Getting married in september. Just bought a new condo in addition to one that I already own and now rent out. Should I change my filing status to married now? I now claim Single-2 and I would like to minimize my return without owing.
2007-05-03 10:57:20 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Your filing status (what you use on your 1040) is determined by your marital status on Dec 31. If your wedding is not for 6 months, you should do NOTHING with your taxes for 6 months. One week before the wedding, use the withholding calculator on the IRS website below to determine how much you need withheld. Change your W-4 when you return from the honeymoon. If you change it now, and disaster strikes before September, you could be in DEEP trouble.
2007-05-03 11:24:36 · answer #1 · answered by STEVEN F 7 · 4⤊ 1⤋
You shouldn't do it if your spouses' credit is shaky. Also, check your local laws because depending where you live, you could lose equity in a divorce or if creditors come after your spouse they'll still hold you liable just for being married to them. Both of you need to go over your credit reports. Get one from each bureau, not just one, cuz if there's fraud on one, that may not show up on the other two. You'll always be held responsible so long as you both share credit and/ or file taxes jointly. Consult your accountant first.
2007-05-03 11:17:40 · answer #2 · answered by SloBoMo 5 · 0⤊ 4⤋
Steven's advice is dead on the mark. Give him the points. The first two are clueless.
2007-05-03 11:55:24 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Yes, change it to married. And continue to take two allowances. To figure out how much tax will be taken. Look in IRS publication 15
2007-05-03 11:02:41 · answer #4 · answered by Anonymous · 0⤊ 3⤋
you may record at the same time or one after the other as this is effective to you and alter each and each 12 months in case you choose for in case you record one after the other now and he or she data for an extension this is yours and her selection
2016-12-10 18:34:41 · answer #5 · answered by ? 4 · 0⤊ 0⤋
bravo steven - couldnt say it better myself...
2007-05-03 12:13:28 · answer #6 · answered by jen070480 2 · 1⤊ 0⤋