Comments for Tax exemption

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Aug 25, 2011
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Exemption
by: Anonymous

I don't claim anything throughout the year and i usually get a decent refund so what I'm guessing is that i probably have already covered my liability and if anything i may still get a small refund because I am making drastically lower wages then I do not on disability.

Aug 25, 2011
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Exempt Tax Status
by: Stephanie

Thank you for your tax exemption question. Yes, it is ok to change your claim status to exempt at any time. As you are aware, this will give you more money back on each of your paychecks which also means that you will have less money paid into your tax liability at the end of the year.

I am unable to say whether or not this will result in you owing taxes on your tax return at the end of the year as I do not know how much you earn or what your were claiming before.

Whether or not to change your exemption is dependent upon how much of a refund you were expecting and whether or not you have already covered your tax liability for the year, or if you would prefer to pay your liability at the end of the year on your tax return as opposed to getting a refund.

It's a personal choice, would you prefer more money now or more money at the end of the year through a refund?

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