2007-09-27 00:32:29 · 3 answers · asked by bigg_mike_01 1 in Business & Finance ➔ Taxes ➔ United States
It depends. If you don't have any tax liability (like if you have a dependent child) then no it wouldn't benefit you. If you do have tax liability for the year, which you probably would if you are single, or even if you're married but don't have any children, then you can itemize and get a deduction for most of the expenses, which would mean a tax savings to you.
2007-09-27 05:45:02 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
Because your AGI puts you in a low tax bracket, you will not benefit very much from itemized deductions. In your example, if you are single with no dependents, your taxable income will drop from $11,250 down to about $6,000. You might save $500 in tax, you might save nothing if other factors figure into your tax return.
If you are going to have more income next year, it would make sense to pay those bills next year. You can deduct medical expenses when paid as long as they were deductible when incurred.
2007-09-27 03:58:20 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
If you're single, yes. You'd have an $8,500 deduction that would save you a few hundred in taxes.
2007-09-27 02:54:33 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