Payroll Tax Help?

[Daryl LBZ]

Anyone here know a lot about taxes? I was looking at some of my old pay stubs, and over the last four years I've noticed that the Government is gaining more from my raises than I am. Anyone know if there is a way I can change it so I basically break even at the end of the year?

 

Right now I file Single, Zero Dependants, and $15 extra a week taken out, and the last three years I've gotten no less than $1900 back at tax time. I'm married with no children, and my Wife works too. I know the easiest way to get some of it back is to drop the $15 extra weekly withholding, but I'm looking to gain more than that if possible.

 

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[8.1HD/ALLISON]

Im pretty sure by filing single they also withold more than married.

 

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[Daryl LBZ]

I believe so too. I can easily change it around I just don't want to over do it, and owe them at tax time.

 

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[8.1HD/ALLISON]

I understand. Best thing you can do is talk to a CPA or whoever does your taxes. Maybe check online for a calculator tool?

 

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[Daryl LBZ]

Sounds like a good idea. I always do my taxes myself. I know how to file them just not much else lol

 

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[mike94silverado]

Talk to a CPA may cost a nominal fee but well worth it I did and was able to figure out the best fit for me

 

 

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[SnakeEyeSS]

There are calculators and graphs on the IRS website and to help you with that I believe.

[txab]

Never get money back. Always shoot to break even or pay them when you file your taxes. That $1900 is an interest free loan to the Govt. Keep that money yourself and save it or spend it

[Silverado4x4]

I have mine and the wife's figured out to where we are very close to breaking even every year.

[SarahsGMC]

I'm too scared to claim I don't want to owe irs anything

 

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[MikeNH]

Mine changes every year and it drives me nuts because for the past three or four years I had either gotten back or owed <$50. This year I got almost $2000 back. Pretty sure it was a fluke because of the high taxes charged on a few one-time bonuses but I guess we'll see.

[Daryl LBZ]

Mine changes every year and it drives me nuts because for the past three or four years I had either gotten back or owed <$50. This year I got almost $2000 back. Pretty sure it was a fluke because of the high taxes charged on a few one-time bonuses but I guess we'll see.

 

I'm curious on what your claim status is? I'm going to change mine for sure this week once I get the paper from the payroll department at work. If I don't get it right the first time I'll just tweak it some more.

 

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[MikeNH]

I think right now it is at 0. I had it at 1 while in NH but the raise I got when I moved to MI somehow complicated things. My first year in MI that worked, I got a small return as normal. But last year I got a few extra kickbacks from work that messed that up some. Honestly I struggle to understand the tax stuff so I may not be the best person to offer advice.

[Squirrely]

Never get money back. Always shoot to break even or pay them when you file your taxes. That $1900 is an interest free loan to the Govt. Keep that money yourself and save it or spend it

 

exactly.

 

Keep your money. This IRS won't get you just because you changed the deduction amount.

[Daryl LBZ]

I think right now it is at 0. I had it at 1 while in NH but the raise I got when I moved to MI somehow complicated things. My first year in MI that worked, I got a small return as normal. But last year I got a few extra kickbacks from work that messed that up some. Honestly I struggle to understand the tax stuff so I may not be the best person to offer advice.

 

Same here. I'm going to research this some more, while taking in the suggestions everyone on here has made so far to figure it out. Like I said if I have too I'll just keep tweaking it until it's exactly how I want.

 

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