So if you are single, what should you put down for the most efficient way of tax purposes?

Currently i put down 0 for no claims, so I collect more at the end of the year. Do you think 0 is the best thing to put down for a single guy or maybe 1?

 

Do you take the standard deduction (no itemization)?

I would think 1 would be fine. Some people like to have a check come back from the Feds after April so they claim 0.

 

yea, I dont have a home so I take the standard deductions... I just dont want to put a 1 and then have to pay at the end of the year since I just got a raise too!

I am just trying to be efficient, 15% of my income goes to my 401k and now I just want to know what is best for my tax deduction.

 

There are plenty of tax calculators online to figure your optimum paycheck tax deduction amount. That way you'll be at zero at the end of the year and you won't let the government earn free interest money on what should have been yours.

 

Here's a link. My wife and I both work, have 3 kids and still claim 0. Someone we usually end oup owing less than 2K per year.
http://taxes.about.com/od/preparingyourtaxes/ht/W4.htm

This link may be even more helpful. I pln to use it myself:
http://www.paycheckcity.com/w4/w4instruction.asp