How many exemptions do you claim ?

I claim 125, but I'm retired.

 

Claiming 8 means they take less money out each week but unless you have many many deductions at the end of the year you'll wind up owing money.Remember that when putting money aside

 

Do you mean dependents, for your taxes?

 

Under age 40 your tax rate is too high to take 8 exemptions you can't run from uncle sam but that all depends on your deductions such as mortgage and a whole lota other stuff.If you are gona take 8 exemptions then open a tax free IRA and make sure the extra money goes there not on a new car,flat screen,big CB and all that.why not talk to your book keeper about that they would be your best bet.

 

Do you have 8 children under the age of 18?

 

The more money you get in each check, the more money you will owe at tax time. You can do what you are planning, as long as you start putting away money after a couple months, to pay the tax owed later.

If you are going to drive a company truck, there are not enough things you can "write off" to make it worth the effort. Your tax is going to be due in April, but you can figure what you owe in the middle of January, so you will have some time to tighten your belt a bit, if you didn't put enough money away for taxes by then.

Don't start off a new career path, by trying to figure out a way of scamming the IRS. It will come back to bite you later.

 

i have sat in the irs office not a very good time. and the old lie about putting everything in a basket and setting it on the irs agents desk is not going to work either. save yourself some grief hire someone to help you that knows the system for truck drivers. because if you find yourself sitting in the irs office,you will wish you had used some of that new deodorant for stress sweat. lots of luck

 

Claiming 8 exemptions is a bad idea unless one really has 8 exemptions - essentially you will for your 1040 where it will ask for the details on the 8 and when you cannot provide them they then send a bill for the difference + interest. AS you read these forum you can get a good idea of the best ways think like a businessman and not a truck driver. 1) Get groceries at Walmart - eat healthy, and for 1/4 the price of eating at T/S. We all give in from time to time but keep it in check. 2) With fuel credit points make sure you are not paying for showers and get the drinks or whatever with points.

IF you have any options to lump something and keep the money go for it unless it 44,000lbs Gatorade and one old manual pallet jack then forget it. Use common sense.

Best of luck but do not claim 8 exemptions just to get a massive bill from the IRS. The IRS at the end of the day usually will win.