<prompt> Human: I am wondering what the consequences of choosing to have my employer pay me my full pay check and not take any out for taxes. I understand that I will need to pay tax on that money. Are there any penalties for not paying taxes throughout the year but instead paying them all at once?My thoughts for waiting to pay tax till its due is that it is easier for me to look for tax breaks to minimize taxes owned through out the year rather then waiting for tax season to try get as much back from tax returns as possible. Its very easy to think of the tax return as extra play money when in reality I could of been putting that money towards long term investments. Any help or advice would be greatly appreciated!  <response>: Are there any penalties for not paying taxes throughout the year but instead paying them all at once?Yes. 