Max Number of W-4 Allowances

[Mark S.]

What is the maximum number of allowances someone can take on their W-4?  I've read articles that pretty much say between 0 and 4 depending on filing status, children, other jobs, etc.  After completing a worksheet at one of the big tax sites, it was suggested I claim 10.  Needless to say, I have too much withheld each year and end up getting a sizeable refund.  I also have a lot of itemized deductions.  Anyway, is there a "legal" limit to the maximum?  I'm not looking at 10, but I currently have 2 and it doesn't seem to be enough.  I'm tired of giving uncle sam an interest-free loan each year.  Yes, I know, invest in real estate (working on it!), but other than that, open to feedback.

[David Dachtera]

@Mark S.,

Since W2 employees get taxed BEFORE they get their money, you're kind of up a tree on this one.

You'd do better to find a way to pay yourself from your deals thru an S-Corp so you can control how much of it is actually salary (earned income) versus dividend (regular income). You'll take your big deductions at the S-Corp level and you pay yourself only what you need to to be legal.