Single 1 or married zero?

[daria26]

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!

 

[abezon]

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.

 

[TinkerBelleLuvr]

The IRS offers a calculator for figuring out your FEDERAL taxes:

http://www.irs.gov/individuals/article/0,,id=96196,00.html

 

[daria26]

thanks

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