Tag Archives: Exemptions

20 Children or 2?

Today TaxMama® hears from BlueSage in the TaxQuips Forum with this question. “Is it better to declare 20 children and then store the tax one would pay in an investment account, and use that money to pay taxes at year end? Or is it better to declare the right amount of children, pay as you […]

Computing Your Own Withholding

Today TaxMama® hears from Brian in the TaxQuips Forum who finally asked the right question. “What I really was asking was, if I take my withholdings up to, say, single and 8 on federal and state for this check only would I get more of the check?”

Withholding Too Much

Today TaxMama helps Bradley from Simi Valley, CA who laments. “I have been claiming 0 exemptions on my paycheck. Where is there a table I can see, so I’m not giving the IRS so much money, yet know how much to pay so I don’t owe anything at the end of the year?”

No Extension

Today Robyn from Atlanta, GA goofed. She asks, “What happens if you do not file an extension and you are late sending you taxes in? What percentage are you charged?”