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To: HairOfTheDog
Well, in his hour long lecture did he mention that you should look at your exemptions now before too many months goes by in the new tax year? If so, then I won't. :~D

Mostly he just said I shouldn't have had that problem in the first place.

But you're right. I'm assuming that's something I would do through payroll? Guess I need to find out.

12,892 posted on 03/08/2004 8:26:08 AM PST by RosieCotton (Anything worth doing is worth doing badly. - G. K. Chesterton)
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To: RosieCotton
Mostly he just said I shouldn't have had that problem in the first place.

Irrelevant and unhelpful!

12,894 posted on 03/08/2004 8:31:47 AM PST by HairOfTheDog
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To: RosieCotton
Hi Rosie,

It probably is your exemptions. All you have to do to update it is to fill out a new W-4 form and turn it in to payroll. Something I did years ago when I knew I was going to have extra side income was to add a specific amount to be taken out of my check for income taxes. There's a place to specify that on your W-4 form as well. That was when I had a $300-350/month check that had no withholding taken out at all, combined with my regular 40-hour/week salaried position. It saved my bacon that year. However, if your exemptions are incorrect, that's probably all you have to fix.

I got stuck last year with a $2,000 tax bill that I wasn't expecting due to an inheritance payout that was supposed to have been awarded post-tax. I was selling everything I could get my hands on to pay that one, so I can identify with your dilemma. That's why I saved up extra this year to pay taxes, and then I didn't owe anything but got a refund. Sheesh! Why couldn't that have happened last year, when I really needed the extra boost???

Sometimes, I'm convinced someone is playing around with the tax code in just such a way as to keep us all off-balance all the time.

13,183 posted on 03/08/2004 9:43:39 PM PST by Penny1 (Oscar needs a Best Ensemble Acting Category.If they'd had one,LOTR would have been 12 for 12-JSiegel)
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