Question about going tax exempt on mulitple pay periods
Replies
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My personal agenda that has nothing to do with this thread: If you end up not having a refund, that's awesome. Why give the government a tax free loan of your money that YOU earned? I don't understand wanting a refund. The smaller the refund, the less money the government has a hand in your finances.
Because I WANT THE BIG CHECK!
Don't judge me..0 -
Haha, and meanwhile the guy at H&R Block told me all I had to do was drink these meal replacement shakes his cousin sells, so how come I'm not losing weight?!?OP in one year: the IRS put a lien on my house. They said I owed back taxes! The people on MFP said I'd be okay!0 -
Haha, and meanwhile the guy at H&R Block told me all I had to do was drink these meal replacement shakes his cousin sells, so how come I'm not losing weight?!?OP in one year: the IRS put a lien on my house. They said I owed back taxes! The people on MFP said I'd be okay!
He told me to drink water and lift heavy! Jerk.0 -
Which is only half of the equation. How the tax code applies to an individual person's situation is the other half. Tax codes are not like laws of nature...Everything you've just said is pure guessing. I'm certainly not going to base my tax strategy on bad information and strangers guessing at my financial information, and neither should OP. I'm surprised that you're still arguing with me about this.
No, it's based on knowledge of the tax code.0 -
My personal agenda that has nothing to do with this thread: If you end up not having a refund, that's awesome. Why give the government a tax free loan of your money that YOU earned? I don't understand wanting a refund. The smaller the refund, the less money the government has a hand in your finances.
Because I WANT THE BIG CHECK!
Don't judge me..
Can't judge you for that! :laugh:
I hate the idea of giving the government an interest-free loan!0 -
Which is only half of the equation. How the tax code applies to an individual person's situation is the other half. Tax codes are not like laws of nature...Everything you've just said is pure guessing. I'm certainly not going to base my tax strategy on bad information and strangers guessing at my financial information, and neither should OP. I'm surprised that you're still arguing with me about this.
No, it's based on knowledge of the tax code.
True, but the OP's situation is similar to my own and many other people that I know that do the exact same thing. I currently work in the tax industry, majored in accounting, including tax classes. It boils down to what Tyler said: do you want a big check at tax time or a smaller one? If I chose, I could do 4 exemptions and get $20k at tax time. Instead, I claim exempt and get 2/3 of that spread out through the year and only have to wait for about $6k of it. (I miss the W-5! :sad:) If I didn't claim exempt on my W-4, then I would change my payroll during peak season when I get lots of OT because during the weeks of OT, the withholding is way too large.0 -
TAX advice on MFP....
Awesome..
^this
I'm a CPA...
...and this will be my only post on this thread. (Admittedly, my field of expertise is corporate/partnership and not individuals.)
OP, if you don't have a CPA friend, make one. Meanwhile, consider finding a forum (like intuit.com/turbotax.com) to post your question where they will give you both the technical and the practical answers to your question. (Hint: the usual outcome in a situation like this is very different than the technically possible outcome.)
The forums here are sketchy enough with the diet and exercise advice generated. I have no idea why you would expect sound tax/legal advice here.
Great job with your efforts not to get in trouble with the IRS!! I wish you nothing but success in all your fitness and health goals. :flowerforyou: *
*(c) DrMerc 2012. All rights reserved. Use of this phrase without express permission of DrMerc is prohibited. (PS: DrMerc is remarkably encouraging and supportive. You should send him a PM and a FR. You're welcome.)0 -
In Canada, whether you pay yourself now or later doesn't matter....as long as you are honest about it at filing time and as long as you are prepared for the monetary outcome (ie....breaking even or owing)0
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THANK YOU.I'm a CPA...
...and this will be my only post on this thread. (Admittedly, my field of expertise is corporate/partnership and not individuals.)
OP, if you don't have a CPA friend, make one. Meanwhile, consider finding a forum (like intuit.com/turbotax.com) to post your question where they will give you both the technical and the practical answers to your question. (Hint: the usual outcome in a situation like this is very different than the technically possible outcome.)
The forums here are sketchy enough with the diet and exercise advice generated. I have no idea why you would expect sound tax/legal advice here.0 -
In Canada, whether you pay yourself now or later doesn't matter....as long as you are honest about it at filing time and as long as you are prepared for the monetary outcome (ie....breaking even or owing)
And who determines if you're honest?
The USA is not like any other civilized 1st world country. The IRS will literally bankrupt you and put you in jail rather than worry about your well-being and future contributions. When it comes to taxes, the IRS is exactly like the mafia, except, you won't necessarily die. But, they can make you homeless and destitute.0 -
THANK YOU.I'm a CPA...
...and this will be my only post on this thread. (Admittedly, my field of expertise is corporate/partnership and not individuals.)
OP, if you don't have a CPA friend, make one. Meanwhile, consider finding a forum (like intuit.com/turbotax.com) to post your question where they will give you both the technical and the practical answers to your question. (Hint: the usual outcome in a situation like this is very different than the technically possible outcome.)
The forums here are sketchy enough with the diet and exercise advice generated. I have no idea why you would expect sound tax/legal advice here.
I was just making conversation. There are threads about everything in here. Would it be better if I made a thread about what color is your underwear or which guy/girl you would F on here?0 -
*yawn* troll0
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No.
THANK YOU.I'm a CPA...
...and this will be my only post on this thread. (Admittedly, my field of expertise is corporate/partnership and not individuals.)
OP, if you don't have a CPA friend, make one. Meanwhile, consider finding a forum (like intuit.com/turbotax.com) to post your question where they will give you both the technical and the practical answers to your question. (Hint: the usual outcome in a situation like this is very different than the technically possible outcome.)
The forums here are sketchy enough with the diet and exercise advice generated. I have no idea why you would expect sound tax/legal advice here.
I was just making conversation. There are threads about everything in here. Would it be better if I made a thread about what color is your underwear or which guy/girl you would F on here?
But at least those don't affect your finances.0 -
No.
THANK YOU.I'm a CPA...
...and this will be my only post on this thread. (Admittedly, my field of expertise is corporate/partnership and not individuals.)
OP, if you don't have a CPA friend, make one. Meanwhile, consider finding a forum (like intuit.com/turbotax.com) to post your question where they will give you both the technical and the practical answers to your question. (Hint: the usual outcome in a situation like this is very different than the technically possible outcome.)
The forums here are sketchy enough with the diet and exercise advice generated. I have no idea why you would expect sound tax/legal advice here.
I was just making conversation. There are threads about everything in here. Would it be better if I made a thread about what color is your underwear or which guy/girl you would F on here?
But at least those don't affect your finances.
either does going tax exempt a few times! boom.0
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