Asking your employer for minimum tax withholding?

[bawlin]

Has anyone successfully done this before?

I'm in sales and I'm able to deduct a ton of expenses - home office, phone, meals, etc. I end up getting a fairly significant tax refund but I'm starting to think maybe I should just have my employer withhold the minimum amount and get close to nothing back from the government (or run the risk of owing a little bit).

Anyone done this?

 

[Piobaire]

Just go to HR and tell them you want to increase the number of your deductions. Pretty simple.

 

[tj100]

Originally Posted by Piobaire

Just go to HR and tell them you want to increase the number of your deductions. Pretty simple.
Agreed; just fill out a new W4. I was once asked to sign something indicating that I understood the risks involved with under-withholding and authorized the company to do so - which seemed reasonable to me. Just to clarify, the "minimum amount" to withhold is zero, but unless you file quarterly estimates, you're likely to end up in a penalty-and-interest situation come next April.

 

[in stitches]

Originally Posted by Piobaire

Just go to HR and tell them you want to increase the number of your deductions. Pretty simple.

bingo.

but make sure you are gonna be close to break even at years end. they dont like it when you owe them a lot of money. ive done it and if you stick with the above you should be fine.

 

[dragon8]

Originally Posted by Piobaire

Just go to HR and tell them you want to increase the number of your deductions. Pretty simple.

This. But becareful since you may owe some or alot at the end of the year.