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  #1  
Old 12-31-2007, 06:03 PM
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Single 1 or married zero?

What is the name of your state? NJ
Hello all,
advice please. I am married but is paying a lot of taxes because I'm only claiming myself "single 1", shall I change it to "married zero"? I'm not sure if there is a difference all I want is not to owe any taxes at the end of the year. Any advice would be appreciated!
  #2  
Old 12-31-2007, 06:40 PM
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Location: Washington
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It's too late to change anything for 2007. You'll either owe or not. I suggest you look at this year's return. If you like the size of the refund, you & hubby should leave things as they are. If you want a smaller refund & bigger paychecks, change someone's withholding to "married" or add withholding allowances.

In May or June, take a look at your year-to-date numbers on your paystubs, & project your income & withholding for the year. Fine tune withholding if necessary. Don't forget to factor in state taxes when figuring your refunds.
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  #3  
Old 12-31-2007, 10:47 PM
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The IRS offers a calculator for figuring out your FEDERAL taxes:

http://www.irs.gov/individuals/article/0,,id=96196,00.html
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  #4  
Old 01-01-2008, 12:12 PM
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Thumbs up

thanks

thank you for all your input, your advice is greatly appreciated!
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