Should I Claim Exempt from Withholding

⚠️⚠️Do you owe back taxes to the IRS or State?⚠️⚠️

One of the fastest ways to rack up tax debt is to claim exempt from withholding. In this video I explain who can legitimately claim exempt from withholding and why.

Would you like to learn how to get the tax collectors off your back without paying your taxes in full? Even if you can't afford to make any monthly payments at all?

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📝Contact Corey Hankerson JD, EA📝
📞Call us: 1 (877) LEVY-KING

NOTE: Legacy Tax helps individuals and businesses with tax and accounting issues. Legacy Tax is not a law firm and does not offer legal services or legal advice. If you need legal services or legal advice please consult an attorney.

[privateislandrecords]

Claim Exempt and just save everything in your savings. You don’t have to owe the irs in one full payment. They will give you a payment plan. Times is hard and people need the extra money, just be knowledgeable and responsible when you do this.

[ciscon]

We should ALL claim exempt and throw out elites 😮

[zonkedrhyme]

I exempt my checks, put the money in a high high yield savings account then pay my taxes after. And make a little extra on the side. You gotta be DISCIPLINED though.

[turntvideos]

Hey thank you !!! This is the question is young people needed answered fr . I feel so lost looking at my paycheck, I feel like I’m working for no reason .

[heathersaunders]

Thank you so much for making the requirements for filing exempt clear because I have been down this rabbit hole all night reading!

[Spence]

Select exempt, put the extra money into your 401k. If you have earned income credit, that’ll cover the debt.

[derelltobias]

Man I claim exemption all year, tax these 🥜

[brianwillis]

I'm not even playing with fire at this point. I'm playing with an erupting volcano in the depths of hell. I honestly don't even give a damn at this point.

[VEGASCYPHERS]

What about claiming exempt just for this month? Is that bad? Just want all my money for the holiday season

[Sophisticated]

The best thing to do is claim exempt all year and put that money on credit card payments it helps build credit and pay off owed taxes when filing it's simple .. ..thank me later

[DanTessman]

I've been thinking of claiming exempt, last year my return was close to 10k

[ismaeljrmorales]

I accidentally put exempt and only got 3k back from taxes versus getting 10k. Now it’s either I get those 10k in a lump sum without exempt. But with exempt I made 45k in a year and only got taxed I think around a few hundred like 208.00 but i saved a good amount. I rather get taxed all year and get a lump sum back since the year goes by so fast!

[jonathanblack]

I think if your responsible yes. It's basically an interest free loan. Why allow your company to take money out your check let it sit in their savings account and gain interest. It's no different than a business owner paying what he owes

[Nexus_KT]

Thank you SO SO much. I've always been confused by this question on the W-4 forms when applying for a job.

[ShamirMooreBey]

Why not just ask the IRS to show you the LAW that says you must pay taxes first.

[BenneWill]

Now here's an idea... Let's say instead of having the IRS take money out of your paycheck every month, you invest the extra cash you get to keep in the stock market. Then at the end of the year... you've actually made a profit. Does that make sense?

[whattheworldsneedswhatneed]

Thank you for your video. I always get confuse on exempt.

[adriangreene]

Instead of paying 25% of my check on taxes I opted out of that, and now invest 20% of my check in stocks, which I sell however many stocks needed to pay for the taxes at the end of the year. I feel allot better off doing it this way. I also have a nice savings/emergency account. That little refund isn’t worth it.

[Scorple]

Thanks! Just changed my answer to "not exempt"!😎

[theesweetestpeach]

Problem is if you haven't got kids you have to PAY thousands just to work to survive 😒