Advice on Taxes

There is the child and dependent care credit, which is $3K for one child and $6K for 2. To get it you have to use a child care provider with a Tax ID or SSN, look at IRS publication 503. There is also the child tax credit which starts to phase out if your AGI is over $110K filing jointly. That is $1K per child. You probably get that already if you are filing correctly, though.

You also want to factor in things like health insurance costs with a new employer, it can make a big difference.

If your husband is a sole proprietor you may want to look at pros and cons of incorporating, it depends on your income and expenses but sometimes it makes a big difference.

2 moms found this helpful

Hi A.,

I understand where you are coming from saying child care and taxes can eat up the bottom line. I have my own business working from home. It allows me to earn an income, be there for my children, AND allows me the tax advantages I wouldn't otherwise have if I was employed by someone. I'm always looking for partners. If you'd like to get more information please email me. I won't waste your time. I promise.

____@____.com

2 moms found this helpful

I do my taxes online with H&R block - it is simple easy system to use. I also work from home and would be happy to share with you what I do.

You can visit my website at:www.ahomecareer.com

If you would like to set a time to hear more I have openings in my schedule this week.

Blessings,
C.

2 moms found this helpful

I took the H&R Block tax prep course. It teaches you to do your taxes by hand, everything from 1040, itemizing, and even small business prep. I am not sure how much the classes cost or when they are offered. I also know it would be a lot of work with 2 kids. It may be worth it to you though. If you knew what to save, how to file, and all the little quirks of the IRS (there are many), it would be a great help on how to get the best financial situation. Hope this helps.

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talk to a CPA before you make any decisons. but of the higher tax bracket and also that you can use the child care decuctions and see what evens out. my husband and i were both working our butts off, never had family time together and paying a butt load of taxes because we only have one child and he is 17 now. we saved every reciopt and did what we could but after a meeting with our CPA, i found that we would be making more without my income. i still work per diem as a nurse when things get tight but i hav emore time at home, i babysit my grandson and am able to be more involved in my sons senior year activities and we always have weekends together,. our home and vehicles are paid off so that is also a consideration.

1 mom found this helpful

Hi A.,

Its not worth it. Tell your husband to get a real job! It would be better if you worked at home on ebay, or even selling on Craigslist!

Blessings,
Cath

1 mom found this helpful