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Posted by Stuart A. Bronstein on January 31, 2007, 8:20 pm
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> Need ideas for a deduction worth at least $1000
>
> Was suprised this week when doing my individual taxes that I
> only get to deduct $2000 of my daughter's college tuition
> out of a possible deduction of $4000. Reason? My MAGI is
> $66K. The $4000 deduction is for MAGI of $65k or less for
> single.
>
> So..... I'm in search of $1000 in income adjustments to get
> my MAGI to $65k.
It's too late now, but before 12/31 you could have prepaid
attorneys fees.
> Was hoping I could increase my 401k contributions by writing
> a check but that is not allowed in the law - must be thru
> payroll deduction.
The only thing I am aware of that you can deduct in a prior
year is an IRA contribution, if made before the return is
due. Aside from that you're out of luck.
Have you been writing a book (or otherwise create art) that
you intend to sell and make money from? If so you can file
a Schedule C and write off your expenses. Beware that this
one may be risky, because if challenged you'll have to
justify that you really intended to make money and were not
just doing it as a hobby.
Stu
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