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Posted by Phil Marti on March 20, 2008, 12:40 am
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> Hi there! I'm working up a client's return. She made about 60K in
> income. After plugging in her numbers, she owes 8k. I've played around
> with lines on schedules C and A, deducted mileage, insurance,
> advertising, everything. She still owes about 8K.
>
> What are some things she can do to reduce her tax burden this year?
Did she make her full allowable retirement contributions? She can still
reduce 2007 AGI with a SEP contribution even if no plan was previously set
up.
The $8,000 must be balance due since the self-employment tax alone on
$60,000 would be more than that. Sounds like she also needs some estimated
tax education.
--
Phil Marti
Clarksburg, MD
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