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 If I'm unemployed and I don't make any money all year, do I still have to file taxes on April 15th? |
Also, if my wife makes money, can she claim me as a dependent even if I'm her husband?
Additional Details
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L-Train | How can I get less taxes taken away from my paycheck???!!!???!!!? |
I make a good income and feel that taxes are killing me. I get paid biweekly and and my check is $2925 and it comes out to $1885 after taxes!?!?!?!!? How can I get this down?
My Dad is unemployed and lives with me. I pay all the bills and the house is in my name...can I claim him?
How do I go about this if it is possible? I'm 25 and have a good income but my father lives with me and he is unemployed. I just bought my house in June. What steps do I have to do? Do I have to inform my employer, cpa, etc?
I am not married. I'm trying to get less taxes taken out of my check. They take so much away from me. How do I file as head of the household?
Any help is much appreciated. |
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southcalihds
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u would need to claim more dependants then they take out less tax. but u may suffer during the next tax season. |
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Doctor Deth
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you can't mess around with your withholding exemptions just for the fun of it - did you get a big refund last year? You need to make sure you still get enough withheld to fully pay your taxes - you make about $70,000 - that puts you in a high tax bracket - file Single and 1 on your w-4 - that will maximized your take-home pay while still covering your taxes - if you still get a big refund next year, you can increase the withholding exemptions |
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GEEGEE
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The W4 form you fill out determines how much tax is withheld from your paycheck. You'd need to change the number of deductions you claim- you might have 1 or 2 now, so if you changed to 0 you'd have less taken out of each paycheck. But, you might have to pay at tax time rather than getting a refund, so beware. If you get a small refund each year it might pay to keep things the same. but if you get a big refund, change your W4 form. "Head Of Household" has nothing to do with anything at this point in time. Go to the payroll dept. |
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horseshoes
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You definitely should talk to a CPA about claiming your dad as a dependant.
One thing to also consider is to not vote for a democrat in the next election. According to your numbers you make over $75,000 a year. You have an above average income, so the democrats will try to take an even bigger percentage of your wages, as a punishment for being successful. |
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M S
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You can claim more than "zero" on your payroll exemptions. Less money will be taken out of your paycheck for taxes, but don't be surprised if you owe in April instead of getting a return. Which is not a bad thing as long as you can pay when your taxes are due and you can set aside some money to make up for this.
Talk to your HR/payroll folk in your company about resubmitting/updating this form. |
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Marlo T
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Only change your deductions if you get a large income tax refund every year. Otherwise, you'll end up paying the IRS every April 15th.
If your father doesn't not have any income for the entire year and you are his total support you should be able to claim him as a qualifying relative and claim Head of Household.
Fill out a new W-4 to determine what the IRS recommends for your withholding.
http://www.irs.gov/pub/irs-pdf/p919.pdf
The last page is the form. |
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Chi Bears #1
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how many dependents did you include on your W-4 ?? |
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G B
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As strange as this may sound, have money taken out.
Yup... a 401k takes out $$$ before tax and makes your taxable income less, so less taxes.
AND your saving for when you retire. Your income is going to kill you as Single 0 or Single 1 unless you do something like the 401k and maybe an IRA.
Spend a couple of hundred and talk to an advisor. (Tax CPA type). They can really offer concrete suggestions that will really help.
Still all in all not a bad problem to have eh? |
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Josie826
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Contact your CPA and see what he suggests you do. He will be well versed in the latest tax law and what steps you can take to possibly reduce your taxes. But, you are in a higher tax bracket and that is why they are taking more money out of you. You certainly don't want to pay at tax time, so you have to find the correct balance. You may be able to claim your dad since your are supporting him. Unfortunately, the only sure things in life are death and taxes and all of us working folks have to pay our share, whether we like it or not. |
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