Based Business
May 13, 2010
W4 for two jobs and home based business?
I have a home based business and two full time jobs. Someone told me I should claim 9 exemptions on my W4′s for my jobs, because I have a business. Is this legal? If so what kind of exemptions could I claim?
i dont know whether its illegal, but why would you do that?
your business will generate more income tax owed, which you could offset with your two jobs.
doing what you have been advised will cause you to either get a smaller return or maybe owe income tax. And if you owe, this could cause you to pay a penalty for not paying estimated taxes on your business’s income.
it makes sense for some people, but not for a person in your situation.
This home business ROCKS! We actually get paid to Travel!
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