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photoshopbabe
wow....
Member since 5/07 2197 total posts
Name:
linda
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I don' know what to do anymore re:taxes
Maybe someone can help me out or tell me waht you do.
Me and DH rent.
I claim married 0, he does the same.
I really don't make a lot.
Well, just after talking to our accountant on the phone, it looks like we will have to pay AGAIN this year. AGAIN.
I dont understand-what am i doing wrong??!!!!
I feel like crying.
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Posted 3/31/10 10:27 PM  |
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Long Island Weddings
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PrincessP
Big sister!!!!!!!!!!
Member since 12/05 17450 total posts
Name:
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Re: I don' know what to do anymore re:taxes
Not sure why in your case but dh claims 0 and I claim 1 and there are 3 of us and we always pay to state. I was told you can have additional $$ taken out of your check.
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| Posted 3/31/10 10:29 PM |
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Phyl
R.I.P. Sweet Mia ♥
Member since 5/06 28918 total posts
Name:
The Mystical Azzhorse! ™
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Re: I don' know what to do anymore re:taxes
You might need to have an extra amount deducted from your check. Like married 0 with xtra 20$ per week or what ever amount you think will help not to owe alot of taxes at the end of the year.
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| Posted 3/31/10 10:30 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19453 total posts
Name:
L
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Re: I don' know what to do anymore re:taxes
Ah the good old marriage penalty. I would talk to you accountant to figure out how much extra to withhold.
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| Posted 3/31/10 11:17 PM |
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Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
Name:
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Re: I don' know what to do anymore re:taxes
Posted by LSP2005
Ah the good old marriage penalty. I would talk to you accountant to figure out how much extra to withhold.
There is no marriage penalty anymore - it's been phased out the past few years. The single deduction is 5,700 and the married deduction is 11,400.
I think people that don't itemize were effected by that Making Work Pay program that was put into place last year. There was a reduction in withholding tax but not tax rate so people paid less tax during the year and it is catching up with tax payers now.
Without itemized deductions, there's not much more you can do except withhold a little more so you don't owe at the end of the year. Your tax preparer should be able to give you an amount that will work. Or divide what you owe by your remaining paychecks this year and ask your payroll department to withdraw that additional amount from your paycheck. It may be off a bit but you'll be in the ball park.
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| Posted 4/1/10 6:01 AM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: I don' know what to do anymore re:taxes
i would take out an money from your check...
and maybe check with another accountant regarding your taxes. Since i switched accountants, i have seen a significant increase in refunds...
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| Posted 4/1/10 7:09 AM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: I don' know what to do anymore re:taxes
Posted by BabyBoy
i would take out an money from your check...
and maybe check with another accountant regarding your taxes. Since i switched accountants, i have seen a significant increase in refunds...
I agree. You may be entitled to more deductions than what you're taking.
Otherwise, I agree with other posters that you can elect to take additional $ with each paycheck.
One of the reasons we bought a house when we did was the tax deductions.
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| Posted 4/1/10 7:31 AM |
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MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: I don' know what to do anymore re:taxes
We have had the same problem! I claim married 0 and so does DH and we had a daughter this past year. We STILL owed!!!!
Our accountant basically said that if you don't own a home, he suggests claiming single 0. I just ended up changing my withholdings to take out an additional $100/paycheck going forward.
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| Posted 4/1/10 8:35 AM |
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Peainapod
Peanuts are here!
Member since 1/09 13591 total posts
Name:
Diana
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Re: I don' know what to do anymore re:taxes
DH and I are married, filing joint. On our W-4's we both claim 0. I forget if we do single 0, or married 0-tax at the single rate. This way they take the most out and we're not left owing at year end.
your job may not be taking the proper amount of taxes out. MIL had to ask to have a few more dollars a week taken out and this year she didnt owe.
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| Posted 4/1/10 9:19 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: I don' know what to do anymore re:taxes
before we owned we both used to take out additional withholding.
It blows..
Not that owning a house helps much since you pay more for where you live.
