Advice on Taxes

Updated on June 04, 2008
A.M. asks from Longmont, CO
8 answers

Hello,
My husband and I are weighing the pros and cons of me going back to work. I would love to continue to be a stay at home mom but my husband is a freelance artist and there is a lot of pressure on him as the sole provider. I have just started the job interview process. After calculating the average salary for my field and expereince I was shocked at how little of my paycheck would be left over after paying taxes and child care. Since I have not worked since having my children I was wondering if anyone knows of some tax credits out there that I can factor into my take home pay? Also, does anyone have any advice on filling out a 1040 now that I have 2 dependents (such as credits, exemptions, filing status, etc)? My income level would fall into the $80,000 - $100,000 pr year range. Thanks for any advice you can give me!!

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K.H.

answers from Phoenix on

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.

[email protected]____.com

2 moms found this helpful
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S.L.

answers from Phoenix on

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.

2 moms found this helpful
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C.W.

answers from Denver on

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
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A.S.

answers from Tucson on

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
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J.J.

answers from Phoenix on

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
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C.D.

answers from Denver on

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

S.B.

answers from Phoenix on

Hi A.,

I completely understand! Taxes take so much! I have owned and operated my own businesses for over 12 years and with that comes tax write offs and deductions. Have you ever thought of this? You will save money on your car, clothing, lunch, etc.

I am a co-founder for a new networking company that specializes in natural products and travel. We currently are searching for distributors to build this incredible new business. We have incredible all natural products and it is easy to do from your home computer and phone. It is a web-based business that you can take out of your home if you like or keep it web based.

We have a very special event this Saturday June 7th at 10am at the Scottsdale Plaza.

No fee for the class, it is free, but you do need to register, call me at ###-###-#### for tickets. You will also receive a 2 night 3 day hotel voucher good in 45 different cities. Something all families need!

Trust me on this, attend our event, check us out and let me know your thoughts. Very easy, little time, little investment and incredible income potential all from your home computer and phone!

I am a businesswoman in the Phoenix area for over 12 years.

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T.M.

answers from Phoenix on

Hi A.:

I work for World Financial part-time on a very flexible schedule. There are no quotas to meet so my performance is up to me. I educate families on Financial Concepts such as Mortgages, Investments, Savings, College Education Plans to name a few. The training is easy to understand and fun. The teamwork and support system are awesome.We are looking for good hardworking professional people to join our organization. If you are interested in a great opportunity, give me a call to set up an appointment at our office. Our websites are www.wfg-online.com or www.aegon.com

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