Tax Exemptions

[Taggart]

I got a large tax refund for 2003, mainly I think because I had 0 exemptions on file with the IRS. I have read that you can up your exemptions and use other strategies to eliminate the need for a refund (I know it's a tax free loan to the gov't). Anyone know the best strategy for this, or where I can find out more? I just started a new job and they are filing 0 exemptions for now, but I want to change it.

I am single with no dependents. Thanks.

 

[Taggart]

Anybody?

 

[KLin]

Originally posted by: Taggart
I got a large tax refund for 2003, mainly I think because I had 0 exemptions on file with the IRS. I have read that you can up your exemptions and use other strategies to eliminate the need for a refund (I know it's a tax free loan to the gov't). Anyone know the best strategy for this, or where I can find out more? I just started a new job and they are filing 0 exemptions for now, but I want to change it.

I am single with no dependents. Thanks.

The more exemptions you put on yout w-4, the less money the feds take out.

 

[Bullhonkie]

Fill out a W-4 Worksheet. It should at least give you a general idea of how many withholding allowances you should take.