Tax Question....

**lovestolaugh** · 02-02-2009, 08:33 PM

I just finished my taxes and we are getting a very large return. I want to avoid getting any return next year. I would rather get my money monthly and not allow the gov't to have an interest free loan. I am always confused about the number of exemptions/allowances to use. If you want to get more money back each pay period, do you increase or decrease this number? Please forgive my stupidity. People start talking taxes and my mind goes %$&^%!!! I just need to know what I should change on my W-2's.

Thanks so much for all the advice!

**Gunny_Frost** · 02-02-2009, 09:05 PM

The more deductions you have, the less is taken out for Federal taxes.

This does not affect the SSN witholdings.

Personally, I claim "Married and 8"". I would rather write a check in April, than let my money go to failing banks, and banker bonuses throughout the year.

Cheers,

**justpeachy92** · 02-02-2009, 09:59 PM

Here is some information and calculator that might help you determine how to adjust your withholdings.

http://www.irs.gov/individuals/artic...=96196,00.html

**Nishu** · 02-02-2009, 11:57 PM

The more exemptions you claim on your w4, the less the fed takes out of each paycheck. The maximum -12- completely eliminates the tax with holdings. The IRS has a calculator you can use on their site. Right now we're claiming 10.

**Momto2Boyz** · 02-03-2009, 09:15 AM

We are upping our exemptions this year too. This was the first year that I didn't work or own my own business, so we weren't sure what the taxes were going to do! So we set it to 2 and now we are getting a huge refund...which is great, but since we are able to save money on our own and earn interest...we'll be changing it to 4 or so, so we get more money in each paycheck!