So I'm 24 and have been out of school two years now. My parents have told to me claim 0 on my W4 in the past which makes sense to me.
I'm single, living on my own and recently started a small business that generates only a couple hundred in profit each month (so nothing major).
I make 60,000k a year. I have about 23k in student loans left, but that's it in terms of debt.
I've been used to claiming 0 and getting a refund. I'm confused on choosing between 0, 1, or 2 now and if me running a small business plays into that decision.
Also, I've used a withholding calculator but I'm not really good with money lingo so I got lost and confused. Claiming 0, they take out the most taxes of my current paychecks which is why I get a refund. If I claim 1 or 2, I'll have larger paychecks (technically) but not the biggest return or may owe money, correct?
Submitted February 23, 2018 at 11:14AM by chargingblue http://ift.tt/2CeQG72
