Quote:
Originally Posted by MBAtarga
Decrease the number of exceptions on your W4 with your employers. It's likely you have 2 or more listed - as well as your wife. That's like claiming 6 dependents on your 1099. For one of your wife's full time jobs - she should probably claim 0 exemptions. There are numerous on-line calculators available - at least one on the IRS site - that will assist in determining how many exemptions you should claim based on your income, deductions, past tax liability,etc. I know because we are going through this same exact issue now.
|
+Withhold at single rate instead of married rate.
My wife gets a W2. I have two businesses. Instead of paying quarterly on my stuff, we just have zero dependents listed and withhold at the single rate from her check. Basically, my taxes are withheld from her check. Works out fine.
We tend to get a few thousand back every year. Yeah, we give the government an interest free loan. BUT, and current interest rates, we're losing little. It's like our vacation fund.