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To: Danae

It’s my recollection that you can claim 11 or so without a look see from the IRS. Check with your tax preparer. Or do 50 and suck it up.


8 posted on 02/11/2009 7:26:15 AM PST by nufsed
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To: nufsed
It’s my recollection that you can claim 11 or so without a look see from the IRS. Check with your tax preparer. Or do 50 and suck it up.

IIRC, there is extra paperwork for more than 10. However, I would like to remind everyone here that there may be penalties if you have a large amount due at the the end of the year as a result of not having enough taxes withheld.

If you are simply a W-2 wage-earner, it is harder to do this.

If you owe more than $1,000 more in taxes at the end of the year (more than what was withheld throughout the year) you will have to complete a worksheet, based on the prior year's taxes, to see if you owe additional penalties on that extra tax due. If you can adjust your withholding correctly, and stay just below that thousand, then there shouldn't be any penalties due.

Uncle Sugar will not be denied his cut of your wages.

It may be easier if you own your own business, but I have no experience with that.

111 posted on 02/11/2009 8:32:28 AM PST by IYAS9YAS (Obama - what you get when you mix Affirmative Action with the Peter Principle.)
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