Is it possible to prepay taxes, as President Trump claims he did? In a word, yes.
President Donald Trump and former Vice President Joe Biden tangled over taxes during the Thursday presidential debate, with Trump stating he prepaid taxes in the amount of “tens of millions of dollars” after Biden criticized him for failing to release his tax returns.
“I prepaid, because at some point, they think it’s an estimate. They think I may have to pay tax,” Trump said during the debate.In a word, yes, says tax expert Harvey I. Bezozi, who is a CPA and CFP in Boca Raton, Florida. While Trump didn’t clarify how he prepaid his taxes, he could have relied on a few techniques, Bezozi says.
The U.S. requires workers to pay taxes as they earn their income — such as when companies withhold taxes from your biweekly paycheck. In one sense, workers can"prepay" their taxes if they withhold bigger amounts from their paychecks — a strategy that some people tap because it results in a juicier refund at tax time.
"It’s a forced savings plan," Bezozi says. That"could very well be described as ‘prepaying their taxes.’”
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