25m union electrician being taxed about $500 a week. I have never owed and get about $1,200 back during filing season since i have no dependents and isn’t married. I work 60 hrs a week would me going exempt for 2 months be a bad idea? My reasoning is just to see more of my money to put into a HYSA
Posted by Gotex_14
4 Comments
So you want to owe on taxes. And our a lot. Yeah this will end badly.
The reason that the guys on the podcasts telling you to do that aren’t in jail is because they pay their taxes.
You can’t claim exempt unless you actually are exempt, or you lie on your W-4. And aside from the obvious (lying to the IRS is bad), you may owe under-withholding penalties when you file.
Putting exempt on your W-4 when you aren’t is perjury, which is federal crime.