Tax Question - Chicagoland Sportbikes
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post #1 of 7 (permalink) Old 02-08-2007, 01:14 PM Thread Starter
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Join Date: Sep 2005
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Tax Question

Does anyone know how to calculate what the difference on your paycheck would be between claiming 0, 1, or 2 dependants?

Any way to calculate what you will end up getting back or owing?
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post #2 of 7 (permalink) Old 02-08-2007, 01:20 PM
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Try this: http://www.irs.gov/individuals/artic...=96196,00.html

Then, just play w/ the # of dependants and see the differences.

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post #3 of 7 (permalink) Old 02-08-2007, 01:23 PM Thread Starter
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Join Date: Sep 2005
Location: Lombard, IL
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Sportbike: 2002 YZF-R1
Years Riding: A few days since yesterday
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That's what I was looking for. Thanks!

Guy at work claims 2 and doesn't have any dependants. He owes every year, but insists overall he makes more money.
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post #4 of 7 (permalink) Old 02-08-2007, 01:26 PM
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Quote:
Originally Posted by Keyhole View Post
That's what I was looking for. Thanks!

Guy at work claims 2 and doesn't have any dependants. He owes every year, but insists overall he makes more money.
The theory behind that is if you put away what would be coming out of your paycheck into a savings account earning even piss interest, you make more money. If you can afford to do it, it's best to claim as much as possible and then make sure you have it put away to pay the tax man next year.

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post #5 of 7 (permalink) Old 02-08-2007, 01:30 PM Thread Starter
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Join Date: Sep 2005
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Location: Lombard, IL
Sportbike: 2002 YZF-R1
Years Riding: A few days since yesterday
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Yea, he always ends up struggling to pay what he owes in the end.
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post #6 of 7 (permalink) Old 02-08-2007, 01:38 PM
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By the way, you're not claiming dependants; you're claiming exemptions. If you are a homeowner, you might be able to claim quite a few due to all of the deductions that result. Last year, I had no dependants (outside of my wife), and claimed 3 exemptions. I will still receive a small amount back from my return. This year, the IRS calculator suggest I claim 5 since I now have a more expensive home, and a little one.

-Mike
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post #7 of 7 (permalink) Old 02-08-2007, 01:41 PM Thread Starter
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Join Date: Sep 2005
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Years Riding: A few days since yesterday
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Good info, thanks
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