It's not that time of year. No one is thinking about it. Well, except maybe my BFF Mink. Why her and what is she thinking about you ask? She is due to have her second baby girl (which I like to think that I named, thank you very much) any day now. Not only is she excited to have a baby the same year I had mine, she is excited about the tax credit.
Yes, she is! If you know Mink, you know this is totally true. And to tell you the truth, I am excited about my double tax credit coming up. I have a general rule with the tax stuff I get for the kids. Two rules actually. 1) That credit goes straight into a college fund for them. It may not be a ton, but at least it will be something. 2) The first year I get the credit, it's mine. Pay back for having suffered through pregnancy and delivery. The boys first tax credit is earmarked for a new kitchen table and chairs since they pushed us over the edge. And I'm going to go all splurgy and buy one that the Amish have made. With a take out leaf, a bench on one side, and 4 chairs. And then we are never going to eat on it because it will be too beautiful.
Back to Mink. Her new baby girl will be born at the last "minute" for tax purposes. And even if you aren't having a baby at the last minute, you will still at least get some tax relief. Such as:
- Any new baby in 2008 could deliver a $1,000 child tax credit. This keeps going until they turn 17.
- Be sure to file a new W-4 form with your employer to claim an additional withholding allowance which may help boost your take-home pay.
- There's also a tax credit, worth as much $11,650 in 2008, to help offset the cost of adopting a child.
So, all of you friends like Mink out there, you can even get more from your December baby! Turbo Tax is having a contest called America's Cutest Last-Minute Tax Deduction. Parents or legal guardians can go to www.CutestTaxDeduction.com and submit a photo of their newest last minute tax deduction. One lucky baby, born between Dec. 1-31, 2008, will win a United States savings bond worth $5,000 (up to $10,000 upon maturity). I bet you didn't know your December baby could be worth so much!
You can check out a video of last year's winner here.
There's more here, though. So what if you didn't have/are going to have a baby in December this year. Did you have one the same time I had mine? Or after? You can win a turbo tax romper that says, Tax Deduction, on it. (size 6 months) Right here! Just leave me a comment and tell me what you plan on using your new tax money for. Or if you know someone who needs a romper (maybe you know Mink!), you can leave a comment telling me what you do with your kid credit. Because I'm nosey like that sometimes. I will randomly pick a winner the day after Mink has her baby. (She is due on the 19th I think...or that may be the day her doctor is inducing her.) Anyway, the point is this contest is going to run from now until her baby girl is born, whatever day that may be.
Good luck everyone! (And I bet you are thinking about taxes now!)
Safire
So fun! Al is too big for the onsies, but I DID have a December baby....12 years ago! We were happy for the tax deduction that year!
ReplyDeleteI love that you are going to splurge on a nice table! You deserve it! And eat on it at least once. You have to break it in at least. :)
ReplyDeleteCan't wait for the table. I hope you post pics. I married a December baby does that count?? I think it does, because you have to think ahead for birthday and Christmas! Good luck with the tax moolah! $$$$
ReplyDeleteUgh! I HATE taxes, I get to think about taxes 4 times a year, and it always means I have to write them a big fat check. With ElCid and I both self employed we get to pay all our own taxes! I don't need a onsie for anyone at my house but my SIL had a cute little Tax Deduction about a month ago, I could always give it to her. :)
ReplyDeletemy new tax money is going towards a house! ^_^
ReplyDeleteWe haven't been getting tax money back since we first switched from renting to buying our own houses, because we keep our deductions down on our paychecks, so we don't have a precedent for what we do with the tax $. This year it's going in the bank to save for the next adoption, but after our family is complete I'd imagine we'll be putting it in college funds, too!
ReplyDeleteOur tax deduction this year will be going towards our Europe trip! Wahoo!
ReplyDelete