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Deb,

A refund or taxes due on April 15th depends on withholding and not on income.

Mortgage interest and property taxes does help. Do not count on this until you actually are buying a house.

Kids are only a small tax write compared to their cost.

You are on the right track. Estimate your taxes then have your withholding adjusted to match and therefore will have either a small refund or payment on April 15th. The first year you probably could pay most of your taxes on April 15th without penalty but their is a temptation to spend the money or minimize how much you actually need. Your BF does not sound ready for that type of planning.

When you fill out your first W-4 start with single (higher withholding) and 0 exemptions. After your first full paycheck you will have exact numbers and can adjust as needed. Most employers allow you to request an additional amount to be withheld per pay period.

Do not forget to check you state withholding. My state has a history of underwitholding. By default W-4 is used for your state withholding. Your state should have its own form if you need to adjust it separately.

Debra
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