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No you cannot!! YOu are taxed on your yearly income and can change from year to year. While you can't actually finally calculate and report your taxes until the period has ended, just like making estimated payments during the year, which when you finally determine exactly how much was due you take as a credit against that amount, you could actually pay a large amount in now....(the Treasury will accept the money), and as you determine your tax each period, credit an amount from that to it, carrying fward the rest to be used in another period. Any unused amounts could be refunded at any time.
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Do you pay taxes on saving account balances?
you don't pay taxes on the balance, you are however responsible to pay taxes on any interest earned over $10 annually. Unless the savings account has been registered as an IRA
What happens to my owed back taxes when I retire?
You still owe them. In the US, the IRS has 10 years to collect taxes.
How long does it take to get the federal refund back when you amend your taxes?
10 years
If you want to go to jail for not paying your taxes how much time will you get?
10 to 20 years
Why do you have to pay taxes if you work and retired?
Do you think that a retired AIG executive who is receiving a $10 million annual pension should be exempt from taxes? We base income taxes on how much you make. We give a generous allowance to low income people. People who make more have to pay something to support the country.
How much taxes do you pay to the government?
10%
If you have owned a classic car for over 10 years and get a profit on the sale with appreciation do you pay tax on the sale?
The purchaser pays the taxes.
What percentage of taxes do the top 10 percent pay?
In 2008, the top 10% pay 69.94% of America's tax burden.
Do you pay taxes on saving account balances?
you don't pay taxes on the balance, you are however responsible to pay taxes on any interest earned over $10 annually. Unless the savings account has been registered as an IRA
Can you pay your council tax yearly in the UK?
Yes, but you have to pay all of it in advance in April if you choose not to pay it in 10 instalments.
What are the penalties for closing an IRA?
Besides the taxes you will have to pay on the lump sum distribution, there is a 10 percent penalty if you are younger than 59-1/2 years of age.
Do you pay taxes if you withdraw your IRA early?
Yes, you pay taxes on early withdrawal of a traditional IRA. Additionally, unless you meet special rules, you pay a 10% tax penalty on the amount you withdraw. However, you do not pay taxes on withdrawals from a Roth IRA, since you already paid taxes on the contributions before you added them to the Roth IRA.
What happens to my owed back taxes when I retire?
You still owe them. In the US, the IRS has 10 years to collect taxes.
How many years do you have to pay taxes on someone elses property before it is yours?
In many states you must prove that you have paid or taken care of the property continueously for 10 years before you can make a claim in court for Adverse Possession.
Why did the Chinese people rebel against Sui Yangdi?
They rebelled against the Sui rule because they were tired of constantly going to war, being forced to work on the canals, rebuilding the Great Wall, and paying 10 years' taxes in advance.
Does back taxes get dropped off the books after 10 years?
I do not think so
How long does it take to get the federal refund back when you amend your taxes?
10 years
