loan,banking and credit
*Loan,banking and credit>>>income tax

How many can claim on my income tax form without owing money at the end of the year?


I qualify to claim 7 because I am a single mother. Is that a bad idea?

This is a difficult question to answer online. If you have 2 jobs, you would want to claim less than if you had one, as withholding tables don't factor that in. If you want a refund, you would claim fewer exemptions. Don't depend on the little worksheet at the top of your W-3 to calculate how many exemptions your eligible for. It is grossly inaccurate. These are just a couple of the factors that affect your tax liability. Others include, children's ages, type of income, etc. Have a tax professional look at your income and your previous years return to better determine what you should claim.
If you have 5 children that you can claim dependency exemptions for that sounds about right.

Claiming too few exemptions just gives the government an interest-free loan of YOUR money for up to a year. That's not very smart though many people use that as a forced savings program.
Tags
tax software tax table tax tips tax year income tax business tax car tax child tax cigarette tax corporate tax
Related information
  • How many can claim on my income tax form without owing money at the end of the year?
  • Amended Income Tax return Texas?
  • Part of my income tax for FY06-07 is yet to be paid! what is the penalty i have to pay?
  • Income Tax after VAT?
  • Did you know that foreign countries own the Federal Reserve and ALL your income taxes pay interest charged?
  • What would happen if millions of people stopped paying their income taxes?
  • How do different states assess the amount of state income taxes they collect?
  • Going to the dentist, filing your income taxes, being summoned for jury duty鈥hat activity that you have to?
    •    

    SiteMap--Copyright/IP Policy--Contact Webmaster--Resource of HR
    For personal non-commercial use only.