Please join me in changing your withholding. 10 dependents should make it zero federal withholding. If you make alot, maybe more?
I will change it back to normal at the end of June and pay extra to end the year paying only what I owe, and not a penny more. I will not loan money to this illegitimate regime. Hopefully something will happen to right this wrong in the next few months.
This is in no way illegal. Dave Ramsey says to add 1 more dependent for every 500 you get in a refund so you get more through the year. Don't loan your money to the government interest free. So if you normally get 1500 back, you are loaning too much to the government. Add 2 to your W-4 so you get 500 back and have 1000 more through the year. What I'm saying now is LOAN ZERO TO THE REGIME for the next 6 months.
Yes This is a great plan! Please save your money and make sure you have enough on April 15th you can switch back and forth also exempt
Email already sent. Great idea!
Let’s see using rough numbers 70,000,000 x $1,000 = $70 billion!!
Not a bad night’s work.
explain please...what can we do? What do I put on my w4 if I want to withhold??
Get a W4. You and your spouse clearly have 8 new adopted honduran children now, so fill out the W-4. 1+1+8=10 deductions.
I won't need to list 8 ssn numbers?
No
Let me add that this is in no way illegal. Dave Ramsey says to add 1 more dependent for every 500 you get in a refund so you get more through the year. So if you normally get 1500 back, you are loaning too much to the government. Add 2 to your W-4 so you get 500 back and have 1000 more through the year. I'm saying loan zero for 6 months.
I thought you couldn't go beyond 8 without a written reason for doing so.
Um, everyone should be netting as close to zero in taxes owed or refunded at the end of the year. That's really standard advice. Also, you don't need to add dependents. The current w-4 (at least this year) can be easily optimized to net zero on IRS.gov. They have a simple calculator, be sure to have your current W-2 information and a YTD paystub.
I will say this, one of the most effective and quietly impactful things you can do right now is to get your financial house in order. Pay off your consumer debt, set a budget, save 3-6 months of expenses, and live within your means. The less you owe anyone, and the more control you have over your finances, the better.
Thank you!
I have a small house, 5 vehicles and two motorcycles paid for and money in the bank. I only finance a '19 Yamaha YXZ 1000 side by side. Now tell me how to convince my wife to just pay it off and be debt free. It's a mystery...
Ha, well since you mentioned Dave Ramsey, I would have suggested having her agree to go through Financial Peace University with you. It definitely helped my spouse and I get on the same page. DR was my original finance red pill, and from there it opened an entire new world of financial education for me. It's basic but really sage advice for anyone just getting started.
The IRS can force your employer to change it to zero and not allow you to change it back ! Happened to someone I know