I am single and live on my own in my own house. I know about the deductions you can file when you do your taxes (such as mortage interest deduction), but I'd like to know how I can get more money on my paycheck NOW. I just file the one exemption for me. I don't have any kids or anything like that. Is there a way to get more now even though I really don't qualify for any exemptions other than the one? Thanks for your help!!
2007-08-15 06:39:15 · 3 answers · asked by lindsey m 2 in Business & Finance ➔ Taxes ➔ United States
Thanks for the input, but how can I claim 2 exemptions when I only qualify for one? Would that be lying?
2007-08-15 07:58:16 · update #1
One more thing :)
Can I change my withholding at any time through my employer? Do I just need to contact HR? Again, you all have given me some excellent information so far!!
2007-08-15 08:00:40 · update #2
The mortgage interest deduction probably won't have a huge impact on your taxes. Most folks see well under $1,000 in tax advangate from home ownership unless they have a HUGE mortgage and/or high property taxes.
If you are claiming 1 withholding allowance you can probably claim 2 safely and not owe much at the end of the year -- less than $50 in most cases unless you have a lot of other income not subject to withholding.
If you are getting a large refund -- anything over $1,000 -- you can do a very rough estimate on your proper withholding allowances by dividing your refund by 1000. For each whole number in the quotient, increase your withholding allowances by 1. So if you are getting a $3,500 refund, add 3 to whatever you are claiming for withholding allowances and you'll be pretty close to even money at the end of the year. You'll still get a refund but it should be much smaller.
2007-08-15 06:52:40 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The exemptions on a W-4 are not the same as on your 1040, it's just a number to put in a calculation to estimate your taxes.
To lower the taxes coming out, you put a higher number in.
The IRS has a site to help you come up with your correct number.
http://www.irs.gov/individuals/article/0,,id=96196,00.html
(just click on the link at the bottom of the page, and fill in your personal information).
I hope that helps.
2007-08-15 13:52:55 · answer #2 · answered by Michael K 5 · 0⤊ 0⤋
just change your W-4 at work to 2 exemptions. But just make sure that you have enough withheld so that you don't owe at the end of the year. I've attached a paycheck calculator site to help you figure out how much is enough.
www.paycheckcity.com
2007-08-15 13:45:11 · answer #3 · answered by Anonymous · 0⤊ 1⤋