Comments on: Tax Implications of Life Events http://www.bargaineering.com/articles/tax-implications-of-life-events.html personal finance blog with anecdotes, advice and commentary. Sun, 22 Nov 2009 06:04:27 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Matt http://www.bargaineering.com/articles/tax-implications-of-life-events.html/comment-page-1#comment-35101 Matt Tue, 24 Oct 2006 07:39:41 +0000 http://www.bargaineering.com/articles/tax-implications-of-life-events.html#comment-35101 The "marriage penalty" only exists if both spouses are earning similar levels of income, however. I know my taxes are going _way_ down after the wedding. The “marriage penalty” only exists if both spouses are earning similar levels of income, however. I know my taxes are going _way_ down after the wedding.

]]> By: jim http://www.bargaineering.com/articles/tax-implications-of-life-events.html/comment-page-1#comment-34648 jim Sun, 22 Oct 2006 22:52:01 +0000 http://www.bargaineering.com/articles/tax-implications-of-life-events.html#comment-34648 Angry Dinosaur, if your tax liability is greater than $1000, you will pay a penalty on top of what you owe because otherwise everyone would pay $0 in taxes and just pay it at the end. Angry Dinosaur, if your tax liability is greater than $1000, you will pay a penalty on top of what you owe because otherwise everyone would pay $0 in taxes and just pay it at the end.

]]> By: paul http://www.bargaineering.com/articles/tax-implications-of-life-events.html/comment-page-1#comment-34601 paul Sun, 22 Oct 2006 17:44:05 +0000 http://www.bargaineering.com/articles/tax-implications-of-life-events.html#comment-34601 The 1,000 tax credit for each child is an even better deal than some people know. If the credit exceeds your tax liability, the Federal Government will pay money back to you beyond what you owe. For instance, if you had zero withholding, a tax liability $3,000 and you have four qualifying children, you will receive a $1,000 refund The 1,000 tax credit for each child is an even better deal than some people know. If the credit exceeds your tax liability, the Federal Government will pay money back to you beyond what you owe. For instance, if you had zero withholding, a tax liability $3,000 and you have four qualifying children, you will receive a $1,000 refund

]]> By: Angry Dinosaur http://www.bargaineering.com/articles/tax-implications-of-life-events.html/comment-page-1#comment-34568 Angry Dinosaur Sun, 22 Oct 2006 15:10:28 +0000 http://www.bargaineering.com/articles/tax-implications-of-life-events.html#comment-34568 While it is hugely important to recognize the tax increase and plan ahead for April 15th, adjusting your withholding may not be the best way to do so. You will be giving more money earlier to Uncle Sam, who will keep it all year long and never pay a dime in interest. The more effiecient thing to do is to know that the expense is coming, and to save all year in an interest-bearing account to cover the difference. This goes for all taxpayers, whether they're getting married or not. It is better to owe on tax day than it is to get a return, because the return means you missed out on some investment income. Owing, however, means that you essentially had a 0% loan all year from George W! While it is hugely important to recognize the tax increase and plan ahead for April 15th, adjusting your withholding may not be the best way to do so. You will be giving more money earlier to Uncle Sam, who will keep it all year long and never pay a dime in interest. The more effiecient thing to do is to know that the expense is coming, and to save all year in an interest-bearing account to cover the difference.

This goes for all taxpayers, whether they’re getting married or not. It is better to owe on tax day than it is to get a return, because the return means you missed out on some investment income. Owing, however, means that you essentially had a 0% loan all year from George W!

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