hi! i'm single and i don't own a house yet so i don't have any deductible. my tax is killing me, roughly 2 thousand a month. i'm earning like $2700 biweekly and i just take home $1600, sometimes $1530
i declared 0 in my income tax so i will not gonna have any probs at the end of the year.
any advice on how can lower my taxes?
Jan 14, '07
Adopt a kid...just kidding, although having another dependent will lower your taxes.
but I would speak with a tax specialist...why are you claiming "0"...find out what you would be responsible for, change your deduction and put that money in a saving account that will give you about 5% interest. You think that government is going to give you any interest when you get your refund?
I would also look into putting that money into your hospital's 403b which is tax deductible...
Where in NY do you live? You might want to consider purchasing a condo/coop...yes it is expensive, but I think that once you look at the numbers, wouldn't it be better to put money into something solid for yourself?
Like I said speak with someone...there are ways around this!
Jan 19, '07
Wow, I claim 1 for me and 1 for head of household and I have always gotten money back from the the feds, though I usually owe the state a couple hundred, those bastards. I don't own a house or have dependents, but I do get tuition credit every year plus some other deductions. You should definitely invest in seeing a tax specialist.