Good morning NM,
Hahaha at “Money-Knowing-Shit-About-Person”…
If I’m short around $1,000 (or 6 lol) on anything important to me, and I’m not in the position to earn more money (or don’t have the time), I increase my deductions on my W-2 and save the extra net pay for a few pay periods.
In your case, if you expect a tax refund of at least $850, it’ll be an easy wash at the end of the year… BUT if you don’t expect a refund, you can make up for it by paying additional payroll taxes towards the end of the year (if your financial situation will be better). Then you’ve just given yourself a free loan until April 2015.
If you don’t expect a refund AND you don’t think your situation will change during the year, my favorite way to make up for not paying enough income tax is my home business. PUT A SIDE HUSTLE ON PAPER! NM’s Paper Clip Co… idgaf what it is, just anything you don’t need a license to sell. All u need is a tax ID in your state (it’s free and you get the # right away online). Even if you don’t sell 1 paper clip, the home office deduction, auto deduction, and “things you already use to live- deductions”, will easily wash out $850.
I own a home-party company and the income from that is really an afterthought. My business’ purpose is so I don’t have to pay income tax at my real job, free food, party in controlled environment, and popularity with great new people that are always attracting money into my life somehow. I’ve never had a loss, but the way our country is set up, if I did have one, I get dollar for dollar back off of what I didn’t hand over from my paycheck.
Happy to help,
(See follow-up Q&A’s in the comments section of this post)