How much for taxes

Ok, getting ready to open jan 2013... i have read thru the tax section but still have some questions.

If i was full with 4 kids at $40.00 i was planning on putting away 7000$ for taxes. is this too much? i forgot about all the write offs, food, mortgage etc.. do those really make a difference?

so if hypothetically i made 30,000 a year and my DH made 50,000 (which means i dont get those extra credits) how much would i be paying in taxes at the end of the year? i know there are alot of variables but was just lookign for some general ideas.

thanks!

Ya if you 'cleared' $30,000 in taxable income ... aka this is what you have after expenses ... and are not eligible for any 'tax credits' because of your household income ..... than having $7000 set aside should be plenty cause that is almost 25% tax rate and you get taxed on your own income not your household income ~ aka you will be taxed at one rate and your spouse at another due to his higher income you income is only combined for the 'credit calcuations' like HST, Energy and so forth ... typically $30,000 taxable income is only at 17% I think and the first 11,950 is 'tax free' so you would only be paying taxes on the $18, 050 ... so that x 17% would be $3000 roughly ... so unless your Provincial taxes are away higher than 'average' to add onto that you should be fine!

Keep the rest as 'savings' ... or toss as much as you can into an RSVP before the end of the tax season and see if you can 'lower' what you owe that way even more ;)

And YES your expenses make a HUGE difference in how much income tax you pay ~ every $1 in expense you have lowers your tax due by $0.17 basically .... while 17 cents does not sound like a lot on its own ..... if you spend $6000 on FOOD to feed the children that means that is $1020 LESS in taxes you will have to pay on the 'revenue' your business made cause your revenue is lowered by your $6000 in expenses .... add in your property tax and mortgage interest and all your other write offs that adds up to A LOT LESS TAX to pay .... I keep every possible receipt ... if I pay $2 to park downtown to take the daycare kids to a festival or playgroup than I record and claim that even though it seems like a pittance ... cause that is $0.34 less in taxes for me at the end of the year and those $2 ADD UP ;)