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Question

We are in a higher tax bracket now with my wife making more and owed last year and this year as well. What can we do to change our tax situation?

Forum|Forum|7 years ago
June 3, 2019
1 reply
15 views

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TurboTax Deluxe Online

Level 8

If you are concerned about "owing", there is a simple solution. Change your W-4 withholding allowances so that more money is being withheld from your paychecks. There is no free lunch here. If you do that, you will owe less or get a refund, but, of course, you will also have less money to spend during the year. The difference is spread throughout the year, rather than at tax time.

To actually save on taxes, increase your 401 (k) or Traditional IRA contributions. If you have a high-deductible health plan, contribute to an HSA.