Red Xanax tablets should only be taken as prescribed by a healthcare professional. The usual recommended dose for adults with anxiety or panic disorders is 0.25 to 0.5 mg tablets taken orally, 3 times a day. The dose may be gradually increased if necessary, but should not exceed 4 mg per day. It should be taken with water and can be taken with or without food. It is important not to crush, chew or break the tablets as this can release the medication too quickly and increase the risk of side effects.