heads up -- time to go change your withholding and hold on to your wallet

[chadbag]

They think they need more of your money

http://biggovernment.com/2010/01/06/...010/#idc-cover

[snafu]

one step closer

[woodandsteel]

Uh oh!

I am terrible at math. Would a flat tax be a better idea????

Also, since we are talking about taxes, I have never changed any of my witholdings since I got married and started having kids. Should I be doing that now?

[czydj]

They think they need more of your money

http://biggovernment.com/2010/01/06/...010/#idc-cover

Thanks for the heads up... I just signed into work and changed mine! No free money for Uncle Barry, Wacky Aunt Nancy or Dirty Harry...

[czydj]

Also, since we are talking about taxes, I have never changed any of my witholdings since I got married and started having kids. Should I be doing that now?

The number of exemptions you claim on your W-4 affects how much is withheld from your paycheck. Some folks feel getting a big tax return is great, but it is actually giving free loans to the federal government. The more exemptions you claim, the more you get to see on every payday. You do have to be careful because if you claim too many exemptions, you could have a big tax bill in April. If you're not sure about all this, you can consult a tax professional...

[SHIVAN]

...you can consult a tax professional...

Probably good advice for most folks anyway.

[czydj]

Probably good advice for most folks anyway.

Yes, totally agree. They really aren't that expensive either, especially for a consult on something like withholding and maximizing take home pay.

[snafu]

Have a good friend that claims 14 kids. Ya he owes ever year,but hates loaning his hard earned cash to Uncle for free.

[ST911]

Some folks feel getting a big tax return is great, but it is actually giving free loans to the federal government.

I'd rather pay in than get a return. I know how to use a savings account, and it comes with interest, too.

[czydj]

Have a good friend that claims 14 kids. Ya he owes ever year,but hates loaning his hard earned cash to Uncle for free.

I think if I claimed that many exemptions, I might have under-payment penalties. I forget when those kick in, but that's what I would use a tax pro to figure out if I went with a strategy like that.