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daniella s | We are having a debate at work and i think it is smarter to file "0" on your taxes if you are single. |
I was always told that if you file zero on you taxes, that means that you are claiming "zero" and that they will take the most amount out of your paycheck so you most likely will not have to owe money (or as much) as if you were to file 1 or more. is that correct? |
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IcanoutfishU
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It is always better to pay in more than you owe, if you end up owing the federal goverment more than 1000 dollars come tax day they can penalize you and charge you interest. The US Tax system is a pay as you go system, and technically you have to have your taxes paid by Dec 31. If you consistently do not, or owe more than 1000, then they will penalize you.
http://www.irs.gov
Has a tax calculator to see if you are having enough taken out of your checks, if you aren't you need to have more taken out or file quarterly estimated tax payments. |
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Judy1
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Yes, that's correct, they'll take more out of your pay. But if you are having more withheld than you end up owing, and getting a large refund, you're making an interest-free loan to Uncle Sam for the year, which is NOT smart when you could keep the money, put it in the bank and earn interest on it. If by filing zero you're coming out close to even at the end of the year, then it's smart to do that. |
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bostonianinmo
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In most cases, claiming zero will result in a large refund and small paychecks throughout the year. IMHO, that's just plain dumb as you're giving the government an interest free loan of up to a year on YOUR money.
The ideal situation is where you actally PAY something less than $1,000 when you file your return. That way no penalties are involved AND you have the maximum use of as much or YOUR money as possible all year long. |
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ninasgramma
 |
I disagree that it is smarter to claim "0". It is not smarter to overpay your taxes. However, it may be safer, if you do not have the money to pay a balance due.
By claiming "0" you are establishing an interest-free savings account from which your taxes are paid, and then the balance is returned to you.
If you claim "0" and find that you are getting a refund, re-do your W-4 so that you are getting a small refund, or owe a small balance due. Then have some money in savings available to pay the balance due. That is the smart way to do it. |
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lissie
 |
Yes, the lower the number of exemptions the more money they will withhold from your pay. |
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Tim
 |
I'll echo what everyone else is saying and that is that: Claiming 0 on your W-4 will increase your witholding and create a bigger refund at the end of the year. However, you are giving the government an interest free loan on your money, if you have less withheld and are disciplined enough to put that money aside each paycheck into an interest bearing deposit (savings, money market, etc.) you can actually make money on the governments dollar. Don't pay in too little because if you owe a lot at the end of the year, you will get a penalty. I wouldn't want to owe more than $1,000 at the end of the year.
For a listing of deposit accounts that have a high interest rate go to: bestcashcow.com . They keep that website updated and most of the accounts you can open online and transfer funds without ever leaving your computer. |
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Solutions
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You're correct. By filing with zero dependents, the deduction is larger. If you are the kind of person who can save and send whatever taxes are due when they are due in April, then you can have your deductions smaller by claiming the one to which you are entitled. Keep in mind though, that it may be a problem coming up with the monies you need to pay on time if you do it that way. Getting a refund is much easier on your peace of mind. |
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rdfew
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Yes that way you do not have to worry about owing anything at the end of the year. I always claim 0 and i always get money back. |
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