Congratulations times two! There are several changes that you will encounter once you twins are born. Please review this article to find out some of the ways that this will impact your return.
As for how you file. You or your partner may qualify as head of household rather than using the single filing status. That would give you a bigger standard deduction and more advantageous tax brackets. To qualify as a head of household, you must pay more than half the cost of providing a home for a qualifying person—and your new children likely qualify.
Secondly, since claiming an extra dependent can cut your tax bill, it also means you can likely cut back on tax withholding from your paycheck. File a new W-4 form with your employer to claim additional tax credits that you are eligible for. you can use our W-4 Tax Calculator to get started.
As for who is claiming the children, a dependent can only be reported on one person's return per year, so you both can't report the twins. Check out, What Happens When Both Parents Claim a Child on a Tax Return? for more info.
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