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Can someone (single filer) increase their deductions on their W-4 form from 1 -> 2 to reduce the Federal withholding each pay period?

This would almost ensure that come April 15 you owe money to the IRS. However you have had that money all year (to collect interest/ dividends/ capital appreciation/ etc)

As long as you have the common sense to "earmark" that money as the IRS' all year (and not spend it Foolishly) then you are ahead in my book?!

Is this a good practice? Am I oversimplifying things?

Any thoughts would be appreciated

(relative newbie to giving over 1/4 of my money to the IRS. please forgive)
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