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    dianeh675's Avatar
    dianeh675 Posts: 1, Reputation: 1
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    #1

    Mar 13, 2008, 11:28 AM
    Tax exempt
    Was wondering if one could ask their company that they work for, to go tax exempt for a period to have more immediate cash. Is this possible legally?? Diane
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    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's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    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.
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