tax ?

[GINZ]

In the past I've always just handed my taxes off to my family's accountant and had him do them for me.
This year i decided to try a new accountant that was recomended to me by friends.
I've always claimed 0 on my W4. The new accountant is telling me i should claim 6!
He says the point is to bring home more money in my check, not get a big return once a year from the govt.
Does that make sense??
Is 6 a little extreme?
The last thing i want to end up doing is paying at the end of the year.
Is there a good way to figure out what i should be claiming?

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[chrisd1163]

That is kinda retarded however it doesn't really matter in the end. You will still gross the same amount and when the math is done you will have the same net income you would no matter what you claim. It's up to you if you would prefer to have an extra $40 a week on your check or not. I prefer to get a lump sum back from the government.

[vman]

That is kinda retarded however it doesn't really matter in the end. You will still gross the same amount and when the math is done you will have the same net income you would no matter what you claim. It's up to you if you would prefer to have an extra $40 a week on your check or not. I prefer to get a lump sum back from the government.

Claiming 6 is going to get you back more than 40 dollars a week.

Mike, I started doing this when I bought the house. Im claiming 5 now just to get a few more dollars in my pay check but it all comes out to the same in the end. Like chris said, its all about whether you want more in your pay check or a nice lump sum come tax time.

[humper]

whoah i didnt even know you could go as high as 6 but then again there is alot i dont know about taxes LOL

think i might read into this!

[FDB]

IMO if your doing ok with out claiming 6. stay with not doing so.. My accountant explained this a couple of yrs ago also when i first bought my house to have more money in the pocket. BUT my opinion with that is you may not save it. at least when you claim zero you will get a nice check at the end of the yr that you most likely will use some but put more than you would away to save. thats just what i do anyway.. BUT if you think you need the extra more now. claiming may work for you too.

[GINZ]

IMO if your doing ok with out claiming 6. stay with not doing so.. My accountant explained this a couple of yrs ago also when i first bought my house to have more money in the pocket. BUT my opinion with that is you may not save it. at least when you claim zero you will get a nice check at the end of the yr that you most likely will use some but put more than you would away to save. thats just what i do anyway.. BUT if you think you need the extra more now. claiming may work for you too.

I'm kinda thinking along the same lines. I may not save all that money.
However, I could set it up so that th extra money goes right to my 401k so I can't touch it, which I think is what he wanted me to do.

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[FDB]

I'm kinda thinking along the same lines. I may not save all that money.
However, I could set it up so that th extra money goes right to my 401k so I can't touch it, which I think is what he wanted me to do.

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Gotcha.. thats even way better in the long run for sure. plus the 401k is before tax so in reality you will be putting even more in than if you would get back in your check.. best of both worlds!!

[chrisd1163]

Claiming 6 is going to get you back more than 40 dollars a week.

Mike, I started doing this when I bought the house. Im claiming 5 now just to get a few more dollars in my pay check but it all comes out to the same in the end. Like chris said, its all about whether you want more in your pay check or a nice lump sum come tax time.

I was just using it as an example. I just set up with a new payroll company today, I'm tired of doing payroll for 3 companies.

[TheHipHopBillGates]

I'm kinda thinking along the same lines. I may not save all that money.
However, I could set it up so that th extra money goes right to my 401k so I can't touch it, which I think is what he wanted me to do.

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A refund is your money, claiming 0 is like giving an interest free loan to the government. If you don't have the discipline to save the extra $$ then doing something like have it automatically taken out and put in a 401k or a savings account you can't touch for a specific period of time works. I don't know about claiming 6 but 2 or 3 isn't crazy. Honestly who referred you to the guy that said 6? ask them if any of them have been audited, because that sounds a little aggressive IMO.

[vman]

I was just using it as an example. I just set up with a new payroll company today, I'm tired of doing payroll for 3 companies.

Gotcha

[DEEPER KEMICAL]

i claimed 1 and i get back like $100 more each paycheck. so i could image 6 is quite alot more.

[CHR!ST!AN]

i claim 6, im not giving the govt my money interest free

i rather get it all in my check and just pay my taxes at the end of the year

[Lance Burkhart]

I claim 89... My net is actually more than my gross... It's awesome


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[browneyedgoil]

i'm barely getting anything back this year- pretty much regret voting for obama. boohoo!

[keemac]

I claim 15 allowances on my W-4. 4 are non substantial, but anything over 9 allowances has to be reported to IRS. I always get a tax bill at year end because I refuse to give the government money that can make me money. I just got nailed with 35% capital gains over last years investments that I'm not happy with. But, there are two things you do in life, pay taxes and die. Next year it's going to be a lot worse.

[browneyedgoil]

i just calculated the difference btwn claiming 1 & claiming 5 & i would only make 200 more per paycheck by doing that. seems pointless.

[TheHipHopBillGates]

i just calculated the difference btwn claiming 1 & claiming 5 & i would only make 200 more per paycheck by doing that. seems pointless.

take that 200 out per paycheck right into a 401k or savings account for house/wedding fund. @ least collect a sliding scale of interest 12/12, 11/12, 10/12......etc....

[DEEPER KEMICAL]

take that 200 out per paycheck right into a 401k or savings account for house/wedding fund. @ least collect a sliding scale of interest 12/12, 11/12, 10/12......etc....

exactly.