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Works great if this year's income is a lot more than last year's. Have enough withheld to cover 100% (more if you are REALLY well paid) of last year's tax bill. You can have the use of any additional money, and invest it in the manner you describe.
As has already been pointed out, if you don't have enough withheld you can run into penalties, and they will charge you more interest than you probably can make on the money!
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