Should I file EXEMPT on my W4? (Probably Not)

Рет қаралды 43,169

Күн бұрын

Пікірлер: 93

@Nikita-lu6ge 8 ай бұрын

Taxes shouldn’t exist … govt wants every piece you make in anyway work for your money can’t ever get all of it you’re not making more than .. & if you don’t pay your own money you go to jail … insanity .. when they tax literally everything just include it in the price or we shouldn’t have it 😂

@LupusMechanicus Жыл бұрын

Thanks will file exempt they can get it from my cold dead fingers.

@_kimmchi_ 11 ай бұрын

😂

@TroyTroy-t5p 10 ай бұрын

😂😂😂😂

@stoneislandmadman 10 ай бұрын

😂😂😂💯

@RudeBoiiSnapz 10 ай бұрын

Lmao atta boy I will join you too 😂

@DubaiiMakavelii 8 ай бұрын

Periodttttt poohhhhhhhh

@raymencaldwell3854 6 ай бұрын

Has anyone actually been penalized after filing exempt all year?

@treytaurmancpa 6 ай бұрын

Great question, Assuming that they filed exempt but truly we’re going to have a liability, then yes, underpayment penalties are real depending on what the liability amount was. Likewise, if they filed exempt AND are not liable for income tax during the year, then they got the good ending by not having any penalties.

@Tyndalic 3 ай бұрын

I wasn’t. I got most of my money that I worked for right away. Every pay period. Felt a bit guilty. Isn’t it odd that I would feel that way when I’m the one working my bum off? I decided that if I owed anything I could care less. I need my money now. Nothing occurred. They didn’t come for me. They probably saw my check and felt pity.

@KatiTheButcher 3 ай бұрын

I know someone who has done it and didn't get penalized.

@rick503z 27 күн бұрын

@Tyndalic how much did u pay at the end of the year? Like did u ended up paying more from what they take?

@VaniZo-jm2tl 15 күн бұрын

I'm still understanding all this. Ny friend just mentioned that he files exempt and never pays federal taxes. He says it's "pending," but he still pays state.

@pimpinassassin 10 ай бұрын

I think ill switch to a w4 like they say ots better to owe than to get a check back because they means they took out extra money out your check without any interest

@CarlosMartinez-is1fo 10 ай бұрын

i never thought that way

@antwilliams12 9 ай бұрын

Not to the mention the financial burden of having your money withheld when your low on money, just to get it back in the end. That extra money could pay down debt etc resulting in a better mental. The government is basically taking your money on a loan just to possibly pay you back!! im good

@juangovea6315 Жыл бұрын

Want to do exempt as I want bigger checks

@bvfv4022 Жыл бұрын

No cap do it and invest and save up quick know what you want to do and manifest that ahit fuck that America literally up for grabs rn imagine the future all the billionaires cheated some way. 🤷🏾‍♂️ or don’t listen to me I’m just another 21 year old!!

@pimpinassassin 10 ай бұрын

Yeah make the government wait for the taxes why should they get paid before u

@LookAtLilDude 7 ай бұрын

@@bvfv4022why is he claiming we will pay more & penalties …. Like nigga im paying what wouldve been paid from the beginning right….

@racheledwards6497 7 ай бұрын

Bring taxed is unconstitutional. I'm getting out of the system.

@MexicanOREOz 7 ай бұрын

i did too about a weeks ago. glad to hear more of us are doing it

@treytaurmancpa 7 ай бұрын

How so? I think it’s the 16th amendment

@pensezamoi1560 6 ай бұрын

The 16A is for very specific status "citizens", vacate oneself from that status and the IRS has no authority to collect any "contributions". Next most important question is how do I vacate my status? It's a simple document and takes less than an hour to print, sign, and mail. I won't post it here without permission.@treytaurmancpa

@Jee-j8o 13 күн бұрын

16th amendment is fraud on income tax.

@ThriveWithThee123 4 күн бұрын

@@pensezamoi1560 I been working on stuff like this. I want more information on this so I can do it all correctly. Is there a way to private message You?

@YeetusYeet73 6 ай бұрын

Can I not just exempt myself and pay the next following year? (In April). I want to give least amount of taxs to the government in order for me to keep more and the government keep less without interest. Idc about paying taxes in one lump sum but dont want the government to have any of it until it is time?

@treytaurmancpa 6 ай бұрын

You can do that, buuuut, you’ll more than likely owe MORE than what you otherwise would have paid. For example, let’s say your tax liability is $5200 (or $100 a week), but rather than withhold any of it, you decide to just pay it all at once. Once April comes around, that $5200 balance will now be closer to something like 5.5k, due to underpayment penalties.

@YeetusYeet73 6 ай бұрын

@@treytaurmancpa ugh. The government don't pay penalties at the end of the year when the owe me .. Thank you for the confirmation

@treytaurmancpa 6 ай бұрын

Yea, definitely an insult to injury there. That’s why we usually stress not to have ‘huge’ refunds, because that’s money you could have had throughout the year, and they didn’t pay interest on it when they pay it back to you.

