How to reduce my Federal taxes owed for 2012 (pay, income, mortgage)
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I figure that I will owe about $483 in Federal taxes for this year. Is there any way to reduce what I owe? I have already contributed the maximum to my Health Savings account. I can't open or contribute to an IRA because I did not have earnings in 2012. I received unemployment and a portion of my ex-husband's pension. I really don't have much of value to contribute to a charity and to be honest, I need to try to keep as much money as I can to live on. I lost my job in September 2011 due to federal government funding cuts, I still have a 403b with my former employer but was told that I can no longer make contributions. Does anyone have any advice for me? Thanks so much.
basically there is nothing left to do. without ira's ,contributions or large deductable expenses you have nothing. it sounds like your not even clearing the standard deduction.
Last edited by mathjak107; 12-24-2012 at 07:54 AM..
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Chances are a good tax preparer can find something you missed, and that small amount owed
might be pretty easily overcome. Perhaps something like expenses in looking for a job.
you have to exceed 2% of your adjusted gross income to deduct job hunting expenses. .
it has to be in your current occupation and you can't wait to look either. if the only expenses you have are from the end of 2012 then you may get denied if questioned.
Why did you have to pay any? I'm just 23 so I know nothing in thelong term, but if your not filing a 3 or something crazy and you file a 0 or a 1. You should even get money back. If you are filing high your supposed to save a small amount each check. $400 some bucks a paycheck is nothing. Like I aid though, I'm young.
if he was on unemployment they may not have been taking out anything.
You're right, they don't usually withhold taxes on unemployment payments.
If you have a mortgage, if you can manage, you might want to consider paying your January payment in December, to get the tax deduction benefit this year.
Well, Papillon, any action you take would have to be taken before January 1, so it's a bit late to start worrying about it. All that's left is for you to have pride in the fact that you are a net contributor, not a net taker.
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