My husband and I are closing on a home. Should we each change our tax status from Single 1 to Married with 3 allowances? We are not sure how to determine how many allowances we can have. We do not want to end up owing the IRS in April. Should we make an appointment with an accountant to alter our W-4s to be certain?
2007-12-04 07:07:46 · 4 answers · asked by Donna S 2 in Business & Finance ➔ Taxes ➔ United Kingdom
Married couple's allowance was abolished in April 2000.
2007-12-04 09:31:06 · answer #1 · answered by Philip W 7 · 0⤊ 0⤋
For W-4 purposes, the "single 1" would be the same as "married 1 but withhold at higher single rate" - and you won't get in trouble as long as you file your actual tax return as married. Was there some reason why your accountant did your returns last year as married filing separately? You almost always save total tax for the two of you if you file a joint return - depending on circumstances, it might be a little, might be a lot.
2016-04-07 08:25:12 · answer #2 · answered by Anonymous · 0⤊ 0⤋
no you both don't want to claim the same exemptions- but you should have changed it to married by now. go see your accountant.
2007-12-04 07:10:41 · answer #3 · answered by sticky nikki 3 · 0⤊ 1⤋
Yes please go see a accountant, a house does not count as a dependent .
2007-12-04 07:12:15 · answer #4 · answered by Cat Man 5 · 1⤊ 1⤋