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Tax Law (Questions About Taxes)/determining number of personal exemptions

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Question
Hi Adam!  I am 61yrs old professional in Detroit MI earning approximately $70,000/yr.  I have always filed joint return/head of household with nonworking spouse [2 personal exemptions].  Recently my wife died (Nov2012).  Beginning with the 2013 tax year, I want to know if [1] I should change my personal exemptions for federal, state, and local taxes, and [2] if so, how many exemptions should I claim.  

My goal is to minimize the amount of money held by the tax authorities, so that I have more of the money each pay period rather than getting it back in my tax return.

Thanks for your suggestions!

Answer
I am sorry to hear that.  Exemptions are always a tough question because there are so many factors @ play.  Your taxes @ $70K as single vs married are going to be more.  I would adjust your withholdings to single with 1 exemption.  It is possible that you could still claim 2 exemptions (if you work through the exemption worksheet attached to the W-4 and that is what you get to).  However, I'd still tend to lean single with 1 exemption for 2013.

Tax Law (Questions About Taxes)

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Adam Shay, CPA

Expertise

I have an expertise in individual income tax and income tax planning. I also have experience working with small businesses (variety of entities) on both income tax and accounting needs.

Experience

I have spent 5 years managing 15 franchised tax locations. For the past 6 months I have owned my own tax preparation and accounting firm the specializes in assisting small business and more complex individuals. Accountant Wilmington NC

Organizations
AICPA NCACPA

Education/Credentials
MBA from the University of Maryland BS from the University of Virginia

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