Its sad that so many people dont realize that they could be getting that money throughout the year and putting it in a savings instead of having the govt hold on to it. I used to claim 6 dependents when I only had 1 so that I didnt have to wait to get the money owed to me back at the end of the year.
helloamy1977 (rep: 2.5k) posted Feb 13, 2012
@helloamy1977: Did you end up owing money instead when tax time rolled around since you claimed 6? I've always thought of it as: if you don't get taxed more now, then you'll end up paying later, and vice-versa. Either way the money's gonna get to the government, so I'm wondering how true that is since I've never really looked into it.
toast (rep: 5.5k) posted Feb 13, 2012
It was a while ago I was making close to minimum wage and I figured out how many dependents I should claim to pretty much break even and not have so much taken from my check. I didn't owe anything in taxes and got back around $50. It depends on how much you make. If you're making a good amount of money and you don't have dependents you would want to claim 0 so you don't have to pay a lot when taxes are do. But some people with low paying jobs get back like $4000 from claiming $0 because they don't understand that they could have that money throughout the year instead of giving it to the govt in every paycheck.
helloamy1977 (rep: 2.5k) posted Feb 14, 2012
Thanks Everyone! @helloamy1977 I wish I was Suze Orman, she is one smart lady :) Sometimes her overall thoughts in my opinion are geared towards people who make ALOT of money or maybe she is not as realistic as she should be about the current state of most people financial well being as the average person in this economy is struggling to get by each month just paying their monthly bills, never mind having 8 months of emergency cash saved. JMO
branie (rep: 105k) posted Feb 14, 2012
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