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Old 10-23-2007, 10:56 AM   #21
Recycles dryer sheets
Join Date: Dec 2006
Posts: 347
In my 45 years of w^^k always claimed single and 0. Had to write two checks to the IRS in that time for taxes. YEA YEA I know left money with the govmt instead of getting interest on it in my account but no surprises at tax time

USCG regulations say you have to go out. They don't say anything about coming back.
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Old 10-23-2007, 12:02 PM   #22
Dryer sheet wannabe
Join Date: Oct 2005
Posts: 22
Originally Posted by SLC Tortfeasor View Post
Isn't it better to do a minimal withholding, and then just write that nasty check to the tax man at the end of the tax year (assuming that you won't get slapped with some kind of underpayment penalty)?
Generally, if the tax you owe is greater than $1,000 there is a penalty, and it's a pain to calculate. See Publication 505.
Publication 505 (2/2007), Tax Withholding and Estimated Tax

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