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What Should We Change to Reduce Federal Tax Payments
For several years, my wife and I end up owing a large amount of federal taxes. Though we file jointly with only one (1) deduction per our W-4s, the problem is our tax brackets are quite different. She makes only 25% of my income. Our previous payments have been between $1200 and $1600, but this year was terrible, $2600. Right now we are thinking of filing separately, but we assume more taxes would be taken out each pay period. We really are at a loss as to what to do, because there are so many reviews we read to stay with filing jointly.
May 24, 2023
12:15 PM