Tax Exemptions
October 7th, 2003
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Tax Exemptions
Question: How many tax exemptions should a single person with no children claim?
I just started my first ‘real’ job and am not sure how many exemptions to claim so that I will not owe at the end of the year.
Answer: Exemptions are claimed on your Tax Return when you file it. Since you are single with no dependents, you only get one for yourself.
If you’re asking about Form W-4 at your job, you claim withholding allowances, not exemptions. The number and type of dependents along with a number of other factors will affect the number of allowances that you should claim.
Normally for a single person claiming one allowance will result in a modest refund at filing time. You can claim 2 but there is the chance of a small debt at filing time though for most folks that will be less than $100.
Palatine Twp. Assessor Property Tax Exemptions (Additional Exemptions)
Related posts
Posted in Uncategorized | 
Tags: finance, irs, money, tax, tax exemptions 0 or 1, tax exemptions 2009, tax exemptions allowances, tax exemptions calculator, tax exemptions for children, tax exemptions for churches, tax exemptions for dependents, tax exemptions for pets, tax exemptions for students, tax exemptions w4, taxes