I just changed my with holding from SIngle 1 to married 1
and I got $155 more in my pay check- which is over $300 more a month- that's pretty cool!!!!!!
I have to redo my budget!
kkouril
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Re: Once your Married ( Taxes)
you have to be careful. yes, you may get more in your pocket per week / month but you may end up underpaying taxes for the year
kittythestray
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Re: Once your Married ( Taxes)
Just be careful because come year end you may not have enough w/h to cover your taxes - MANY 2 income people get a surprise at year end when they OWE because they were underwithholding (especially when you consider AMT which most dual income families on LI are affected by!!) Look at the percentage that you're withholding and then what tax bracket you'll be in as a married couple. If you're only w/h 15% but wind up in the 25% tax bracket it could be a problem. Obviously you may have deductions or other factors, but I always stress to my clients to check with me before they do things like that (I'm a tax accountant) Your accountant can run an estimate for you. (or you can FM me)
Beth1210
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Re: Once your Married ( Taxes)
you have FM
jeanla4c
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Re: Once your Married ( Taxes)
We got back federal but owed state!!
Danigrl28
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Re: Once your Married ( Taxes)
I def should get a move on that. I have changed everything else ut never thought of that.
SANDNOV12
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Re: Once your Married ( Taxes)
Yes be careful. We had to owe!
stephanief
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Re: Once your Married ( Taxes)
I am actually keeping my witholdings at single zero. I would rather get a big refund at the end of the year
SPITSBRIDE
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Re: Once your Married ( Taxes)
Also, once you file jointly you can not change it back
hmm8191
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Re: Once your Married ( Taxes)
I definitely found it helpful to stay 'Single' for tax purposes. Until we have kids and REALLY need the momey I'd much rather get it back in my return than take the chance of owing. My co-worker claimed married and owed a LOT this year!
103005FallBride
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Re: Once your Married ( Taxes)
Posted by SPITSBRIDE
Also, once you file jointly you can not change it back
Filing jointly and claiming single, etc. are two seperate things. Thank God.
DH & I both keep ours single 0 and also have additional taken out of our paycheck each week. Beth, if I were you I'd consider changing it back...I know your DH works on Commission and you're thinking about it...you'll both get killed during tax time next year.
Sunrise813
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Re: Once your Married ( Taxes)
Posted by Beth1210
I just changed my with holding from SIngle 1 to married 1
and I got $155 more in my pay check- which is over $300 more a month- that's pretty cool!!!!!!
I have to redo my budget!
I think its best to keep things the same and just get more at the end of the year. I would hate to have to oay a big lump sum at year end!
Beth1210
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Re: Once your Married ( Taxes)
Posted by 103005FallBride
Beth, if I were you I'd consider changing it back...I know your DH works on Commission and you're thinking about it...you'll both get killed during tax time next year.
we file separtley b/c of that reason- he owns his own business so he gets to write off a ton of stuff- and some of his comission check take taxes out- ( depending on what state the loan closes in) so he ususally even outs
I am going to ask his accountant when she finally does my taxes this year
but I still get to claim him- I didn't switch to married 2-
I was claiming single 1 and still getting money back-
Beth1210
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Re: Once your Married ( Taxes)
Posted by Sunrise813
I think its best to keep things the same and just get more at the end of the year. I would hate to have to oay a big lump sum at year end!
but then you lend the governmenet your money interest free- I can pay off alot more credit card bills this way and put more toward my savings-
even if you just put the money in the bank yourself and then back part of it in taxes- you are still ahead
Sunrise813
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Re: Once your Married ( Taxes)
Posted by Beth1210
Posted by Sunrise813
I think its best to keep things the same and just get more at the end of the year. I would hate to have to oay a big lump sum at year end!
but then you lend the governmenet your money interest free- I can pay off alot more credit card bills this way and put more toward my savings-
even if you just put the money in the bank yourself and then back part of it in taxes- you are still ahead
You're definitley right, but with FH & me you really can't put extra money in our hands cause we'll spend it. But when we get our big tax checks we actually end up puting in the savings account.
Shiv
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Re: Once your Married ( Taxes)
I thought you get more of a refund when you file joint?
FallBride05
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Re: Once your Married ( Taxes)
Posted by Shiv
I thought you get more of a refund when you file joint?
Not always true. Even though DH and I got married at the end of 2005, we still filed married/joint. It benefited him, but not me. I ALWAYS get $$ back, but not this year, we owed. But not as much as DH owed last year. I still wanted to puke when I saw what we owed but not as much as I wanted to puke as I saw what DH owed last year!
VS11
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Re: Once your Married ( Taxes)
EJSD2006
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Re: Once your Married ( Taxes)
Oh he11 yeah, i knew there was a reason I wanted to get married!!!! Just kidding!!!
sarahradio5
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Re: Once your Married ( Taxes)
Posted by SANDNOV12
Yes be careful. We had to owe!
WOW! I found 2 brides in 2 days that are my date twin! Hello, date twin!
Oh wait... you're already married!
So, we'll be anniversary twins! How is the weather usually on your anniversary?
