the givernment isnt barrowing any money from you in that first scenrio....so you have that going for you also.....

"I claim 99 dependents and give the government an allowance. Seriously. Been doing this for a decade. My calculations have always been within 10% thus no penalty."

Bullshit

Meanwhile you post this....To avoid a penalty, pay your correct estimated taxes on time. Find how to figure and pay estimated taxes

Conflicted much?
Rotflmao.

Hey I see all your angering hostility on this you ever wondered why Tradesmen "Tool Up?" 1099 LIFE BABY!!!
HOLD ON WHILE I CLAIM FEDERAL RATE ON MY TRAVEL AND SMALL BUSINESS EARNED INCOME TAX CREDIT OF $12,000 HAHAHAHAHAHAHAAHAH!!!

Im sorry your only deduction is a crumb-snatching ankle biter. My deductions dont require rom and board and if they do... PER DIEM BABY!!!

Do you typically interupt adults with idiotic ramblings?

So you seem to have intimate knowledge of my tax scenario....not...have fun tolling.

I don't know about your tax situation but what I just said above is my current tax situation which is why I posted what I posted it's from personal experience if you're offended by what I had to say well I'm sorry that you have the issues that you have with your own taxes I don't seem to have those issues

"Correct taxes" assumes one is batting 1000. No one is perfect. That's why the rule I posted above exists.
In a perfect world a tax payer would owe nothing & get no refund. That's doing your taxes perfect. That's probably never happened once in the history of the IRS.
The trick I'm explaining. - Claim 99 dependents, give the government an allowance - is the only way to achieve a perfect score where you don't owe the government any money & they don't owe you any money.
But it is always better to owe the Government than for the government to owe you.. otherwise, you lent your money to the government (and accrued no interest) simply because you dont know any better.

We're in the same casino but you're playing your taxes like a slot machine.. I'm playing mine like Black Jack. You want to get ahead, you got to take a risk. Sure there's a chance i'll be 10% wrong in my calculations. But I'm good at this. Stay at the slots bud.

You will accrue a penalty for not estimating your taxes right. Fact. 100% no opinions....no irony...no hyperbole... you stay at the casino...ill visit my accountant. Have fun.

Keep on lending your money to the government for free. You're a good citizen for doing this.

As i said grow up. My accountant has all of my brokerage accounts. I agree, It is autopilot. One day perhaps you will be able to afford to not do your own taxes...too.

Dude you have nothing. Stop being so immature.

So what.. you get like one W-2 form... One 1099-INT form.. then you take that to Jackson Hewitt & they give you the "Greatest Guarantee". That's auto-pilot. Try doing it your taxes yourself this year It's 5th grade level math, addition & subtraction... plug and play... it's not difficult at all. Just takes 2 hours. But eventually you'll be able to increase your take-home pay if you become confident in doing your own taxes.

Nice attempt at putdown...but you do not know my tax situation...you do you casino man!

I don't even think you know your tax situation. Yeah, you should probably call your accountant... Just to make sure you're not currently being penalized.

You know as I read the thread that has generated from this meme I chuckle inside and wonder how many people commenting in this thread are employed by our federal and state governments? 🤔🤔🤔🤔🤣🤣😅🤣

I've been VERY clear: the point is that NOBODY here is a professional on federal and state taxes! Before listening to weirdos on the Internet about tax practices, people should talk first to someone who is! Not me, not you, a real life qualified professional.

I mean do you honestly think that your employer pays for your health insurance every pay period let's just be honest that is an annual contract Satisfied by X percent by X employed workers they go and withhold that money throughout the year from the total sum of workers weekly by the pay period don't you understand how compounded interest works the same thing applies with your taxes state and federal

This is also irrelevant to the topic

WHATS THAT I SMELL OTHER THAN BULLSHIT????!!!!!????!!!!

BRUH!!!!

🤣😂😅🤣😂🙃😉😄🤪😜😝😎

It doesn't really matter what I smell like. What's important is people talk to a proper tax professional. One who smells however you want them to smell.

