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Mic
Mic, Business Owner
Category: Tax
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Experience:  Business owner, take care of all legal issues and tax work
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IF I HAVE ALREADY PAID ENOUGH FEDERAL TAXES FOR THE YEAR, ...

Resolved Question:

IF I HAVE ALREADY PAID ENOUGH FEDERAL TAXES FOR THE YEAR, CAN I NOW CLAIM TAX EXEMPT?
Submitted: 9 years ago.
Category: Tax
Expert:  Mic replied 9 years ago.
HelloCustomer

You can only claim tax exempt if you did not owe any income taxes last year and you do not expect to owe any this year...

Now if you would like to have less taxes taken from your check, then you can re-submit a W4 to your employer caliming higher deductions.
This is not something that you should do as it could end up causing you a tax liability.

You should use a withholding calculator and always have the same taken from your check for each pay period throughout the year, so that when the year is ended you are closer to the break even that you would like to be at.

Use this link for a very good tax calculator:
http://www.irs.gov/individuals/page/0,,id=14806,00.html

I hope this helps!
It has been my pleasure to assist you!
Michelle
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