My Income taxes are due August 15th and I need to come up with $6,000 more in write offs to break even. I've already written off $2,000 in stock losses and $2,000 on a Schedule C. Any more ideas?
2006-08-08 03:31:36 · 6 answers · asked by psychosolodiver 6 in Business & Finance ➔ Taxes ➔ United States
Since I don't know your exact situation, let me say that generally stock losses are only used to offset gains. If you've reduced your income from gains by the $2,000 in losses then you should be ok. Do you have a home? Did you pay any mortgage interest or property taxes last year? If so get a copy of Schedule A and fill in the appropriate deductions. If they are more than your standard deduction then use them on your return.
Other deductions could include did you buy any large ticket items and keep the receipts. You may be able to deduct more for the Sales tax deduction than the standard the tables calculate. Did you buy a hybrid vehicle? There is a deduction available for that.
2006-08-08 03:40:16 · answer #1 · answered by Thrasher 5 · 1⤊ 1⤋
Your income taxes are not due August 15th. They are due October 15th. This year, everyone who filed for an extension is automatically extended until October 15th.
So chill man, and enjoy your day.
2006-08-08 03:35:47 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Donate money to charity, and make the full contribution to an Individual Retirement Account.
2006-08-11 06:43:06 · answer #3 · answered by smoot 3 · 0⤊ 0⤋
start cleaning out you closets, and donate the stuff to goodwill, get a tax deduction receipt from them and fill it out. Make 30 trips to good will, and get 30 receitpts. have fun donating all you unused stuff.
2006-08-08 04:04:18 · answer #4 · answered by susan m 1 · 0⤊ 0⤋
passive losses?
lie?
2006-08-08 03:34:50 · answer #5 · answered by Mark 5 · 0⤊ 0⤋
have more kids
2006-08-08 03:35:17 · answer #6 · answered by likeafatkidlovescake2003 4 · 0⤊ 1⤋