Hi, I am about to have a baby next month. Just wondering how much i can save on tax ? My income is about 70K.
thanks.
2007-02-19 15:41:14 · 3 answers · asked by Fish 1 in Business & Finance ➔ Taxes ➔ United States
you would get a $3,300 exemption for having a dependent. for 2007 the amount will most likely be higher. the tax savings depends on your tax bracket. you would also receive the child tax credit of $1,000, which is applied directly to your tax liability, so it acts as if you made a tax payment of $1,000.
2007-02-19 16:06:16 · answer #1 · answered by tma 6 · 0⤊ 1⤋
Well, nothing on the one you're filing now. And there are too many variables to say what all having the baby will save you for next year. You'll get at exemption which this year is $3300 and will probably be a little higher next year, and a child tax credit of $1000. There might be additional tax advantages also, depending on your personal situation.
2007-02-20 00:42:03 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
for saving through the turbo tax just click the links
http://www.online-couponcodes.com/online-coupons.php?coupon=45292
http://www.online-couponcodes.com/online-coupons.php?coupon=45105
2007-02-22 15:50:22 · answer #3 · answered by ellen h 2 · 0⤊ 0⤋