taxes
Ok me and dh are kinda thinking about having another baby, but we really wanna think things through.
do any of you know how it will affect my taxes each year i mean right now i have 2 kids i claim so if i had three to claim how much would it go up?
i know it probably sounds like i'm being money hungry or something but anyone who knows how expensive kids are knows this isn't the case! i am just looking at EVERYTHING before we make this decision.
If anyone knows anything about this please let me know
thank you sooo much!
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not sure what you mean
however, on your taxes you get an extra exemption to reduce your tax liability. your taxes will not go up due to another child its usually the opposite (sp?) they go down the more kids you have. i am not sure how much you and your husband make but if you normally get he earned income credit another child will not effect that because you can only use 2 children for that credit. you may be able to get a bit more with the additional tax credit i am unsure of the amount, to be honest i would have to actually do your taxes to be able to tell you exact amounts lol.
if you are talking about taxes coming out of your pay well they will take less as well if you change your w-4 to add the exemption of a new child as well. so either way another child will lower taxes for both.
i hope that helps