This sounds too good to be true...

rwbeagles

I am indeed, a sheep...happily bleating in the meadow...and when they come once a year to shave me bald I am cold...but only temporarily. *cackle*

lol can I come graze with you?

Like I said I was discussing this whole subject with my Dad last night and he told my boyfriend about AMT and he was like wait what...? that doesn't happen... and my dad was like HA! how much do your parents make... yep that's why you never knew... it was funny to watch my boyfriends face b/c he's all like "oh im going to make the big bucks bla bla bla i wanna be rich" ya hunny don't we all... psh

hee hee sure...sheep love company...the only thing we fear is Border Collies and erm..."lonely farmers" LOL.

AMT gives me angry eyes. After still owing taxes two years in a row (don't ask me how!) DH and I just decided to throw in the towel and have the accountant do everything. If I don't get money back this year, so help me god, I will be going the Willy Nelson route and stop filing all together.

Pit_Pointer_Aussie

I will be going the Willy Nelson route and stop filing all together.

Whew...thought you were going to say something about marijuana or Biodiesel...LOL.

LOL, nope that's not my style!

The Willie Nelson route is not a good one....in the end you will be sweating bullets.......lol

I made xx, xxx, my husband made x, xxx, together we made xx, xxx. I paid x, xxx in taxes over the year. I will not be getting a refund, I will have to pay taxes on my husbands income(fed gov.) because of the amount we grossed,  and if my math is right I will own less than $100.

This works for me me, I owe this year because I made $2000 more than I had anticipated due to taking on a side job out of my own office unexpectedly. This money was on a contractor fee, and no taxes were removed. I changed my form to have a certain amount taken out of my check over the year, instead of a percentage. Thus I get my money during the year and my taxes are paid at the same time.

I have never owed the government more than $200 at any time, and most years, though not great we do get refunds. Mine should have been the same as last year but the added income took care of that.

I make a 6 digit income and DH half that, so together we are in the high tax bracket.  Beleive me when I tell you I pay more in taxes than most people gross in this country and I still end up owing each year!   And if I get anything, which I probably won't - It will go right back to the goverment to pay off debit, tax debit for 2007.  It never fails, I never seem to get a refund.

If a refund is what you are looking for, or even just not owing, then you need to adjust your witholding.  This is so typical for your situation b/c federal withholding is based on a table and only on that income.  So your hubby's table amount is based on him being in a lower tax bracket and therfefore he is underwithholding.  We often suggest to have more withheld from the higher wage earner when there is that large of a difference in gross wages only b/c if it is from the lower one, they feel like they are working for nothing.  Look at your W-2's and calculate what the total Federal W/H (box 2) is as a percent of the total gross wages (box 1) for both of you together.  Then look at the tax return and see what the total tax is as a percent of the total taxable income.  Then make sure that you up your % W/H to approx the same in total b/w both of you as on your return and it should get you closer to not owing.  Of course every situation is individual and it is impossible to really tell you w/o all the details but this should get you closer for sure.  If you have a CPA they should be able to do this for you and tell you what you need to adjust to a more certain accuracy. 

Thank you Sarah!!  The problem for me is commission and bonus' big chunks of money through out the year.  We are getting closer and I hope this year we at least break even!

luvmyswissy

I make a 6 digit income and DH half that, so together we are in the high tax bracket.  Beleive me when I tell you I pay more in taxes than most people gross in this country and I still end up owing each year!   And if I get anything, which I probably won't - It will go right back to the goverment to pay off debit, tax debit for 2007.  It never fails, I never seem to get a refund.

We were in the problem for YEARS, then I had a baby and it helped :)  We actually got a little back this year.  The best was when I went for my single income and being single to getting married and DH wasn't working and I forgot to change my exemptions...single income now spread between two people...yeah that was a good year!

luvmyswissy

Thank you Sarah!!  The problem for me is commission and bonus' big chunks of money through out the year.  We are getting closer and I hope this year we at least break even!

I get several bonuses a year, and the one at our FYE, (March 31st, yahoo!) is quite large. I do payroll, so I can decide how much withholding I want to take out of it. Is there any way you can request that your payroll dept. withholds a certain percentage of your bonus and commission checks?

For the smaller bonuses, like a thousand or even a couple thousand, we set it up to not withhold fed and state taxes, so people get to keep as much of it as possible, but there is an option to withhold additional taxes as separate line item. Or if you like that lump sum to be as big as possible, you can change your withholding status to single with a couple of exemptions, or to married with zero exemptions, but it can be complicated to figure out what combo of status and exemptions will get you where you want to be. Alternately, you can simply take an additional dollar amount out of each check throughout the year. For someone who tends to owe about $500 in federal taxes and gets paid twice a month, withholding an additional $20.00 per check will put them very close to the break even point. A lot of our employees request something like that to offset the untaxed bonuses so they don't get hit with a big tax bill at the end of the year.
 

Thanks for the advise.

 I have a question. I didnt work but 1 month last year. So not enough to do taxes this year. JJ claims me as a dependent. Do I get any money back?  I didnt work because he would rather me stay with Samantha.

Oh but this year I am going to get a job!! Samantha is now potty trained and talks great for a 2 year old so we're not so worried about her going to daycare. 

 You should file so the IRS has your information so they can send you a rebate if you qualify.