10/28/2026
💰 LET’S TALK ABOUT GOING EXEMPT ON YOUR TAXES!
Have you been claiming exempt on your paychecks all year? Let’s talk about what that means when tax time comes!
First, let’s clear something up: A tax refund isn’t just free money the IRS hands out. Your refund depends on how much tax you paid, how much tax you owe, and whether you qualify for certain tax credits.
📌 1. Going exempt can mean a smaller refund.
When you claim exempt, your employer generally stops taking federal income tax out of your paychecks. That means you have less—or possibly no—federal income tax withholding to get back when you file.
📌 2. Can you still get a refund?
Yes! You may still qualify for certain tax credits, depending on your income, family situation, and eligibility. But don’t assume those credits will automatically make up for everything you didn’t have withheld.
📌 3. You could end up owing the IRS!
If you owe taxes but didn’t pay enough throughout the year, you may have a tax bill when you file. You could also owe a penalty.
📌 4. And let’s talk about your tax preparer!
Your tax preparer cannot legally make up numbers, invent expenses, or claim credits you don’t qualify for just to give you a bigger refund.
We calculate your return using your actual tax information and the credits you’re legally eligible to claim. We don’t make up numbers to meet refund expectations.
💡 THE BOTTOM LINE: Going exempt can reduce your refund by reducing the amount of federal income tax withheld from your paychecks. Your final refund still depends on your overall tax situation and any credits you qualify for.
Understand your choices. Know what to expect. And don’t let anybody convince you that a legitimate tax return needs made-up numbers to get you a good refund!
💼 TAP Financial Services
When it’s time to file, TAP in!
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