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My wife and I just had twin boys and have some questions regarding tax exemptions. My wife is not working now, so after filling out a W-4 on a tax site, it came up with seven deductions. I used to be just a single with zero exemptions. Comparing seven to zero nets me about $350 more per month. If I claim the seven exemptions, does this mean I'll be owing the IRS come tax time or is this simply a "benefit" of having children. You'll have to excuse my tax ignorance, but I tend to dislike some of this stuff. Thanks!
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