Posted on 03/30/2010 8:44:15 PM PDT by Randy Larsen
I need Freeper help to adjust my taxes.
Agreed...
That’s partially the reason of my vanity post.
Change your W4 withholding to zero.
That should give you $250 a month extra of your own money, but there wont be spit for refund at the end of the year.
The thing I haven’t figured out is even when I cut my claims to zero the still owe ME money!
I’m not sure about how you get it adjusted down to where they don’t get a 0% loan on your back.
I want a 0% loan.....
Crap!
With $250 a month I could afford to buy some groceries!
Kids and a mortgage?
It’s YOUR money.
$250 a mo works out to 3K a year in with holdings of YOUR money.
So you are are foregoing needs while floating Uncle Sham a 0% loan.
I would reconsider this arrangement.
Best wishes FRiend. and God Bless you.
Let’s see...monthly.
If I quit smoking...$200
Beer...$280
Taxes...$250
Damn taxes gotta go!
My situation tends to be complicated. I like to keep it simple.
Agreed!
Gnight Randy.
And Rest well.
...Then go tomorrow and adjust your W4 Form, and claim everyone you can.
Get that withholding down as low as possible, but make it a point to leave enough to where they get ‘a little’ every pay period. That will keep you out of any possible trouble.
In doing so, you won’t get as much of a “refund” next year, but there’s no point in giving them an interest free loan every time you get paid.
You want to claim zero,
Flexible health accounts can lower your taxes as well. Pre tax dedctions from your check go into accounts for medical bills. You do have to use every penny put away or you will forfeit the money however.Up til last year the max was 5k. Thahks to Uncle Obama and his crew its down to 2.5k.
Also I believe there is a similiar plan for child care, but my kids are older and I don’t know how that operates
HSA’s are awesome. They put you money in yer money in yer hands.
That is a strong impetuous against abuse.
Underpayment Penalties
You'll have to pay an underpayment penalty for 2009 if you owe more than $1,000 in taxes (after taking withholding into account) and:
Your taxes withheld don't cover at least 90% of your 2009 tax liability, or
Your taxes withheld aren't at least 100% of your 2008 tax liability if your AGI is up to $150,000 or 110% if your AGI is more than $150,000. (The amount is $75,000 if you're maried filing separately.)
AAArgh! what a bunch of garbledy gook! I don't understand.
Claiming zero means they withhold more of your money not less. You should claim 1 or 2 if you want less withholding. Go to the irs site and look at a W4 form.
Yes of course.
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