Should we change our number of exemptions now that we have a baby?

One child entitles you to a thousand dollars for Child Tax Credit right out of the chute, if you make more that $ 16,800.00 in a year. If you are making less than $ 33,000.00 you will also be eligible for EIC. I have done taxes since 1971 so if you send me your gross anticipated income for 2007 I will get back to you with the amount of your tax and what your refund would be excluding what you have withheld for FIT. 2006 figures for married filing joint are as follows; standard deduction 10,300; you, your spouse and one child at 3,300 each for a total of 9,900. This means that you could earn 20,200 and owe no federal income tax whatsoever. Remember that these are 2006 figures and that 07 numbers will be a little higher. You could put down 5 or 6 on your W-4 and have very little or nothing withheld and still be getting a refund. Anyway, if you want to send me your anticipated gross I will figure out how much EIC & CTC you will be entitled to.