Ask questions via twitter! Message any question to @answers on twitter. We'll publish the question and send you a reply each time there's a new answer.

Warning About Taxes Questions


 

Mahalo Answers is a great place to start your research into Taxes questions, but it's not the final answer.

Mahalo Answers is not a substitute for informed professional advice. If you desire or require professional advice, please consult a qualified provider who is licensed in your state or country. You should always seek independent professional advice before acting on any opinion, advice, or information available on Mahalo Answers.

 
 


Next Question

Answered Question

kpolich kpolich
 
M$2 February 07, 2009 11:38 PM

My adjusted income is 5k above a particular limit which would allow me to take a 4k deduction. Worth pursuing?

I suppose I could go to a tax professional, pay them, and hope they find a way to make my adjusted gross income 5k smaller. That seems unlikely. I'm guessing I should give up on taking this deduction. Is that a good point of view to have?
Interesting Question?  Yes (0)   No (0)   
RSS
 
 

Best Answer  Chosen by Asker

ssmacd ssmacd
 
 February 08, 2009 01:48 AM
There are ways you can reduce your adjusted gross income. Depending on your income level and complexity, it might be worth going to a professional. If you have W_2 income only, and have already taken any appropriate IRA and student loan interest deductions, they may not be able to find much.

However, if you have investment transactions, self employment income, or rental properties, a review by a professional is a good idea.
Asker's Rating:


Helpful Answer?  (0)   (0)    Tip ssmacd for this answer
Permalink | Report
   Reply  
 
 

Other Answers (1)

Sort By
robbrown robbrown
 
February 08, 2009 01:43 AM
The possibility of at least $4k would get me to go to an accountant pretty quick.

They're pretty good at finding things. I donno about in the U.S. but here in Canada, a percentage of professional CGA (Certified General Accountant) fees are deductible. So it's really a win-win.

Regardless, pro help (even once in a while) from an accountant can keep you on a good track.

Helpful Answer?  (0)   (0)    Tip robbrown for this answer
Permalink | Report
   Reply  
 
 

Answer this Question

How tips and payments work

This question has already been resolved. You may add an answer to it but you will not be eligible to win best answer or any associated tips.

Related Questions

View All Taxes Questions

Ask a Question


140 characters left
Top of Page
Buy Mahalo Dollars with Credit Card or PayPal

Top Members

This Week All Time
  • cfinke
    cfinke
    2nd Degree Black Belt
    26630 Points
    M$29.75 Earned
  • opher
    opher
    Purple Belt with a Brown Tip
    5555 Points
    M$221.89 Earned
  • thisjustme
    thisjustme
    Green Belt
    1143 Points
    M$76.05 Earned
   See All
 

Most Popular Tags

mahalo(1748)
twitter(967)
music(492)
iphone(479)
google(380)
online(334)
food(333)
internet(309)
beer(282)
money(280)
movies(275)
apple(257)
facebook(253)
answers(239)
aotd(235)
health(226)
free(222)
video(220)
dog(209)
windows(203)
   See All
 

Categories

Welcome New Members


 
 
Mahalo Dollars are the currency of Mahalo Answers.

Each Mahalo Dollar costs $1.

Once you earn more than 40 Mahalo Dollars, you can request to be paid via PayPal. Each Mahalo Dollar is currently worth $0.75 when paid out via PayPal. Learn More

 
 

Please log in to use this function.

Answers Home | Ask a Question | Earn Points | How Tips Work | Widget