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Good news on the tax front

January 14th, 2007 at 12:46 pm

Gee, I can't wait to do my taxes! :-) What? Am I weird. I know we are not supposed to get back money every year, as the government should'nt be controlling that money, WE should. However, with the two jobs that I was working not taking out taxes when I was paid, we thought it best to cut our claiming allowances on DH's checks to cover what we might have to pay from the two jobs. Well the good news is, at the one job I did not even make enough to have to claim it!!! Yeah! And the other job is not going to be that hefty either, so I told DH to go ahead and raise our exemptions to 3 from 1 and hopefully we will see it on this coming check! Yeah! We won't take that big of a hit! As I always say..... it's the little things!

Here is an http://articles.moneycentral.msn.com/SavingandDebt/LearnToBu... I read.

3 Responses to “Good news on the tax front”

  1. Joe Says:

    Just a response about your statement regarding not making enough at one job to claim it. The income limits for not having to file a return are based on total annual reportable income, not income from any one job.
    For example using the information from below: If you are single and held two jobs making a combined total of $8,450 or more in taxable income you are required to file a return and required to report all income from both jobs. If you are required to file a return, you are also required to report all taxable income. Income from a job lower than these limits is not allowed to go unreported if your total income from all sources exceeds them.

    Here are the gross income levels for required filing:

    Single $8450
    over 65 $9700

    Head of Household $10,850
    over 65 $12,100

    Married Filing Jointly $16,900
    one spouse over 65 $17,900
    both over 65 $18,900

    Married Filing Separately $3,300

    Qualifying Widow(er) $13,600
    over 65 $14,600

    IRS Pub 501

  2. boomeyers Says:

    Hmmm... That is interesting. Both the self-employed people I work for were told that if someone made under $600, they did not have to report it to the IRS, therefore I would not have to claim it. I will check into this!

  3. Broken Arrow Says:

    I'm not sure if "eager" is the right word, but I'm looking forward to doing my taxes as well.

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