2007-01-25 16:05:38 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
It might be possible for you to save the maximum in tax-deferred investments like traditional IRAs and 401ks.
You may also benefit from getting high-deductible health insurance coverage and contributing the maximum to a Health Savings Account.
Since you might have some extra time, you could take higher education classes and get the Lifetime Learning Credit.
You could support a parent and claim that parent's exemption, and even qualify as Head of Household.
True, these are all benefits that married taxpayers or taxpayers with children can take advantage of, if they had the time and extra money.
The income tax system has no specific rewards for being unmarried and childless.
2007-01-25 16:16:35 · answer #1 · answered by ninasgramma 7 · 0⤊ 1⤋
Sure, you can own your own home and get a break on the mortgage interest. You can start a business on the side and get tax deductions for home office space and for equipment and supplies used in the business as well as mileage for going to/from clients. There are plenty of tax breaks that aren't based on marital status or dependents.
2007-01-25 16:10:06 · answer #2 · answered by Katherine W 7 · 2⤊ 1⤋
Yes.
1. Go to school
2. Start a business (even if its avon etc.)
3. Marry someone with kids
2007-01-25 16:11:59 · answer #3 · answered by thenovice 1 · 0⤊ 1⤋
If you earn virtually nothing, you can qualify for the earned income credit.
2007-01-25 16:09:32 · answer #4 · answered by jseah114 6 · 0⤊ 0⤋