I am expecting a large bonus or I worked a lot of overtime and my coworker told me I should go exempt so I don’t get hammered on the taxes. Will I get in trouble? Is this OK?

Understanding taxes is crucial. Your tax withholding is like a savings account to cover your tax bill. If you withhold too much, you get a refund; too little, you owe. Going exempt means no money is withheld, and you risk owing later. Even if you’ve had enough withholding earlier in the year, we don’t recommend going exempt—it’s a gamble. Many forget to change it back and end up owing a lot. To avoid surprises, keep your withholding accurate all year. Don’t rely on co-workers for tax advice!