Just married w baby due next month - Need advice
I just got married and our son is due next month. We are barely going to move into a small apartment which prompts me to my first question. Is the moving expense a tax write off?
God willing, when my son is born. For tax purposes what are the basic steps we are suppose to take during tax time? Does my wife automatically change her W4 to claim herself and my son?
Re: Just married w baby due next month - Need advice
Moving expenses are only deductible if you move at least 50 miles for the sake of employment.
You can fiddle with your W-4s to make things work out right. Its not a big deal. The only tax thing you really need to do is get an SSN for the tyke - nowadays the hospital is likely to do that for you.
Most important : If your wife continues working, good luck! It can get pretty tough being separated - my wife ended up quitting & I was back at work pretty fast.
Re: Just married w baby due next month - Need advice
I think we both would love for her to stay home for the next few months but due to this whole life changing event being unplanned, it caught us both off guard.
So as soon as he is born, she will take a few months off and then head back to work. I will probably be off 3 days tops and head back to work.
Re: Just married w baby due next month - Need advice
Nowadays, a couple and a baby should not owe any Federal income taxes at all on household income under about $30,000, just from the standard deduction & child credit. You can go up to $80,000 & still be in the 15% bracket (total tax should be about $7000)
So do your taxes early, get your refund, & don't waste 10 seconds extra thinking about taxes.
(There's very little correlation between whether a baby is a surprise & how tightly mommy bonds with it. Just 3 days?! That's crazy talk. Come back in 6 months & tell us how your plans hold up)
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