I am recently married. My new wife and I each earn significant incomes. We also have mortgages, investments, and other deductible items that reduce our tax liability. What are the best ways to complete the new W-4 so that we minimize any interest free loans to the IRS? Thanks!
2006-10-31 01:17:17 · 5 answers · asked by Jesse S 1 in Business & Finance ➔ Taxes ➔ United States
You can use form 1040ES (here http://www.irs.gov/pub/irs-pdf/f1040es.pdf ) to estimate your tax liability. You can also try the IRS withholding calculator here http://www.irs.gov/individuals/article/0,,id=96196,00.html
2006-10-31 01:46:39 · answer #1 · answered by curious george 5 · 0⤊ 0⤋
Since both are working I would claim 0 exemptions for the lower paid and then complete the work schedule for the higher paid that is on page 2 of the W-4 form to see how many exemptions the second spouse should claim.
2006-10-31 09:41:30 · answer #2 · answered by waggy_33 6 · 0⤊ 0⤋
My suggestion is too get advise from a financial planner/consultant or a tax accountant as their are various forms of deferring your taxes on interest free loans also this expense is tax deductible.
2006-10-31 09:31:24 · answer #3 · answered by Bxrock 2 · 0⤊ 0⤋
no sure
check with a tax site
go to google and type in w-4 newlywed
or go to turbotax.com
2006-10-31 09:25:23 · answer #4 · answered by besos 4 · 0⤊ 0⤋
You'll find a self-calculating W-4 at this site:
http://www.pdftax.com/
2014-03-05 23:13:33 · answer #5 · answered by TaxRef 3 · 0⤊ 0⤋