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I know its been covered - but just want to say I wasn't suggesting you have extra above what you'll owe take out. I'm just saying have extra beyond the normal witholding taken out so at the end of the year you'll owe as close to 0 as possible!
I don't advocate giving the gov't a free loan either. My goal (every year) is to owe as little as possible, but not get a refund.
Since we don't have kids and a million deductions, the not getting a refund part is simple! Its the "owe as little as possible" part that's been difficult.
We went with standard withoulding, with an additional payment each month. (As the one poster suggested I think we adjusted that on our W4's). Just don't ever want to be in underpayment penalty land ever again!!! What a pain!
Are you using a professional tax preparer, or are you using tax software to complete your taxes? My wife and I use to use H&R block for years; we decided to use a CPA this time, and well...let's just say that we were amazed at all the stuff we missed out on for years going to H&R Block. We had to pay more money to the CPA, but overall it was worth it. I'm sure everyone's situation is different, but I'm sticking with professionals from now on. Maybe you should think about it.
Yep, and it is the first deduction for next year!!!
I know its been covered - but just want to say I wasn't suggesting you have extra above what you'll owe take out. I'm just saying have extra beyond the normal witholding taken out so at the end of the year you'll owe as close to 0 as possible!
I don't advocate giving the gov't a free loan either. My goal (every year) is to owe as little as possible, but not get a refund.
Since we don't have kids and a million deductions, the not getting a refund part is simple! Its the "owe as little as possible" part that's been difficult.
We went with standard withoulding, with an additional payment each month. (As the one poster suggested I think we adjusted that on our W4's). Just don't ever want to be in underpayment penalty land ever again!!! What a pain!
yeah that's the other concern. last year, i was close to underpayment penalty. but it wasn't my fault (imo). my wife works for a major company, and should be able to figure out that she's married to someone who makes more than minimum wage so they should be withholding significantly more!
yeah that's the other concern. last year, i was close to underpayment penalty. but it wasn't my fault (imo). my wife works for a major company, and should be able to figure out that she's married to someone who makes more than minimum wage so they should be withholding significantly more!
ughhh. vent...over.
You realize it's not an employers responsibility to figure out how much someone should have withheld, right? That's yours and your wife's job - that's what the W-4 and all the worksheets it comes with are for.
Last edited by WhereTheSidewalkEnds; 03-29-2011 at 04:10 PM..
well, i am not angry that i owe. i'd be more unhappy if i was getting money back for the reasons you said above. but...i'd like to be closer to even when i do my taxes.
Briolat21 - if we're both claiming 0, there's nothing else we can do except have them withhold more. which honestly, is a pain. i don't understand why this is so complicated. lol.
You realize it's not an employers responsibility to figure out how much someone should have withheld, right? That's yours and your wife's job - that's what the W-4 and all the worksheets it comes with are for.
i know that, but if we have claimed 0, i think it's kinda stupid that the calculation doesn't withhold enough, even after we deduct mortgage interest and property taxes and state taxes. if that's the case, then something is wrong with the formula in my opinion.
i'm pretty sure they told her they can't do that, since she informed them she was married. but that's a good idea, i'll ask.
Check the form W-4. The options are "Single", "Married", and "Married, but withhold at the higher Single rate".
For myself? I have only myself, but I claim about four exemptions. I WANT to pay tax at the end of the year. It gives me more money from paycheck to paycheck though.
i know that, but if we have claimed 0, i think it's kinda stupid that the calculation doesn't withhold enough, even after we deduct mortgage interest and property taxes and state taxes. if that's the case, then something is wrong with the formula in my opinion.
But that's not your employers fault. They have no idea what you deductions, etc. are.
That's why you really need to do the worksheets or use one of the calculators. Just claiming zero on both doesn't necessarily account for what tax bracket you are pushed into because of two incomes. There wouldn't be the line for extra withholding if that were the case.
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