I rent. I have no children. I have no deductions. What should I do??? Please Help
2007-12-18 05:10:56 · 8 answers · asked by DarinG 1 in Business & Finance ➔ Taxes ➔ United States
wow i so feel for you , just go hire an accountant, they will do all they can for your precious bank account.or you can donate 10 - 12 thou for a sizeable write off, but it sounds like that may really pain you to depart with so much moulah.
2007-12-18 05:19:13 · answer #1 · answered by Anonymous · 0⤊ 1⤋
What's the problem. You still get a standard deduction of $5350 and a personal exemption of $3400. You just pay taxes on the rest of your income (just like I do!).
Unless you screwed around on your W-4 at work, you should be fine.
2007-12-18 13:20:43 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Does your company have a 401k? Contribute the max to a traditional IRA. Buy a house and quit renting.
2007-12-18 20:52:49 · answer #3 · answered by Gary 5 · 0⤊ 0⤋
why do you need help - if your income is all from a w-2 paycheck job, and you filed a w4 with single and 1 exemption, you should get back a small refund. if you make that much and only rent with no dependents, you should have plenty of money in savings
2007-12-18 13:45:15 · answer #4 · answered by Anonymous · 1⤊ 1⤋
Pay your taxes and don't complain, everyone has to deal with them, I make quite a bit less than you and I have no write-offs, if you don't have the money to pay your taxes you need to go talk to your employeer and have them hold out more up front, and then at the end of the year you don't have to deal with it and you're less likely to spend money you need for paying them.
2007-12-18 13:20:52 · answer #5 · answered by Mark G 7 · 0⤊ 1⤋
If your employer does not offer a retirement plan you should contribute the maximum to a traditional IRA. If there is a retirement plan at work, make sure you take full advantage of it.
2007-12-18 13:38:20 · answer #6 · answered by taxreff 7 · 0⤊ 0⤋
Are you sure you have no deductions? Are you self employed? If not do you have any unreimbursed employee expenses? Check with a reputable CPA.
2007-12-18 13:37:02 · answer #7 · answered by glaciergizzlybear 2 · 0⤊ 1⤋
Make less money or give a lot of it away to a charity.
Those are pretty much your only options.
2007-12-18 14:10:48 · answer #8 · answered by Wayne Z 7 · 1⤊ 1⤋