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What tax precautions should we be taking?

Asked by livelaughlove21 (13668 points ) December 19th, 2013 from iPhone

Since I just got a post-college job, my husband and I will be bringing in two incomes for the first time since we’ve been married. I don’t know a whole lot about taxes, so I’m hoping some nice jelly that knows a thing or two could give me some tips so we can avoid owing at the end of the year, but we don’t get gouged in the meantime. We’ll discuss this with our tax lady in February when we file, but getting some basic information now wouldn’t hurt.

We file a joint return. He makes about $40,000 gross and I’ll be making $36,000 gross. We bought our home in September of 2012. We do not have children.

I’ll be happy to answer any additional questions that would be helpful. How many withholdings should we put on our W4s? What else could we do as far as tax precautions?

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