Hooray for Having 5 Kids

5 Kids = Lots of Deductions & Tax Credits

It's tax day for me.
One week left but I decide to not procrastinate any longer.
2008 was a good year for us.
The best year Brian has had in real estate.
We usually owe State Income Tax because we don't prepay any of it.
There are not "child tax credits" that go towards state income tax so if we've had a good year we have to pay.
Thankfully we rarely owe Federal Tax because of deductions and tax credits.
We usually get a federal tax refund.

My hope is always that come tax day we break even.
That my federal refund will exceed the state taxes owed.

Last year when I deducted our Federal Refund from our State Tax due we owed $654 :(
This year I'm thrilled that when I deduct our State Tax owed from our Federal Refund that is on it's way I owe nothing.
In fact I'll be $1000 ahead!
It's a good day!
Assuming I did the taxes right :shock: