Tax "Tip" for Newlyweds

[USK Coastie]

In my 45 years of w^^k always claimed single and 0. Had to write two checks to the IRS in that time for taxes. YEA YEA I know left money with the govmt instead of getting interest on it in my account but no surprises at tax time

[success108]

Quote:

Originally Posted by SLC Tortfeasor Isn't it better to do a minimal withholding, and then just write that nasty check to the tax man at the end of the tax year (assuming that you won't get slapped with some kind of underpayment penalty)?

Generally, if the tax you owe is greater than $1,000 there is a penalty, and it's a pain to calculate. See Publication 505.
Publication 505 (2/2007), Tax Withholding and Estimated Tax