Taxes!!!!

[s0nIc]

So every time tax season comes i get stressed about filing last year my girl filled head of houshold and she got back claiming my daughter 4000.00 and i owed 500.00 now this year were married so we have to file together im afraid cause of what we make together we might owe alot and not get nothing back!!!!!any insight on filling together guys or would it be like her 4000.00 minus my 500.00 do we only get 3500.00 anybody??????

[xtop]

trial and error, just fill them out online and find out what would be best for you. or take them somewhere and have them do them for you

[s0nIc]

iM JUST TRYING TO FIND OUT IF THERE IS GOING TO BE A BIG DIFFRENCE?

[mikejet]

What you do is on your W4 for work you put Married but Withhold at Single Rate. This way when you file your taxes you get money back!

[xtop]

thats why i suggested trial and error online, i dont think anyone has anyway of knowning all of your conditions that go into if you owe or not

[Go Blue]

Originally Posted by mikejet

What you do is on your W4 for work you put Married but Withhold at Single Rate. This way when you file your taxes you get money back!

Thats what I did. When my wife and I first got married, we didn't know and both filled out our W-4's as Married and we both owed money.

[SDon1969]

Right on guys, it toally depends on what you have asked work to withhold and what you claim (0, 1, or 2 etc). I'd probably just file a joint return (if you have a child under 16 and own your home you're likely to get a decent refund).

[mikejet]

Originally Posted by schultz

Thats what I did. When my wife and I first got married, we didn't know and both filled out our W-4's as Married and we both owed money.

And now you have children and that helps ALOT. It helps too if you have a house. There are so many factors I always tell people they need a personal tax person. There is no excuse EVER to goto H&R Block. There are so many tax laws and write offs that you can do that only a qualified tax professional would know.

Case in point, using a 1040EZ I would have owed $500 last year. My tax guy efiled for me and I got $700 refund.

[Go Blue]

Originally Posted by mikejet

And now you have children and that helps ALOT. It helps too if you have a house. There are so many factors I always tell people they need a personal tax person. There is no excuse EVER to goto H&R Block. There are so many tax laws and write offs that you can do that only a qualified tax professional would know.

Case in point, using a 1040EZ I would have owed $500 last year. My tax guy efiled for me and I got $700 refund.

Good point. Places like H&R Block and Jackson Hewitt are what screwed me up in the first place. Then we went to a personal tax guy and it was night and day. It typically costs more, but not that much more, and it is totally worth it.

[mikejet]

Originally Posted by schultz

Good point. Places like H&R Block and Jackson Hewitt are what screwed me up in the first place. Then we went to a personal tax guy and it was night and day. It typically costs more, but not that much more, and it is totally worth it.

My tax guy gives me credit for the referals I make. Initially it cost $125 to do taxes with him and not it's down to $50.

For people who like to goto places like H&R and JH, just file it yourself and save money.

[Chordata]

Originally Posted by s0nIc

iM JUST TRYING TO FIND OUT IF THERE IS GOING TO BE A BIG DIFFRENCE?

NO ONE KNOWS YOUR EXACT TAX SITUATION SO WE CANNOT GIVE YOU A DEFINITIVE ANSWER.

[s0nIc]

thanks for the input ill probably go down to the local tax guy ..I really never count on my taxes that way if i get something its extra im just in the fear we migh pay alot but we have our daughter so that might help

[Go Blue]

Originally Posted by s0nIc

thanks for the input ill probably go down to the local tax guy ..I really never count on my taxes that way if i get something its extra im just in the fear we migh pay alot but we have our daughter so that might help

Good decision, I guarantee you will feel good about that choice when you are done, as long as you pick a good one. The best thing to do is be referred by someone you know, like mikejet said.

[Blu-Benny]

Originally Posted by SDon1969

Right on guys, it toally depends on what you have asked work to withhold and what you claim (0, 1, or 2 etc). I'd probably just file a joint return (if you have a child under 16 and own your home you're likely to get a decent refund).

this is how both mine & my wife's is set up. we're hoping for a descent return this year like last year. the only difference is we now have 2 kids vs. last year we had only the one.

can anyone else confirm this?? my brother in law was saying that he read if you had a kid last year, you could get some money back b/c of the stimulus checks that were sent out. u wouldn't get the full $300 but could be elig. for a percentage based on their date of birth.

just curious if there was any truth to this??

[My_Two_Cents]

Unless you have a bunch of odd sources of income, investments, etc., I don't know why you would have someone else do your taxes versus using tax software like TurboTax or TaxCut? They step you through everything, just like a tax professional would, and it costs 1/4 of what you would pay someone. Really, the software is simple to use.

[Uniquely]

I've never understood the concept of tax deductions just for having kids. If taxes are to pay for the public resources that we use...... it would make more sense if people who had kids paid more taxes not less taxes since bigger families use more resources.... especially schools. I don't mind paying my share to educate other people's children... after all an educated community benefits everyone.... but it sucks to know you are paying MORE in taxes to educate the kids than the people who actually have them.

[Chordata]

Originally Posted by robinandtami

I've never understood the concept of tax deductions just for having kids. If taxes are to pay for the public resources that we use...... it would make more sense if people who had kids paid more taxes not less taxes since bigger families use more resources.... especially schools. I don't mind paying my share to educate other people's children... after all an educated community benefits everyone.... but it sucks to know you are paying MORE in taxes to educate the kids than the people who actually have them.

It's a one-time, $2,000, credit for the year in which your child is born. It's really not that big of a deal for either side.

[NJ_RAMS_FAN]

Originally Posted by s0nIc

iM JUST TRYING TO FIND OUT IF THERE IS GOING TO BE A BIG DIFFRENCE?

you are in a different tax bracket when you file marry than single. for example, if you made 30k each you paid about 15% of taxes each. If you filed jointly you income is 60k which means now you are in a different bracket and still pay the same perfect in taxes. i think it's 15% for federal is you are under a certain category.. hope this help.. also depends on depedents, deductibles, etc etc

[Uniquely]

Originally Posted by O_V_N

It's a one-time, $2,000, credit for the year in which your child is born. It's really not that big of a deal for either side.

But you still get annual deductions as well. I'm not griping about people having kids.... more power to ya! Just so much of the tax system makes no sense.

[Chordata]

Originally Posted by robinandtami

But you still get annual deductions as well. I'm not griping about people having kids.... more power to ya! Just so much of the tax system makes no sense.

Do we? What deductions do I get for having children? [Honest question, I really don't know the answer. TurboTax does everything for me.]