i'm tired of taxes eating me alive. i entered 1 is that the best option for me?
2007-05-30 06:48:30 · 5 answers · asked by game_099 2 in Business & Finance ➔ Taxes ➔ United States
I'm assuming that you are talking about your federal withholding from your paycheck? Having too much taken out at paycheck time, or too little and you end up owing at April 15th? If too little than you can claim 0 on your W-4, and can also ask the payroll department to withhold extra federal from your paycheck if you want. If too much is withheld from your paycheck and you get a large refund in April then you can increase your W-4 exemptions. Your payroll dept could also help you out in this instance as well.
If you are talking about your taxes on your federal return eating you alive than your options are to either get married and file a joint return, or have a kid and be able to file as head of household, or buy a house, and be able to itemize instead of taking the standard deduction.
2007-05-30 08:22:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Since we don't know your full tax situation, we can not really answer this for you. If you are getting alot back each year, you can change it to have less taken out each check. If you read the W-4 you will see, without taking into account any deductions such as mortgage interest, you can claim up to 2 exemptions just by following the instructions. (One for yourself and an additional one for having only one job) You can actually claim whatever you want on your W-4, however, come tax time, you will have to pay if you have not had enough taken.
Here is the link to the W-4 form: http://www.irs.gov/pub/irs-pdf/fw4.pdf
2007-05-30 07:42:40 · answer #2 · answered by Mom of 2 4 · 0⤊ 0⤋
The total tax you end up paying for the year will be the same no matter what you put on your W-4, zero or one. The only difference is when you pay it - with 1 you'll get more in each paycheck, but get a smaller refund or owe when you file.
2007-05-30 07:17:43 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
Unless there's some special case you're not mentioning, that's about it. You can't claim more in exemptions than you can claim on your tax return, and if you change to single & 0, it'll take more taxes out each pay period, but you're more likely to receive a refund, or at least not have to pay much. Sorry!
Hope this helps!
2007-05-30 07:08:55 · answer #4 · answered by starlight_chic06 3 · 0⤊ 1⤋
pretty much your only option, unless you have a kid or granny you care for.
2007-05-30 06:57:14 · answer #5 · answered by kris 2 · 0⤊ 1⤋