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I just had my first child and I was wondering what would be

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smarter: To increase my exemptions...
I just had my first child and I was wondering what would be smarter: To increase my exemptions on my W4, or to continue with only the personal exemtion get a bigger return on my taxes. Do I risk anything by not taking the money immediately via less withholdings (increasing my W4 exemptions)? Am I risking the government keeping my money anyway come tax filing time?
Submitted: 8 years ago.Category: Tax
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Answered in 24 minutes by:
1/4/2009
Tax Professional: Marvin,EA, Enrolled Agent replied 8 years ago
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
Verified
Hello and thanks you for using Just Answer. The best thing to do is to increase your exemptions on your

W-4. You will have less federal income tax withheld from your wages if you increase your exemptions on your

W-4. You refund will be smaller but you will have access to your money during the year. Letting the

government hold your money during the year is like letting a bank hold your money with no interest paid

on the money. You do not risk anything by not changing your W-4, taking the money immediately.   If you

want a large refund when you file your tax return you should keep your W-4 exemption as a single

person.



Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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