Date: Thu, 7 Aug 2003 15:09:54 CST
From: John Cowart 
Newsgroups: misc.invest.financial-plan
Subject: Re: Bank Levy/ Garnishment/ BK
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DIANA wrote:
> 
> I will be a stay at home mom... We have considered giving up my car and keeping only his since he
> works 2 minutes from our house!  If I needed the car I could just drop him
> off at work.

I suggest that you give up whichever car is the most expensive to own
and drive, regardless of whoever currently drives it the most.

> We get a tax refund every year due to my business expenses and my office
> being in our house.

That means that you can afford to decrease your withholding slightly.
For example, if you normally get a $600 refund, you can safely decrease
your withholding by $10 per week, etc. The goal is to either get a
minimal refund, or to make a minimal extra payment at tax time.

> After we have the child....April 2004

When you file your 2004 taxes, don't forget to apply for the Earned
Income Credit. It will likely cause a major reduction in the amount of
tax that you will owe. And once again, you can decrease your withholding
accordingly.

John Cowart