@Leo44656 10 ай бұрын

Ima exempt from taxes boutta start new job fuuck it see how much I owe next tax season

@legacyrobinson478 22 сағат бұрын

If I go exempt for a month an change it back afterwards would I still owe back during tax time ?

@SacredsOpinion 4 ай бұрын

For a month of pay I’ll exempt just to get a boost on my savings. Then go back to my normal tax deductions

@treytaurmancpa 4 ай бұрын

Good idea! Really helps when your payroll changes are immediate when you make those changes. I worked for a place years ago where if you wanted your Withholdings changed, it seemed to take a couple months for whatever reason.

@tobiasbrown8295 2 ай бұрын

Please clarify whether you are making this video for U.S. citizens or Federal Employees. Also noted this form should be filled out each year. Per the instructions.

@giienam4055 Жыл бұрын

So if my check is $800 and my take home is $617 if I filed exempt I would get 800 and owe that $183 every check stacked up each week over a year? Or it would be more? Also if I file exempt would I be able to use any tax write off?

@treytaurmancpa Жыл бұрын

Good question! If you filed exempt, and was able to, you would not be taxed on your income. So that $183 for example would be in your check. Buuut, if you filed exempt but you were not truly eligible for it, then you would owe the $183 multiplied by how many paychecks received times an additional 10%+ for penalties. It’s simply not worth it. The write off portions opens up a whole other can of questions, but simple talking about paycycles and Withholdings, there are no writeoffs related here

@giienam4055 Жыл бұрын

@@treytaurmancpa so essentially the government wants me to pay them check by check but I would rather pay them the lump sum at the end of the year like say… any person running a business or private contractor, I would be penalized?

@giienam4055 Жыл бұрын

@@treytaurmancpa what makes someone eligible for tax exemption? Also thank you for answering the questions🙌 to add another question…. If I am working a regular job and open up an llc could I file exempt and then put the money into the llc and work taxes through there?

@claudiarodriguez58 9 ай бұрын

Yes plus penalties because you are not allowed to make money with out paying the government their part kinda what they do in Mexico it’s called quotas where the bad guy comes to you buisness and says I want this percentage of your earnings and then threaten your entire family if you don’t come up with the money so same thing different method

@BrookeaCookea 8 ай бұрын

@giienam4055 I don't know about the llc question, but to be eligible to file exempt, you must have no tax liabilities the year before or the current year.

@Out_the_matrix 3 ай бұрын

So wouldn’t it be cheaper to withhold and pay it off over the course of the next year at 8 percent interest than live off credit cards like most Americans today and pay 24 percent interest on credit card

@treytaurmancpa 3 ай бұрын

Hey! I may not be following your question… in theory, the cheapest way to pay down your tax is just to withhold exactly what is needed throughout the year (no underpayment penalties, and no opportunity costs with refunds). If you want to get real crazy and bold, you can forgo withholding for investment use. So if you’re hit with the underpayment penalties come tax time, but you used that extra paycheck $$ to turn an investment return of something greater (those you’re netting the difference). I can’t remember if it was this video or another short where I talk about that, but it’s a risky where you probably won’t get a tax person to advise it, but some crypto bro might.

@Fitconqueror1 8 ай бұрын

Show me the law that states we have to pay income taxes... there is none!

@JemKadetchy 7 ай бұрын

It's the 16th amendment lol

@KatiTheButcher 3 ай бұрын

@@JemKadetchyit was never ratified, that is the catch.

@DaLoco33 2 ай бұрын

I wonder what would happen if no one paid taxes

@treytaurmancpa 2 ай бұрын

We could say the roads would just crumple, but in all honesty, if everyone one of us were to file exempt and essentially halt that money going to the IRS for the year, the question would be if the government would bail them out or float them until we all had to pay our taxes plus penalties. At that point, the IRS would arguably be more funded and stronger. Yikes.

@slimtimrem1075 10 ай бұрын

Hi trey good info My question is I just want to file either married and 10 or file exempt for just one pay period and then go back to married and zero how do I go about doing that on the W4 form. I get paid every two weeks

@treytaurmancpa 10 ай бұрын

Good question! I feel like I see when you’re about to get a one time bonus. Obviously you want to pocket most of it, and then revert back to normal withholding once that bonus pays out. One thing I would be cautious of is the timing of when the w4 is filled out and when your HR/payroll department actually processes it. Speaking from experience, I did something similar years ago, I filed with extra exemptions and had less taken out (more $ in paycheck), but the problem was I filled it out during week 1, but didn’t take effect until week 4, which was after I got a bonus (so it was a wasted attempt) This is just long winded way of saying ask your payroll dept what their turnaround time is for thier processing and when it actually shows up. And time those adjustments against whatever timing you need. Thanks again!

@BrookeaCookea 8 ай бұрын

I'm not sure if this is true or not but someone told me you can file the W-4 and put exempt or whatever to keep more money on your checks. They said you can only do that 6 months out of the year or else you would owe money. Can you let me know if that true or not, and is there a way to NOT owe money if you gile the W-4?

@Nikita-lu6ge 8 ай бұрын

Wow … seriously … would like you know not owe MY OWN MONEY to the greedy ass govt at all .

