Free From Broke

A Personal Finance Blog for Regular Folks

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Do You Need to Adjust Your Tax Withholding?

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With yet another tax season under way, it is time to evaluate your tax withholding and determine whether or not you should adjust it. There are a number of reasons to consider changing your tax withholding:

Life Changes

Major life changes might mean a necessary change in your withholding.  Marriage, divorce, death of a dependent, and the birth of a child are all life changes that can result in a need to change the number of exemptions that you claim on your W-4.  This change will mean a difference in your withholdings.

You Ended Up with a Big Refund

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First Time Home Buyers Tax Credit – Who It’s For And What Is Needed To Claim It

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On November 6, 2009 The Worker, Homeownership and Business Assistance Act was signed into law.  This move has resulted in the extension or expansion of the first time home buyer credit which was enacted previously.  In order to receive the first time home buyers tax credit you must first understand who qualifies and how you should proceed in order to get the most benefit from the tax credit.  Here we look at two frequently asked questions regarding the first time home buyer credit.
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