Hey All,
Is anyone here an accountant and understands Taxes? We are really blown away as this is the 2nd year now, where "we could be negative"
When we filed last year, we owed over $2,500 in taxes. So, to avoid an issue, my wife changed her status on her W-9 to "0" and took out an extra $100+ per paycheck to pay toward federal taxes, putting out over $2,500 more to cover the difference.
Our incomes have NOT changed, and we paid over $2,500 more in Federal taxes in 2016. Now, using basic calculators, even factoring in PMI, mortgage interest, property taxes, federal/state and donations, we apparently may owe another 1,500 in taxes.
How exactly does this work? Did something change in 2016 we don't know about?
We both claim "0", are filing married/jointly, have property taxes, which went up, donations, student loans, PMI, mortgage interest paid, etc.
Kind of bullshit if you ask me.
Last year, we paid $200 for a CPA which was a waste since there was maybe a $20 different in the balance we paid ($2,500 bucks on top of our taxes)
-Chris
Is anyone here an accountant and understands Taxes? We are really blown away as this is the 2nd year now, where "we could be negative"
When we filed last year, we owed over $2,500 in taxes. So, to avoid an issue, my wife changed her status on her W-9 to "0" and took out an extra $100+ per paycheck to pay toward federal taxes, putting out over $2,500 more to cover the difference.
Our incomes have NOT changed, and we paid over $2,500 more in Federal taxes in 2016. Now, using basic calculators, even factoring in PMI, mortgage interest, property taxes, federal/state and donations, we apparently may owe another 1,500 in taxes.
How exactly does this work? Did something change in 2016 we don't know about?
We both claim "0", are filing married/jointly, have property taxes, which went up, donations, student loans, PMI, mortgage interest paid, etc.
Kind of bullshit if you ask me.
Last year, we paid $200 for a CPA which was a waste since there was maybe a $20 different in the balance we paid ($2,500 bucks on top of our taxes)
-Chris