Uncle Sam Wants His Money

So apparently you can NOT completely stop having Federal Income Taxes withheld from your paycheck as I had ASSumed from setting up my Estimated Quarterly Taxes through TurboTax. Hey, what do want from a Moron. I’ve been advised that you can increase your personal exemptions on your W-4 to a seemingly outrageous number (like 10 or 13) to greatly reduce the amount of federal taxes withhled but there are penalties for stopping the withholdings all together.

I had already planned to meet with a CPA after tax season is over to review my recently filed return to see if an amended return is necessary, get professioanl advice on how to handle my taxes the rest of this year, and have my taxes done by a professioanl from now on…this latest confusion only solidifies my decision.

For a few hundred dollars a year, I no longer have to waste hours of my time filing my taxes and, even more important, I can relax knowing that they were done right and I’ve minimized the amount of My Money that the government can waste.