A Double Deduction
Dusty is about to get a double surprise, and wants to know what could happen to his taxes because of it.
QUESTION: Dusty and his wife are expecting twins. They are expecting her to be due in December, and he wonders if he should update his tax withholding. They make $35,000 a year. Is that a good idea? Dave says they can check, but there something to handle with the money first.
ANSWER: It might change it a little. Go online and pull up tax calculator and run the scenario and see how much it will save you to have a double deduction this year. You could back it out that way and see if you need to change it.
Also, if you’re working your total money makeover right now, push pause and pile up cash.