We own two properties and only get back minimal refunds..mostly it's because we claim 2 each. I hate giving the gov't an interest free loan.
Look at it that way. Every year you get an interest free loan.
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| Posted 4/1/10 9:55 AM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: I don' know what to do anymore re:taxes
Posted by Christine
Posted by LSP2005
Ah the good old marriage penalty. I would talk to you accountant to figure out how much extra to withhold.
There is no marriage penalty anymore - it's been phased out the past few years. The single deduction is 5,700 and the married deduction is 11,400.
just what i was going to say.
you need to have a second look at your numbers and have the right amount withheld. i'm sorry that this is making you want to cry
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| Posted 4/1/10 10:06 AM |
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MissRadiant
Happily Ever After
Member since 9/08 2534 total posts
Name:
N
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Re: I don' know what to do anymore re:taxes
Your deductions might be off, if you want me to take a look at it, just send it to me on the side.
Do you itemize???
Message edited 4/1/2010 10:12:52 AM.
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| Posted 4/1/10 10:12 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: I don' know what to do anymore re:taxes
Your accountant might not be letting you know about all the deductions.
Why not one of you switch to single 0? That actually made a difference for us this year compared to last.
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| Posted 4/1/10 10:18 AM |
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Re: I don' know what to do anymore re:taxes
Same thing happened to us on our 2008 taxes. I was claiming Married 0 and DH was claiming Single 0. According to our Accountant it wouldn't matter. We filed jointly and ended up paying. I changed mine to Single 0 for 2009 and we received a refund this year. So claiming Single 0 may help. We would have had to pay a small amount to State still, but because DH is a volunteer firefighter we received a small state credit and ended up getting a whopping $50 back from them also.
I also contributed more to my 401k, which brought down our taxable income. Is that something you can look into? Better to pay yourself and earn interest than have more taken out of your check and let the government earn interest.
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| Posted 4/1/10 10:33 AM |
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sleepie76
enjoying every minute
Member since 12/07 3881 total posts
Name:
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Re: I don' know what to do anymore re:taxes
claim single 0.
that will take out more taxes.
That is what we did when we rented.
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| Posted 4/1/10 10:46 AM |
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november12003
Love my boys...
Member since 5/05 2412 total posts
Name:
Jenn
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Re: I don' know what to do anymore re:taxes
Posted by sleepie76
claim single 0.
that will take out more taxes.
That is what we did when we rented.
I agree, single 0 will take out the most taxes.
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| Posted 4/1/10 10:49 AM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: I don' know what to do anymore re:taxes
I'd also contact your job and find out if they might not be withholding enough.
Some payroll departments take out different percentages for what they consider Single, Married, or 0, 1, or 2 exemptions.
For example, DH works for the city and the withholding rate for someone working as "Singe-0" there is MUCH higher than I've ever seen. (Upwards of 20% of their salary.)
Yet I've had clients come in and their job's idea of "Single-0" is barely 8% of their check.
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| Posted 4/1/10 10:58 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19453 total posts
Name:
L
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Re: I don' know what to do anymore re:taxes
Posted by libby2595
Posted by Christine
Posted by LSP2005
Ah the good old marriage penalty. I would talk to you accountant to figure out how much extra to withhold.
There is no marriage penalty anymore - it's been phased out the past few years. The single deduction is 5,700 and the married deduction is 11,400.
just what i was going to say.
you need to have a second look at your numbers and have the right amount withheld. i'm sorry that this is making you want to cry
Although the 2001 legislation "fixed" the marriage penalty, if you are currently in the 25% income tax bracket, it can still exist. Also the legislation helping the lower tax brackets is set to expire this year, so I stand by what I said above.
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| Posted 4/1/10 11:39 AM |
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LeShellem
A new beginning
Member since 2/07 3600 total posts
Name:
LeShelle
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Re: I don' know what to do anymore re:taxes
This happened to us. We were both claiming married "0". We both now claim Single "0" and have them take an extra $20 out of our paycheck for NY State. This is the first year we don't owe the State.
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| Posted 4/1/10 11:51 AM |
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