What should I claim on my tax form in order to recieve the most money NOW.?

Question

I'm single, no kids, and no other job.

Answer 1

You could claim up to 2 but you most likely will have to pay come tax time. But since it is late in the year the amount will not be to much depending on your current salary.

Answer 2

If you are talking about what to mark down on your W2 (or whatever that W number is!) then you really don't have much choice. You cannot claim any dependents and you probably cannot claim any over-and-above types of deductions that might make you unique. While there is nothing legally binding about how many deductions you take for withholding, you can get caught in a bind later.

If you do not own a house you will probably just file a quick tax form.

I would recommend that you do not try to maximize your cash flow through your deductions. First, if you declare too many and have to pay in a large amount in April you could pay a huge penalty. Second, if you do get money back it's a kind of a savings account that draws no interest (but hey, the banks are barely paying interest anyway!). It's money you can use to invest or pay down your debt.

If you were making the same $$ last year and are in the same exact situation and got a huge refund back, then you might be able to declare a dependant just to keep the withholdings down. But do this ONLY if you found yourself with a huge refund.

If you need more cash, see if you cannot land a holiday job wrapping packages or babysitting while parents go shopping or even working some retail hours.

This is a great time of year to pump up your income - better than artifically pumping up your deductibles.

Answer 3

You can claim as many as you want but the qeustion is do you want to owe at the end of the year? Rule of thumb is to always claim 1 less then you actually have and that should cover your tax liability and result in a small refund. So if its just you claim 0.

Answer 4

When you fill out your W-4 form from your employer it asks how many exemptions you wish to take. The more you take the less withheld from your paycheck.
If you take too many you run the risjk of writing a check on April 15th.
Usually in your case 2 or 3 exemptions should work.

Answer 5

You could claim 1 now. You will get more in your paycheck every time you get paid, however, at the end of the year you might have to pay some money back.