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idontwannabefound2ni... | How many...? |
My friends hubby just got a job that will pay him approximately 24,000 a year. She does not work and they have 3 kids. He says they shouldn't claim but 1 dependant through the year and the rest at the end...but I say that since he doesn't make alot of money they should claim at least 3 during the year so that not as many taxes come out per paycheck. If he doesn't make much, and is married with 3 kids he won't owe any taxes at the end of the year, right? They will qualify for earned income as well. So am I right? Should they be claming more than just 1 dependent throughout the year?
Additional Details
Umm..uncle whatever...he IS SUPPORTING his children. This is a new job which is a step up from the former job he had. This isn't like his first job..it's just a new job. Quit assuming sh!t. |
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braiya_midwest320
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I work for H & R Block as a Tax Professional, and I would say the most he could probably claim throughout the year is probably 3. But, that's taking a stab in the dark. A lot of it depends on the age of the children, for instance. At the age of 13, they don't qualify for the Dependant Care Credit anymore. At 16, they don't qualify for the Child Tax Credit anymore, and so on. I am a single parent of 2 minor children, my annual earned income throughout the year is about 15,000, no unearned income, and I claim 1 throughout the whole year. I usually get back 5-6,000 at tax time. My sister is a single parent of 1, claims 9 throughout the year, and her annual income is 38-42,000 and she's hurting BAD at the end of the year. I just paid cash on a 1998 Cadillac DeVille, and I would have it no other way. I'd rather not worry about having to make my car payment monthly, and she's usually the one borrowing money from me. If your friends can get by without claiming all family members, they should. Also, they should do more research on whether or not they could claim more on their taxes...work expenses, school expenses, miles driven back and forth to work, school, and the doctors office, medical premiums, union dues at her husbands job, cell phone expenses (if work related), even gambling losses and car tabs. There's always more out there people can claim than what they think. I hope this helps and if you need more info, contact me and I'll fill you in on what she can claim. Good luck!!! |
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Happy Mama
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actually your friend's hubby is right, that way at the end of the year they'll have a large sum instead of little bigger pay checks during the year. we do it that way and it works great, we can afford major purchases with bigger returns |
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?
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The best thing to do would be to talk with a tax specialist. They can usually answer simple questions like that for free. I know that we do OK but it's always best to not take chances. |
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BetsyF
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I agree with you. He doesn't make enough to wait 'til the end of the year. |
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waddy4@sbcglobal.net
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You have a good and valuable point, but no matter how you look at it, it's your money as you earned it: 1.) you have the option of getting it NOW throughout the year /or/ 2.) receive it LATER in a refund at the end of the year. Our situation is quite similar, my husband is the only one working (because we have a premature child with medical issues, that require me being at home full time). My husband doesn't make much either, but we are on a very tight budget, and seem to manage just fine (ex. we share cars). He claims only 1 dependent (himself)throughout the year, and looks forward to receiving a large refund (that includes earned income) at the end of the year. So, if your friends husband can make ends meet by claiming one dependent all year, and wait for his refund, I say go for it, because he can look at the refund as savings $$$ |
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Aeris
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i agree i think he should claim 4 dependents (3 kids + wife) and not wait until the end of the year.
If they want to see a huge paycheck at the end, they should just save the difference in a savings account and spend it at the end of the tax year. Also, if they take the money now, they could be earning interest on that amount instead of letting the IRS earn that interest.
When you overpay your taxes, the IRS earns interest on the rebate but doesn't pay it out to you in the end. It's better to have the discipline to save the extra money and get the interest yourself. |
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ckinc
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I agree with you. That would enable them to have more cash flow throughout the year and with three kids, you need that. You may want to contact a CPA though, my husband did that before we were married and he did owe a small amount at the end of the year for some reason. |
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looking4uncleenoch
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Sorry, I have no Idea. If a man is going to have kid he should be a MAN an support his children!!! |
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