Is there a way to reduce taxable income for 2007 other than 401k max, FSA, with standard deductions. Thanks?

Answer 1

Nope, you've got it covered.

Do make sure that your FSA is exhausted by the deadline! Some employers extend it out to the middle of February but anything left at the end of the year or the extended date (if offered) is forfeit to your employer.

Answer 2

To reduce your taxable income for 2007, you need to have enough deductions to itemize. If you only qualify for the standard deduction, there isn't much else that you can do.

You could get married tomorrow to someone that did not have a job for all of 2007 and cannot be claimed as a dependent by someone else. That is about all that I can come up with on such short notice. That alone could add another $8750 in deductions.

Do you qualify for any tax credits? It doesn't reduce your taxable income, but it puts more money in your pocket.

For 2008, review your situation and see if you can legally increase your tax deductions before the year starts.

Answer 3

quit your job or get fired (thereby reducing your income). ;0

Answer 4

there is no other way to get more money unless you want to lie and lying to gov is 250000.0000dollar fine so do it the way its suposed to be done