Comments on: Adjust your 2010 Tax Withholding and Stop Loaning the Government Money

By: Paul

Paul — Sat, 05 Feb 2011 17:47:22 +0000

I am single with a home so I will file itemized deductions at the end of the year. My question is: Can I opt to not have federal withholding taken out of my check during the year but instead put it in a savings account with interest and then at the end of the year when I file my taxes pay what I owe then? If so where would be the best place to save my calculated withholding so it would draw the best interest possible?

Thanks

By: Beck

Beck — Mon, 24 Jan 2011 15:22:27 +0000

I have tried using the with holding calculator and have been burned for years by it. I enter all of my current info from my paystubs and what I can deduct, i.e. mortgage interest and student loan interest, and I am told I should get all of my fed tax money back. When I go to do taxes I get nothing back! How can it be over $5000 off? If I have changed my with holding like it suggested I would have been screwed.

By: Carnival of Personal Finance #239 – Hot Money Trends of 2010 Edition | Darwin's Finance

Mon, 10 May 2010 21:54:31 +0000

[...] from FiscalGeek presents 2010 IRS Federal Tax Withholding Calculator is Out. Stop Loaning the Government Money, and says, “Using free tools available from the IRS reduce your monthly tax payments and get [...]

By: paul

paul — Thu, 15 Apr 2010 15:41:47 +0000

Dave no it does not, just the federal tax.

By: Dave

Dave — Thu, 15 Apr 2010 14:04:11 +0000

On Page 3 (income and withholdings) does the “total federal income tax withheld” include the medicare and social security deductions that come out of my pay?

By: AB

AB — Tue, 13 Apr 2010 19:46:42 +0000

Thanks for breaking it down for us! I just read this blog http://blog.greensherpa.com/index.php/personal-finance/exemption-redemption/ and it made me realize that I should make sure that I’m following the right plan. Thanks for the help!

By: Done your Taxes Yet? Me Neither

Done your Taxes Yet? Me Neither — Wed, 07 Apr 2010 15:45:20 +0000

[...] minute. My taxes are 95% done I just need to now e-file them and send along my money. I had my tax withholding nearly spot on with the exception of my side income which grew a little more than I had planned. So [...]

By: paul

paul — Sat, 20 Feb 2010 18:02:53 +0000

TechNUB, you might be money ahead to talk to a tax professional. Your situation warrants some tax expertise you won't find from me I'm afraid. Perhaps some of the readers might be able to help but for probably under $200 you could get some good advice from a local tax professional. You might try Dave Ramsey's Endorsed Local Providers for Tax Professionals and there should be someone in your area that has completed his certification process. It's not as good as the recommendation of someone local you know, but at least something to start with. Best of wishes to you, and be sure to let us know if you find out anything to help you on your way. Thanks for being fan, love to have you here!

By: TechNUB

TechNUB — Fri, 19 Feb 2010 22:25:45 +0000

Hello All, I have become a fan of fiscal geek’s blog and followers. Checking out the top 10 posts landed me here. Could any one offer advise on using witholding allowance software for people, like me who have no siblings and are a homeowning/caregiving/POA for an 89+,live-in parent? I love my mom so this means I am managing her daily living requirements, two income streams, expenses and investment portfolios. I bought QUICKEN 10 to help me manage it all and remain confused on how to use it. (At least the FG readers make me feel less alone and able to troubleshoot a little better.) I am seriously considering buying YNAB at this point for its reported simplicity.

We took a beating from the IRS in 08 and I am not sure if I’ve been able to do sufficient damage control for 09. Surfing the “Caregivers”, Elder Affairs, networks has not yielded much advice on savvy financial management, budgeting, estate planning, long term care planning etc, so is there anyone out there to share experience, war stories, etc? Thanks

By: paul

paul — Thu, 28 Jan 2010 06:51:44 +0000

Jose I’m not a tax expert but I take that to mean any NON FEDERAL TAXES that you would normally deduct. Typically like property taxes and state taxes.