Someone please explain tax withholdings to me

I'm currently still claiming single 0. DH and I have 1 DC and no home yet. DH claims single 1 I believe. We usually get a refund from Federal. I'm looking to get more in my paychecks though without us owing in the end because that would kill me. Should I just stay at single 0? What's a safe bet for me not to owe?

ETA: I'm looking to buy a house this year so every bit in my paycheck counts. That's why I'm considering the change.

Message edited 12/29/2013 2:51:20 PM.

Someone please explain tax withholdings to me

No sense in giving the gov't a free loan. I would def. change to get more back in your pay check. There are calculators online that can guide you to what you should be claiming to come as close to a $0 refund as you can.

Someone please explain tax withholdings to me

Dh an I don't have any kids but our accountant told us claim 0 if we want money back from taxes and claim 1 if you want to break even.

Re: Someone please explain tax withholdings to me

I pers. like the large refund at tax time but everyone is different... Claim 1 for no refund and 0 for a refund...

Re: Someone please explain tax withholdings to me

Thanks all! I do love my refund too, but I'm thinking to have it in my paychecks if we get a house would be nice.

Re: Someone please explain tax withholdings to me

I recommend using the IRS calculator:

IRS site

I like to get as close to break even as I can since I would rather keep my money year round than give the government an interest free loan.

Also, there are so many threads at tax time on delays in getting tax refunds. I don't want to be in that position.

In the perfect world I would like to cut a check to the government for $1000 or less every year.

Re: Someone please explain tax withholdings to me

I have always claimed 0, even with 2 children. It's like a forced savings and since I've always done it, we don't miss the extra each month and then u get it back in a big refund. If u can live without the extra in your paycheck, I think its better to claim 0.

Re: Someone please explain tax withholdings to me

I just changed over with my new job this year.

My SIL who is our accountant advised me to do single 0.

It also helps because DH is self-employed.

In general, I haven't seen a refund in awhile but that's generally because DH owes because of his business.

By not receiving a refund, we break even.

Someone please explain tax withholdings to me

I claim Married 1. I forget what DH claims. We usually get back under $1000.

Someone please explain tax withholdings to me

this, like so many other things is a very personal choice. if you want to make the change to have more money in your paycheck, i also recommend using the irs calculator.

also, remember... if you're planning to purchase a house in 2014, your income tax return will be very different beginning that same year. so what you do now might not be what you want to do for the following years. i would advise that you re-evaluate at the end of 2014 and then again at the end of 2015.

Someone please explain tax withholdings to me

When I was working i claimed the most do $ stayed in my paycheck & taxed free funds went into my 401k & grew for a yr instead of taken out..frozen then given back at the end of yr...my $ was being ingested in that time.