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Question about Income Tax.

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danielleandscott
My new 71 Super Beetle

Member since 5/05

13476 total posts

Name:
Scott

Question about Income Tax.

I never changed what I was claiming on my inclome tax after we got married. I am still claiming Single Zero and they take a ton of money out of pay. After getting our taxes done, our accountant advised me to change my statis.

My question is should I change it to married Zero or One? I don't want to end up paying next year either.

TIA
Danielle

Posted 2/28/06 6:07 PM
 
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charon54
My two boys!

Member since 5/05

7279 total posts

Name:
Rebecca

Re: Question about Income Tax.

DH and I both claim 0 because we like to get a large check once a year. It means we get less in our checks throughout the year, but it was well worth it when we heard what we are getting back this year. Chat Icon Chat Icon

Posted 2/28/06 6:09 PM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: Question about Income Tax.

Do married 0.

There are plenty of IRS W4 witholding calculators on the internet.

Posted 2/28/06 6:12 PM
 

amarto
LIF Adult

Member since 7/05

908 total posts

Name:
Allison

Re: Question about Income Tax.

I also did married, 0.

Posted 2/28/06 6:23 PM
 

CookiePuss
Cake from Outer Space!

Member since 5/05

14021 total posts

Name:

Re: Question about Income Tax.

Change it to married, zero. I know everyone likes getting the big tax refund but from a financial standpoint, it's a bad financial move because you are basically overpaying your taxes. It's like loaning Uncle Sam money for a year without any interest.

Posted 2/28/06 6:29 PM
 

suvenR
designer mutt

Member since 5/05

4239 total posts

Name:

Re: Question about Income Tax.

We both kept ours at Single 1

Posted 2/28/06 6:33 PM
 

danielleandscott
My new 71 Super Beetle

Member since 5/05

13476 total posts

Name:
Scott

Re: Question about Income Tax.

Thanks everyone for the info.

Posted 2/28/06 6:51 PM
 

LuckySV
LIF Adult

Member since 10/05

4675 total posts

Name:

Re: Question about Income Tax.

I claim single 3 and DH claims single 1 (i think). We still got a very large refund and we didn't even own our house the entire year. I think I may change to married 3. I don't like the large check at the end. I'd rather invest it at my own discretion.

Posted 2/28/06 6:54 PM
 
 

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