| Will I can screwed in taxes? |
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domskynetlabs
Full Member
Cash: $ 21.09
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| Will I can screwed in taxes? |
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single service member
very low income 10k a year
25k in savings
1k in a bank brokeage account
no monthly expense besides cell phone and dsl.
only thing I can think of that I could report on taxes is the 7 dollar haircut i am obligated to get every week.
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Mon Jan 17, 2005 1:42 am |
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xboxundone
Senior Member
Cash: $ 67.83
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you wont get screwed because you can claim minimum deduction amount  so you should get money back
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Mon Jan 17, 2005 2:11 am |
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domskynetlabs
Full Member
Cash: $ 21.09
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quote:
Originally posted by xboxundone
you wont get screwed because you can claim minimum deduction amount :) so you should get money back :)
minimum deduction amount?
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Mon Jan 17, 2005 10:09 am |
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xboxundone
Senior Member
Cash: $ 67.83
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Yes every person gets the minimum deduction around 4800 i think... when you file federal taxes.
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Mon Jan 17, 2005 12:29 pm |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
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Location: Illinois
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One quick question re: standard deduction - you're not considered a dependant on anyone else's return, are you?
BTW, even if it was a large enough amount, I don't think you could claim a haircut as a deductible expense. The same goes for clothing (e.g., I have to have a suit to do my job) and other expenses that have common use. I don't imagine you were serious about claiming your haircut, but thought I'd mention it...
Now, with respect to your question about taxes, if you are independant (not claimed on anyone else's return) and your income is $10k, you will likely have a tax payable of roughly $205. The standard deduction is $4,850, and the personal exemption is $3,100. $10,000 - $4850 - $3100 = $2,050. The tax rate is 10%, so $2,050 * .1 = $205. If you contribute $2,050 to a traditional IRA between now and April 15, 2005, you won't owe any tax at all.
Hope this helps.
Jim Blankenship, CFP�, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
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Mon Jan 17, 2005 4:52 pm |
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SnapThat
Senior Member
Cash: $ 26.48
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Joined: 07 Nov 2004
Location: Illinois
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| Re: Will I can screwed in taxes? |
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quote:
Originally posted by domskynetlabs
single service member
very low income 10k a year
25k in savings
1k in a bank brokeage account
no monthly expense besides cell phone and dsl.
only thing I can think of that I could report on taxes is the 7 dollar haircut i am obligated to get every week.
This is a bit off topic, but... why do you get a haircut every week?
JavaHive - Get Paid to Post! | Inbox Dollars
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Mon Jan 17, 2005 5:49 pm |
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domskynetlabs
Full Member
Cash: $ 21.09
Posts: 95
Joined: 24 Nov 2004
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| Re: Will I can screwed in taxes? |
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standard Marine Corp policy. My federal thrift savings plan started jan 15 it takes 10% of my pay. It's the only thing the government offers comparable to a 401k, I hope it helps to minimize my tax deductions. http://tsp.gov
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Mon Jan 17, 2005 8:45 pm |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
Posts: 390
Joined: 05 Oct 2004
Location: Illinois
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TSP is actually a very good plan, from my experience with it (not as a participant, as an advisor to participants). The funds are straightforward and relatively low cost, easy to understand, and diversified enough to meet the average person's needs.
Way to go!
Jim Blankenship, CFP�, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
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Mon Jan 17, 2005 11:57 pm |
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