Yesterday I asked - I started a corporation this year and was unable to really pay myself. If I have no income can I expect to get anything back if I have appox. 30K in deductions. I am talking about personal taxes not corporate. Can I expect to get anything back on my personal taxes. Regardless of my income I still had the same expenses with help from family and I still have the same deductions.
2007-12-13 02:25:43 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
With no income, you can expect nothing back and that includes the earned income credit a previous poster mentioned. No income = no earned income = nothing to base the credit on.
2007-12-13 03:14:40 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Do you have kids? The earned income credit is free money that is just given away to people because they have kids and a medium to low income.
I have had several people that get back a lot more then they paid in because of the earned income credit.
2007-12-13 10:51:41 · answer #2 · answered by lifecoachmike 3 · 0⤊ 0⤋
No income = no tax liability = no value for any deductions. Deductions only reduce your taxable income. If your income is already zero, any deductions have no value to you.
2007-12-13 10:38:23 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
A refund is just that, a refund of taxes paid or withheld. If you didn't pay any taxes or have any withholdings, there is nothing to refund.
2007-12-13 10:43:59 · answer #4 · answered by Wayne Z 7 · 2⤊ 0⤋