Im single, no dependants, live in an apartment, can i claim head of household, thus claiming a total of 2 instead of 1 and get a little more on each paycheck to live on, without owing a ton at the end of the year ?
2006-11-05 03:40:56 · 5 answers · asked by kimmy3 3 in Business & Finance ➔ Taxes ➔ United States
You can't claim head of household on your return since you don't have any dependents - that's one of the requirements for head of household. Read the instructions for W-4.
If you claim more allowances on your W-4 than you are entitled to, yes you'd get more in each paycheck, but then you'd owe it back when you file your return, and might also be subject to penalties and interest depending on how much you owe.
2006-11-05 03:49:25 · answer #1 · answered by Judy 7 · 3⤊ 0⤋
As others have said, with no dependents you can't claim 'Head of Household' when you file your tax return. 'mom single sexy' is mistaken about deducting mileage to and from work. That is considered a non-deductible commuting expense. If you travel between jobs or travel for work, mileage may be deductible. In either case, you must itemize deductions to benefit. As a single that does not own a home, there is a good chance you won't benefit from itemizing deductions. The best way to fill out a W-4 is to fill out a full tax return using your best estimates for income and deductions. Next, divide you tax amount on the form by the number of paydays in a year (26 if you are paid every 2 weeks). Finally, consult the withholding tables available from the IRS to determine how many withholding allowances come closest to matching that amount. The next best method is to use the withholding calculator on the IRS website.
2006-11-05 06:10:04 · answer #2 · answered by STEVEN F 7 · 1⤊ 0⤋
You need to start thinking about other tax breaks. You can't file as head of Household, since one of the requirements is that you provide for a child who lives with you. And playing with your W4 can be dangerous unless you really know what you're doing.
I would advise that you start contributing to a retirement plan. If you have access to a 401K at work, that's first. If your employer matches some of what you put in, then make sure you're putting in all you can.
If you don't have access to a 401K, open an IRA. You may have to save a little first to have the money for the initial deposit, but anything you put into a 401K or IRA is not taxed in the year you contribute (depending on the type of IRA).
You also need to know what job-related, medical, and charitable expenses might be deductible. You don't have to own a house to be able to pay fewer taxes.
Talk with a tax professional now, before April... preferably before the end of the year. Many firms will sit down and talk with you about this kind of thing at no charge. I'd love to see you keeping money for yourself instead of giving it to the IRS :)
Let me know if I can be of further assistance
2006-11-05 03:57:11 · answer #3 · answered by Katie Short, Atheati Princess 6 · 2⤊ 0⤋
you wont owe a ton but you wont get much back either. Also, when you file keep your gas receipts from now on and use them for a tax writeoff it will help. That is if you drive more than 15 min to work every day. I do that each year and then I get reimbursement for it. Not many people do it cuz they dont know about it... But, you can do it it is legal.
2006-11-05 03:50:37 · answer #4 · answered by Anonymous · 0⤊ 3⤋
Need a tax break? Start your own business. But definetly do not try to pass yourself off as HOH.
PS- You are lucky to be "single"...I enjoy lots of additional tax as "married filing separate". See, it COULD be worse!
2006-11-05 08:55:06 · answer #5 · answered by upside down 4 · 0⤊ 0⤋