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dianeh675
Mar 13, 2008, 11:28 AM
Was wondering if one could ask their company that they work for, to go tax exempt for a period of time to have more immediate cash. Is this possible legally???? Diane
ScottGem
Mar 13, 2008, 11:34 AM
You could change your W4 to get you the minimum withholding. But if you are underwithheld at tax time, there may be penalties.
ebaines
Mar 13, 2008, 11:58 AM
In addition to the inerest and penalty you may owe due to underpayment of taxes during the year, deliberately filing false documents (such as submitting a W-4 claiming that you are exempt from withholding, when you know you are not) is classified as tax fraud. Penalties for this include fines, or jail, or both.