Hello, Is there a formula to follow for the number of exemptions to use on W-4 so that i end up receiving a small fed tax return? My 2 tax breaks have left the nest and i owe this year. Im marrired and file jointly, i did not adjust my exemptions(4), spouse(1) on her w-4, should i go to 1 or 2?
Thanks
Besides increasing your Tax Withholding on your W-4, consider contributing more to your Retirement Plan to lower your Taxable Income (or both).
Click this link for a Tax Bracket Calculator or this link for a W-4 Withholding Calculator.
Here's an article on Reducing your Taxable Income you may find helpful!
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