Have Tax Questions? Ask a Tax Expert for Answers ASAP
If you can tell me something about your situation, I can probably help ... For example ,if this is from contractor pay, there are a lot of things that can be legitimately deducted
There may also be personal items that are deductible
Again, depending on your situation, you can set up your own retirement plan, contribute money to that, KEEP the money, but the deduct the amount of the contribution from your taxable income
And there are more ... but it ALL turns on HOW the money was earned AND your specific situation ... and finally, what CREATED this tax ... if this is some sort of tax penalty or assessment, there may be ways to spread out the payments
But again, I just have to know more, to be able to help
Please let me know more ;;; for ow, here's is a pretty long list of itemized deductions:
When you click on this link, please note that EACH IRS topic number is XXXXX link that has it's OWN very long list: http://www.irs.gov/taxtopics/tc500.html
I hope this helps
But again, if you'll let me know more about your situation, there may be other things as well
I still don't see you coming into the chat session, so I'll move us to the "Q&A" mode. … Maybe that will help … (We can still continue a dialogue there, just not in real-time chat, as we can here)
Please let me know if you have any questions at all ...
Taxable wages = 110713
Fed Withholding = 17544
State Withholding = 6007
Social security benefits = 31721
Oil Income = 1161
Other Income = 3800
We rent. Only deduction would be to church for 4800
Hi Dwight,I know this doesn't change what you actually OWE, but you can certainly do additional withholding through the W-4 at work.Notice that on the W-4 here (the form you can get from your company's HR department (they must allow you to change, by law): Form W-4 It says on line 6: "Additional amount, if any, you want withheld from each paycheck..."THis may help take the bite out of having to pay it all at once in April.Another way to do the same thing... you can also send in additional estimated payments through the voucher called 1040-ES: Form 1040-ES There are all sort of worksheets in the instructions, but since you already know the amount you'll still owe, this fives you a more flexible way to send it in (in any amount, and whenever, you want)Just simply fill in the little 1/2 page voucher, and send to the adress you see in the instructions, for your state.Other ideas would be to contribute more to your company 401(k), again, the ONLY way to get a deduction without actually giving away, or spending, money.Also, here's an excellent article about how to deduct a portion of your home (even when you rent) if you have (or could start this year) a home based business: http://homeguides.sfgate.com/can-deduct-rent-paid-apartment-1867.htmlAnd just in case there may be some deductions you hadn't thought about, here are really good memory jogger: http://homeguides.sfgate.com/can-deduct-rent-paid-apartment-1867.htmlAnd finally, if you'd like to tell me your filing status, whether there are dependants, age and other things neede to run an actual projection of taxes, I can do that for you just to see if I can see anything.Hope this helpsLane
If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better (excellent, is ideal)… That's the only way they will pay us here.
HOWEVER, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question.
Concerning Projection of taxes;
just my wife (66) & myself (68)
Have paid in $3887 to traditional IRA contribution
Other than what I stated before, that's about it.
If I want to make sure this does not happen next year, wouldn't I want to increase my line 6 withholding by $135)? ($3500 / 26 ). Not sure why you would say $350 per week?
So, if I put $700 into my retirement account each pay period (bi-weekly), will this be 100% applied against what I owe in taxes? In other words, would I then owe 0 taxes?
I was just talking about for the rest of this year ( 5 pay periods). If I paid the $700 into my retirement, what would my tax be at the end of the year?
Ok, thanks for all your expertise!
OR set me up as your preferred expert on your home page.
Regardless, thanks again,
Cannot seem to find where to set you up as a preferred expert? Is it on the "My Account" screen?