quote:

Originally posted by lex400sc it's better to owe than to have the gov owe you.

not when you don't ahve any money.

quote:

Originally posted by Cool Xone I'm not sure what it is that you do but consider getting a decent tax accountant.

It's not too bad considering I claim 2 for federal and 1 for state. I think my tax advisor saved me quite a bit.

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I decided after all to cancel. I am quite happy about the money I am saving, and the awesome powder I am going to be carving through this weekend in in Tahoe

But I am not going to lurk around here much in the next couple weeks. There's not much going on around here, and I don't want to hear how awesome it was in Miami, bla bla bla. I went the last 2 years, so I am content with that for now...and there is always next year. Of course it will be even MORE expensive!!!

dont worry, your not the only one

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I love claiming '0' on my taxes, I always get a big ass refund
My refund this year is going towards a new car.

What's the difference between claiming zero and claiming one?

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The number of exceptions you claim decreases the amount of federal and state taxes that are withheld. So if you claim single-0 you will have more taxes taken out than if you were single-3.

Your tax liability at the end of the year remains the same; it's just the amount that is withheld will be different.

The way the tax tables are set up is the average single person with no dependants with a w-2 and uses the standard deduction should be single-1. Remember this is just an average.

Also, you can always go to your employer and change your withholdings by filling out a new w-4.

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quote:

Originally posted by DjWoody What's the difference between claiming zero and claiming one?

Everyone I know who claims 1 owes money and everyone who claims 0 gets a refund. Might not always be the case but Id rather have a little more taken out of my check and get some back than have to owe.

quote:

Originally posted by DjWoody I just did my taxes and I owe A LOT!!!!!

Woody I feel your pain...I owed "A LOT" too and so I had to cancel my trip to Miami...I will however be going to Europe in May for my birthday

quote:

Originally posted by lex400sc it's better to owe than to have the gov owe you.

hell yeah...if the gov owes anyone, then they got took!

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quote:

Originally posted by Protege Everyone I know who claims 1 owes money and everyone who claims 0 gets a refund. Might not always be the case but Id rather have a little more taken out of my check and get some back than have to owe.

I claim 2-3 and I never owe. I do however have a friend from HR Block who does my taxes.
The difference between claiming 0 or 1,2,3 is with 0 they hold your money until the end of the year. Think of the irs as a non interest bank account. The money is yours. I say claim 1 and put that money into an ING account. The IRS doesn't give you interest.

quote:

Originally posted by DjWoody I just did my taxes and I owe A LOT!!!!!

How much is ALOT??
i had to pay 7400$ last year, damn uncle sam

quote:

Originally posted by MR STROKE How much is ALOT?? i had to pay 7400$ last year, damn uncle sam

ok, you win!!!

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