Tax Law (Questions About Taxes)/filing exempt

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Question
Hi I have a question about filing exempt for 6 months?
first me and my husband he is the only one who works and we have a child.
he filed exempt about 3 months ago to catch some bills up. basically my question is.....are we going to owe at the end of the year or break even?
we have been nervous about this for some time now and just need some answers.
could we exempt for 4 months and still get a refund or break even or are we going to owe at the end of the year?????
thanks so much kayla

Answer
It all comes down to actual numbers. If you use the IRS standard dependents, all year there is usually a small refund.

Some people spend time to do the actual calculations so that they do break even, but that is a complex calculation not just rounding and counting in months. It is based upon income levels, and possible deductions, and spending habits.

No one is going to give you an accurate answer based on the information you have.

I would not trust an answer from anyone based on the info you have given.

Taxes are an ugly thing to mess with. IT is easy money for a while but then you have to pay it back, failing to do that can wipe you out.

Richard Fritzler

Tax Law (Questions About Taxes)

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Richard Fritzler

Expertise

Specializing in Business and Corporate taxation. Comparing the advantages and requirements of different business entities, such as Sub-S Corporations, LLC`s, Partnerships (Both Limited and General), Doing Business as a Sole Proprietor, or Using a C-Corporation. Issues regarding K-1 distributions, 1040, schedule C, 1120, 1120s. Are you considering domiciling a Corporation in a low tax state? I can review the benefits and misinformation that exists.

Experience

I have been in the business of assisting business owners in reducing their taxes and liability since 1986.

Organizations
National Small Business Owners Association.
Publications
Contributing author to "The Corporate Standard Newsletter".


Publications
Contributing author to "The Corporate Standard Newsletter".
Ezinearticles.com articlesbase.com

Education/Credentials
I have been in the business of assisting business owners in reducing their taxes and liability since 1986.

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