Tax Exemptions?

Question

Which is better: taking the most exemptions possible, or the least?

Answer 1

i would take the most .that way your sure to get money back

Answer 2

This depends on your overall tax situation and whether you want to get a refund or owe tax when you file you tax return. If you use the worksheet that is part of the W-4 form you should be able to determine the exact number of exemptions that apply in your situation. Generally speaking the more exemptions you claim the less taxes they withhold from your paycheck. When you claim zero exemptions the most amount of taxes will be withheld from your paycheck. If the only income you have is from your W-2 type job, then claiming zero will give you the biggest refund. If you are single and claim 2 exemptions, under this same example, you probably will end up owing taxes at the end of the year.

Answer 3

If you are talking about your W-4, it's better financially to claim all the exemptions you are entitled to, since otherwise even though you'll get the extra refunded, you are lending out your money for the year to the feds at no interest.

On your tax return, obviously, you would claim all that you are entitled to.

Answer 4

Depends on your lifestyle! For alot you need to save receipts and make copies of certain ones (print of most store purchases fade) like if you are using them for office supplies,they have to be readable for the next few years.just in case you're audited.
I forgot her name,but the lady that appears on "Good Morning America" ,says the average taxpayer loses about $500.00 each year because they don't itemize!
you just have to organize receipts and save them.