Financial Planning for Generation X & Y Women
 
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Expert Q&A Archive

08/31/2006
Is it smart to not claim tax withholding during the year?
Some people don't claim any tax withholding (or they claim very little) each time they get paid because they say that they want to take home more money. But at the end of the year, they'll claim the withholding. Is that smart?
Claudia James:
expert info »
The law requires that you prepay 90% of your taxes. When people complete a W-4 they sign a perjury statement-there is a $1,000 fine when IRS finds out the information being reported is false.
Delores Lenzy - Jones, CPA, CIA:
expert info »
It's a matter of personal preference. Some individuals like to have more money now vs. receiving a refund later.
 

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