Why are you so angry that I'm advising people how to keep the compounded interest after tax withholdings that legally belong to them that are you served by your W-2 employers without your knowledge just like how all of your hmos are paid for off of the compounded interest of all the employees who buy into it have you ever wondered what happens with the money come on you're supposed to be smarter than this!!!

No, you're advising people on how to get a fine for trying to keep the interest by witholding taxes.

Go for it

As long as you're responsible with your money and you don't spend it until after you have paid your taxes you have nothing to lose and everything to gain.

Like I said, go for it…

There may be penalties for witholding too much. Always consult a proper tax adviser before taking ideas from weirdos you read on the Internet.

Nothing is due until March as a 1099 I withhold my own taxes as technically I am my own business any W-2 can do the same thing when I used to work that's one for communications test Design Incorporated I would file nine and put the California state and fed tax into a separate savings account.

You don't get a tax return because you're not over paying your taxes but what you do get is you get to pocket all of the compounded interest from the money that you put in and you can also file before anyone else in your company as you are the person who is holding on to your tax Holdings.

Ask any accountant from any state as long as you fully account for all of your money and file it when it is due you do not face penalties taxes are only due at the end of each fiscal year....o.0

Ever hear of quarterly payment requirements?

No in fact in the last 5 years I've never been questioned about that ever what filing status do you have to have for that to be a prerequisite?

I strongly urge you to stop giving tax advice online. Typ is absolutely correct, you're either being given special tax treatment for some reason that most people do not ordinarily get, or there's something wrong with your tax status and nobody's caught it yet.

Or you're making it all up.

Either way, you could get in serious trouble for giving tax advice if you're not qualified to do so and you clearly aren't.

I dont need to make stuff like this. I save my receipts, log my miles and claim my tools bro. #TradesmanLife sorry you're so salty. ^_^

So again, it's really for your own protection that I'm telling you not to give tax advise if you're not qualified to.

MY interest is that other people reading this know that is best to check in with real tax advisers before doing anything you say. If that's what you call salty then you're going to find a lot of that in the world 🤷‍♀️

To be honest with you the tax withholding was originally given to me by an accountant because at the time that I was told I was a W-2 employee complaining about taxes at the end of the year and initially he told me to file nine and then file at the point in time 35% of my annual gross pay into a savings account and to let the compounded interest be in my favor instead of the corporations favor that I worked for or the federal governments...

Yeah, that compound interest is EXACTLY the reason you're NOT supposed to withhold quarterly taxes that you are clearly going to end up paying at the end of the year - and the EXACT reason they penalize you for it. I used to work on a 1099 myself, you can't do that, I don't care how good your accountant is.

So, again, either your accountant has found something else going on with you that even you don't fully understand, or your accountant is doing something super shady and hasn't been caught yet.

Or, as I say, the third option is that you're just talking out your ass.

Either way, anyone who takes your tax advise is doing so at their own risk.

Nobody cares about this

And I have done this successfully in the state of California as well as the state of Oregon

I was actually talking to my buddy who's a machinist about this last week and his wife is an accountant over in the Bay Area and he mentioned it to her and she did some research on it and she has now established a secondary savings account just for this purpose so that they can do their independent filing as well as joint filing when they get married this way

Obviously you care about it you're so emotional but then again you get so emotional over most of my memes you are the highlight of my day sometimes I must say 😘😘 being a Handler is not your pseuded occupation so maybe you should go back to flipping hamburgers or having a Twitch TV account where you give your opinion that no one cares for.

And in regards to the compounded interest on tax withholdings you cannot tax the same income twice so you think about that since you're such a tax professional these are things that I have discussed in-depthly with with an accountant and I have been doing this successfully since 2017

I comment on maybe a tenth of your memes tops!

I also do not do my own filing when I do file I file through an accountant and no taxes are taken until I file my tax documents but then again I do 1099 work so it is what it is don't be so salty.