How events in your life, change your W-4

There are several events in ones life that may change whether or not you need to make more allowances, exemptions, deductions or credits you expect to claim on your tax return. When this happens, you will need to make necessary changes to your W-4 within 10 days after either of the following happens:

* You divorce, if they have been claiming you as married
*Any event that decreases that number of withholding allowances you can claim

Events that will decrease the # of withholding :

- You have been claiming an allowance for your spouse, but you get divorced
-You have been claiming an allowance for your qualifying child but now you fins out that eh is she will provide more than half of his or her own support during the year.
-You filed for bankruptcy under Chapter 11 of the Bankruptcy Code and you may or not be entitled to the same number of allowances or the estate may be taxed at a higher rate.

Changing your withholding in 2008:
If you have events that impede your life where your allowances will decrease your withholdings for 2008, you needed to have let your employer know this information before December 2007. Events that will decrease your withholdings for 2008 are as followed:

*You claim allowances for the 2007 based on child care expenses, moving expenses, or large medical expenses.....but you will not have these expenses in 2008.
*You have been claiming an allowance for your spouse, but he or she died in 2007.

You can find more detailed information concerning these events by visiting the IRS website or better yet, by contacting a licensed rep that can help with your tax debt.