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Financial Planning / Tax Strategies


Subject:  Re: Minimize the refund? Date:  2/27/2000  2:41 PM
Author:  wepattillo Number:  30194 of 127613

dslette writes: On my W-4, I have always been told to claim no exemptions in order to make sure I get a return instead of owing at the end of the tax year. (I am single with no kids) I recently have been elightened to the idea of getting more along the way that I can invest rather than getting the lump sum at the end of the year. Do I go ahead and claim one exemption for myself? How can I do this to keep from paying at the end of the year? Any advce on how to figure this out would be greatly appreciated.

To which I respond:

The worksheet on the W-4 will lead through a calculation of the number of withholding allowances to claim to make you withholding come 'closer' to your actual tax liability.
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