Claiming exempt on W4 job to save

[Thomas Larsen]

I'm trying to save up enough money to pay cash on my first brrrr property. I have been saving about a $1500 a week at my job but I'm also paying about $1300 in taxes each week. My thought is if I claim exempt on my taxes, I can put that extra money into a high interest savings account. When tax season comes I can pull out the principal to pay the IRS and use the extra interest as an addition to my savings. I really don't see any flaws in this system. I'm not risking it at all. Is there something I'm missing?

[John Underwood]

If you under pay your taxes there will be penalties added to what you owe.

Don't think you can outsmart Uncle Sam on your taxes.