Is it illegal to withhold ALL of my federal and state taxes from work?
I wanna withhold ALL federal and state taxes (of course I know I can't withhold social security, etc) and immediately place them in a high yield savings account.
I would then make the 5.5% on it and pay my income tax on my own (including of course the income on the interest).
I don't want a tax refund at all. I know that, for many, the best way is to tweak your exemptions so you owe nothing (or close to it) but I don't care about owing since the money won't be touched or risked for anything.
I basically want to owe but without penalty. Someone told me that in Maryland, taxes must be paid every quarter.
Any help would be greatly appreciated along with points to appropriate references of where you got your information.
I hate going to the taxman.