I am married and have one child and bring home about 86k a year and am the only one working. I have always been a little confused about this...Please help.
2007-01-31 09:44:23 · 3 answers · asked by Kilroy 1 in Business & Finance ➔ Taxes ➔ United States
I have always done single, 0 dependents no matter if I am married or not b/c although they tax you more, you don't have to pay at the end of the yr.
I would do that if I were you b/c with adding your wife and child at the end of the yr., that will give you 3 deductibles in all (yourself included) and you get alot more money with a child.
2007-01-31 09:53:49 · answer #1 · answered by tdc923 4 · 0⤊ 1⤋
The link below is a calculator by the IRS designed to answer exactly the question you asked. It has predicted my refund to within $10 each of the last 3 years.
2007-01-31 18:46:05 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Are you making the maximum contributions to any 401 pension plans, or IRA's ?, this will reduce your tax liability, considerably!! Go to hrblock.com, and they have a special calculator that figures for you how many deductions to claim during the year, you just fill in the figures for the coming year and it will figure it for you.
2007-02-04 00:10:07 · answer #3 · answered by musicman 5 · 0⤊ 0⤋