I own my house, and while that seems wonderful, I have absolutely no tax writeoffs. I don't make enough money from each paycheck that I can increase my withholding to be able to make it each pay period. I find I'm dipping out of savings each month. What can I do about this? I'm thinking about joining a 401k that they just started here at our office but I really can't afford to have that money taken out of my check. I need it now. I'm newly divorced and its very hard for me to live on my income because my ex made about 3 times more money than I did. I should have gone for spousal support but its too late now !
2007-07-16 09:19:15 · 5 answers · asked by NavyBrat 4 in Business & Finance ➔ Personal Finance
g for tax write offs or ways to afford your house?
Here are a couple of suggestions:
1 - Take in a room mate and charge rent (cash only). Split the cost of food and utilities. That will help handle the mortgage for now.
2 - Take a second job, part time. Work weekends doing something where you get more than just money out of it. Look for work that is fun, or where you can meet new people. That way it helps entertain you without spending money and you may meet someone who can be your new room mate, or some new friends.
3 - Start a home business. There are tons of write offs for a business run out of your home. If you are over 21 and want to try a wine sales consulting business, send me an email or visit my web site at adwineadventures.com/mo1508 to get more information.
Good Luck
2007-07-16 09:35:00 · answer #1 · answered by Maggie Jeans 3 · 0⤊ 0⤋
There is no benefit to tax deductions. It just means you pay the money somewhere else, rather than to the government.
Can you sell the house, put the money into CD's and use the interest earned to pay rent in an apartment? If so, you would be living rent free, so to speak.
2007-07-16 16:25:06 · answer #2 · answered by regerugged 7 · 0⤊ 0⤋
go talk to a CPA, and he can help you,won't cost you much to talk for an hour or so, in order for anyone to answer you they would have to know your financial situation and how much you make and so on, but before knowing all that there is not much I can tell you, other then you have at least the interest you paid on your mortgage, which depending on how long ago you purchased should be quite a bit. most of your payment for the first 10 years is interest. but you need to see a professional, if your dipping into your savings your slowly drowning yourself and need to get help faster than slower.
2007-07-16 16:26:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Do you have a mortgage? If yes, then the mortgage interest, real estate taxes, state and local income taxes that come out of your paycheck are all tax deductible. If you don't have a mortgage, then where is all you money going? High credit card usage?
2007-07-16 16:26:54 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Start some kind of buiss. even amway. then you can write off alot.
2007-07-16 16:30:45 · answer #5 · answered by mark r 2 · 0⤊ 0⤋