Paying taxes

Forum|Forum|1 year ago
April 9, 2025
2 replies
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For the last several years we have had to pay taxes. We contribute to a 401, Roth IRA, HSA and charities. What else can we contribute to so that we are not paying taxes every year. Or what is the average amounts to contribute? I file married filing jointly with 1 dependent. Can I file single or the old 0?

Ask the Experts - Tax Due - April 2025

BrittanyS

You can change your W-4 with your employer as Single/Married filing Separate with $0 dependents. The W-4 is designed to have the minimum amount withheld from your check but many individuals will end up owing taxes if they fill the W-4 out that matches their filing situation. You also have the option to add additional withholdings to the W-4 to prevent having a tax debt at the end of the year.

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VolvoGirl

Employee

You can have more tax withholding taken out of your pay. Or if you have a lot of other income Iike interest dividends and investments or self employment income you should be paying quarterly estimates. If you owe each year Turbo Tax should be printing out the 1040ES forms for the next year. They are optional to pay and don’t get self employment t with your return so he IRS won’t be expecting them.

Yes I would would put Single on the W4 at work to have more taken out.