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Posted by Paul Thomas, CPA on October 2, 2007, 10:09 pm
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> Is there a rule of thumb for the excemptions you claim for
> your paycheck? I have a wife that stays home and two
> children. I would rather get more a paycheck and get close
> to braking even at tax time than waiting all year for a
> refund then end up using that to pay off credit cards.
> Anyone out there doing this? I would be thankful for any
> advice on the subject.
What are you claiming now? Should be like married and four,
but could be higher to account for deductions and credits.
See if you can talk to someone at your employer in HR
(payroll) that can tell you how much more take-home you
would have as you increase your allowances. Remember,
federal and state allowances can be different, and
especially today with the child tax credit at the federal
level.
--
Paul A. Thomas, CPA
Athens, Georgia
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