2006-12-29 03:27:36 · 6 answers · asked by Liv's Mom 2 in Business & Finance ➔ Taxes ➔ United States
Well, you should claim single, zero dependants - unless you'd rather pay the IRS at tax time...
2006-12-29 03:30:42 · answer #1 · answered by Tammy C 4 · 1⤊ 0⤋
As someone else stated, you should claim Single and 0.
However, you have some options.
What you really need to ask yourself is, do I want to let the government borrow my money all year long without paying me any interest?
If you don't need more money now, go ahead and add a few dollars to the "extra withholding" section. Most people who do this simply don't have the discipline to save money any other way.
Personally, I would rather owe the IRS at tax time. I have the means to pay off a few hundred dollars, and I save my money through the year, or apply it towards accounts that are charging me interest, and thus reduce my overall debt. In effect, I'm saving money just because I wait to pay the IRS.
If you can do that, great! If not, just do it the old fashioned way.
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2006-12-29 12:26:23 · answer #2 · answered by jamiecd77 3 · 1⤊ 0⤋
During your working year you should claim 0, when you file your short form taxes 1040 EZ form you claim 1. If you made under $12,120.00, you may also be able to claim or take the Earned Income Credit , with no dependents. I called the IRS and the women there helped me out alot. Also it is a good idea to have $5.00 or what ever taken out of your pay to go towards your taxes . I have done it every year, it is like a saving account and you do get the money back if you don't owe taxes. Hope this helps you.
2006-12-29 11:57:28 · answer #3 · answered by dallas 1 · 0⤊ 0⤋
Yes you can just follow the basic guidelines of Single 1 cause that is what you are. However the actual number of exemptions is based on your taxable income. The IRS has a calculator that you can use on-line to determine the number of withholding exemptions. Run your numbers through it and see what you get. You may end up with Single 1 but then again you may end up with more and a little more with each paycheck if you have some unusual deductions.
2006-12-29 18:20:09 · answer #4 · answered by zudmelrose 4 · 0⤊ 0⤋
If you have no deductions, Single with 1 dependent is generally fine. Take a look at the IRS tax calculator on the website, it works pretty good.
2006-12-29 11:47:52 · answer #5 · answered by Michael C 3 · 0⤊ 0⤋
claim 0, but start a home based business so that you can write off a part of your house and expenses, travel, entertainment, meals...etc. That will give you a nice return.
2006-12-29 11:36:26 · answer #6 · answered by northville 5 · 0⤊ 1⤋