Single 23 Renting an apartment etc...
I have 0 now but HR said I could go up to 2.
I'm thinking of changing it to 1
If 2 theres a chance I could owe?
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Yup. Pay now or pay later.
Uncle Sam will get that shit from you regardless. I've always chosen to pay now as opposed to having to pay at year end....its bullshit.
Surprised to see this comment on a finance forum.
everyone likes getting a refund at year end, but in reality you have made an interest free loan to the government and had less dollars available during the year that you theoretically could have put to use for income producing purposes. if you are smart about controlling your money, i think it's best to claim higher exemptions and limit your withholdings, while assuming the risk of potentially oweing at year-end.
That is a good thought.
Yeah. It's always better to owe at the end of the year, as long as it is less than 10% of your total tax for the year. Then the government is making you an interest-free loan.
If you have investment income, it is probably a good idea to have fewer exemptions. I am collecting all of these taxable dividends these days so I've had to drop exemptions and now even start paying additional withholding. Much more convenient than filing estimated taxes every Q, though.
Paying taxes is a good thing. Better to be in a high tax bracket than a low one.
i always do 2 - self, and head of household. Technically I am not a head of household, since i don't have dependents, but with low 6 fig gross (and a few deductions plus up to the limit 401k contributions) i haven't owed taxes yet.
I used to go two and owed a few grand to the government every year. Plan accordingly and it won't be that painful.
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