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Financial Planning / Tax Strategies


Subject:  Re: Federal/State Exemptions Date:  10/31/1999  7:54 PM
Author:  FLInvestor Number:  20269 of 127613

A lot of those tax sites, including the actual IRS site can lead you a stray. Quite frankly, reading the actual IRS form W-4 can lead the average individual to claim too many allowances. I wouldn't ever claim more allowances than people you're supporting (including yourself), unless you have taxes being paid in through some other source like estimated tax payments. If anything, its better to err on the side of caution. By doing this, in the worst case scenario, you end up getting a nice refund at yearend as opposed to possible penalties for underpayment of taxes.
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