@joeybutters7435 7 ай бұрын

I do it all the time when I work alot of overtime but not six months 2 the most

@viperdecenter4794 10 ай бұрын

Do you have a video where to put exempt on the W4 form my understanding is you dont fill out anything but write exempt then sign and date. I'm 31 years old no kids and have always paid taxes but now im trying to pay off 3 debts faster so if i can rack in more money temporarily I dont want to screw up also i think the form is online if you have videos on that it will help a lot thank you

@treytaurmancpa 10 ай бұрын

Hey! I honestly don’t think I do, but let me try to get one out this week (it’ll probably be a ‘short’ like this one, and not a full length video). I will warn you though, filing exempt will assist in getting more money per pay check like you said, but obviously you’ll still owe that tax plus potential underpayment penalties once you file (or get a letter from the IRS). At that point it comes down to is it worth giving up, let’s say 12%, of your marginal tax rate plus penalties, to pay off for example debt that has a rate of 20% (if you have multiple debts, then it would be debt 1’s $ times the rate it’s billed, plus debt 2’d $ times its rate… and so on to arrive at a weighted average) Appreciate the comment! Let me know if I didn’t make any sense lol

@cookwithme1698 7 ай бұрын

So i paid 3% taxes this year and didn’t get any money back so is it better to pay 10% in this case and update my W4 to get more refunds or it doesn’t matter ?

@treytaurmancpa 7 ай бұрын

So 3% is very low, the usual way to even get a refund at 3% withholding is if you are truly exempt from taxes. Without looking at all your income docs and everything, it’s best to look at what your tax bracket is, as your actual tax rate will never go above it. If you already know you owed, you could ‘back in’ to the amounts that need to be withheld in order to get a refund. But keep in mind, a refund is just getting your change back, so you don’t want to get a very large one, as that’s money you could have used throughout the year

@Tyndalic 3 ай бұрын

I didn’t have to pay anything and I claimed exempt. Because I’m poor.

@DanielRichardson544 Жыл бұрын

Can a Ward of Court file for exemption?

@treytaurmancpa Жыл бұрын

Honestly, I never had a client that was a WoC that was exempt, so I’m not 100% sure. I would think the same rules for income and dependency still apply as with anyone else. But again, I don’t want to put my life on it since I haven’t physically done it. Sorry.

@Partof.Heaven Жыл бұрын

@@treytaurmancpai feel like when it comes to finance, especially tax aubject, i dont understand English🥴 But I'm teying to claim myself and since they no longer offer 1 or 0, im not sure how to do it.

@Partof.Heaven Жыл бұрын

@@treytaurmancpa i must withhold bcz in 2021, i busted my but working 2jibs, 7days/week, overtime, etc... hoping i could save, but my weekly paychecks would be ahort of a chunk like $400-500 out of $1000-2000 pay WEEKLY!!! 😮😢imagine how much taxes that adds up to; some people don't even make 20k per year. Andto make matters worsez i received a 12,000 IRA BILL in 2022. I was so shocked and disappointed,i did not even file aince. I probably should file next yr to avoid more fees... 😢😢

@hellokittydimaggio 4 ай бұрын

Can we claim 1

@treytaurmancpa 4 ай бұрын

Of course, you’ll generally want to claim whatever is the most accurate for your situation.

@Queenbluv Жыл бұрын

Whats income tax liability for the previous year mean?

@treytaurmancpa Жыл бұрын

It’s what you actually owed in taxes last year. So for example let’s say you had income under the standard deduction amount, or you had enough deductions/credits to bring your tax liability down to zero. Basically, your taxable income was $0, or your ‘total tax’ line on page 2 of your federal return was $0

@goodnessngobiri9772 Жыл бұрын

how do i find this out

@mayrapizana8705 Жыл бұрын

I just did my w4 and I put exempt does that mean they won’t take out any tax withholding

@treytaurmancpa Жыл бұрын

Hey Mayra! Correct, if your employer is doing it right, you will not have any Withholdings. You very well may truly be exempt, I’m not sure about your unique situation, but if you are liable for income taxes and you had nothing withheld, you may be surprised with the tax bill and the potential added penalties and interest.

@mayrapizana8705 Жыл бұрын

@@treytaurmancpa so next year I will have to pay taxs right

@treytaurmancpa Жыл бұрын

Possibly, there are situations where you truly are exempt from income taxes. Now that tax season is over, I can start making more of these videos. I’ll make one soon that talks about that. But at a high level, If you paid taxes on prior years, and nothing much has changed in terms of your income and eligible deductions/credits, then you more than likely may be owing. Everyone’s situation comes with a hint of uniqueness. And without knowing your true financial info, I can’t say for sure. But more often than not, people who file ‘exempt’ on their w4s are not truly exempt from taxes, meaning yes, you’ll be owing it all come tax return time, rather than paying it in parts as you get your paycheck.

@wesleyboone351 Жыл бұрын

@@treytaurmancpawhat are the general penalties and charges interest mentioned in the video towards the end?

@wesleyboone351 Жыл бұрын

🙏🏽