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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10163
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I am looking for the best way to file my taxes for good

Customer Question

I am looking for the best way to file my taxes for good amount of take home and a decent tax return. I am married with 1 child.
Submitted: 2 months ago.
Category: Tax
Expert:  Lane replied 2 months ago.

Hi. My name's Lane. I can help here.

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I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

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Please bear with me for a moment, while I prepare your answer...

Customer: replied 2 months ago.
ok
Expert:  Lane replied 2 months ago.

If you are unmarried (or considered as unmaried at the end of the year by not having lived with your spouse for the last six months of the year) you can file as Head of Household ( as opposed to married filing jointly, single, or married filing separately)

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This will provide for a higher standard deduction ( $9,250 as opposed to $6,300 for single) and taxed at the lower tax rates, closer to those for married filing jointly.

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And depending on your income, you'll get the earned income credit (that comes along with getting the dependency deduction as well)

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What this will allow you to do is add a couple of allowances to your W-4 form at work, to put more of that refund back into your paycheck.

Expert:  Lane replied 2 months ago.

To file as head of household:

  • You must be single or have been separated for the last half of the year.
  • You must have a qualifying dependent live with you at least half the year. (Unless it's a parent: see below.)
  • You must have paid more than half the maintenance costs for the home where you and the dependent lived.

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Please let me know if you have any questions at all, before rating me

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit") ... Otherwise I receive no compensation from JustAnswer for the work here.

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Thank you!

Lane

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Customer: replied 2 months ago.
my wife and I have been filing married, separate. She's been claiming our son. But I notice on her paystub it has 0 dependents and on mine it shows 1. We are trying to save to purchase our first home, so i am looking for the best advice so I can bring home the maximum about of my check home and if we file married jointly to have a decent return. How can I go about that.
Expert:  Lane replied 2 months ago.

Ok, so yes, Married filing jointly will DEFINITELY help.

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(standard deduction of 12600, two personal exemptions of 4050 each, and the lowest tax rates out there)

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Honestly the directions of the W-4, in this case are pretty good (there's also a withholding calculator on the IRS web site I'll give you)

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But based on what you've said I would have your wife take one allowance on the w-4 and then you take two, one for yourself and one for the dependant

Expert:  Lane replied 2 months ago.

Doing that will lower the income being taxed by 4050 X 3 and at the 25% bracket put (4050 x 3) x .25 = 3037.5 back into your paycheck

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Also see this: https://www.irs.gov/individuals/irs-withholding-calculator

Expert:  Lane replied 2 months ago.

Please let me know if you have any questions at all, before rating me

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit") ... Otherwise I receive no compensation from JustAnswer for the work here.

...

Thank you!

Lane

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Customer: replied 2 months ago.
Ok so I add 2 dependants on my fed and state and ask my wife to put 1 fed and 1 state and file jointly. That would be the best option? My income is 51k and hers is 46k.
Expert:  Lane replied 2 months ago.

Yes, that will put the refund ... that would be there by simply filing jointly ... with things set up the way they are now ... back into the paycheck and be at break even at task time, (not owe more)

Customer: replied 2 months ago.
If there a way I can find out if I owe state or federal taxes. I used to live in nj and I think I owe taxes but idk.
Customer: replied 2 months ago.
When we change it from 2 dep on mine and 1 on hers what tax is the potential return. You think. Odviously there are other factors but approx.
Expert:  Lane replied 2 months ago.

FOr federal, you can go here and get your transcript.

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https://www.irs.gov/individuals/get-transcript

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ANd it doesn't appear that NJ has a way t get the transcript online, but you can contact them here:

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http://www.state.nj.us/treasury/taxation/email.shtml

Expert:  Lane replied 2 months ago.

Please let me know if you have any questions at all, before rating me

...

If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit") ... Otherwise I receive no compensation from JustAnswer for the work here.

...

Thank you!

Lane

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Customer: replied 2 months ago.
When we change it from 2 dep on mine and 1 on hers what tax is the potential return. You think. Odviously there are other factors but approx.M
Expert:  Lane replied 2 months ago.

What I'm saying is that if you simply file jointly and change nothing you'd likely get that 3000+ refund, over whatever you get now

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But if you add those exemptions you'll be putting that back into the paycheck and come closer to breaking even at tax time.

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