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!!
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.
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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.
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.
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.
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.
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
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.
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