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| *Loan,banking and credit>>>income tax |
If I made $272,000 income last year, what avenues can I use to reduce my taxes? its for the year 2005!? |
How can I claim that my clothes given to charity as a tax right off of the charity organization did not provide me with proof? Besides, 2005 already passed! What can I do? I really feel sorry for you. You made $272,000 and you want to reduce your taxes by claiming the clothing you donated?? First of all, you must have a receipt for any donations over $25 or over a total of $250 for small donations. That still isn't going to reduce your taxes by much. And it's too late to do anything about last year's income, anyway. Here's what to do this year. Give a lot more money to charity... and get a receipt. Stop being so cheap and pay your taxes like everybody else. i made less than $30,000 last year and worked 198 hours of overtime. i gave clothes to goodwill, too, but you don't see me trying to get out of paying taxes. selfish @ss! Frank: You can write up you own recipt for the clothes. However I doubt it is going to make much difference in how much you owe. In fact given that you made this much you time if probably worth more than you will get back for the donation. You can look at reducing your income by taking advantage of pre-tax investments, Roth IRAs etc. You could also put some money into a traditional IRA and save on the 2005 bill First, congratulations! Good Job. Too late for 2005, for the future open a profit-sharing plan an contribute the make (up to $40,000) tax deferred. Give money to charities. Employ your kids. Since you are making so much you are a tempting target for the IRS. You have a lot to lose so you'd better be straight with Uncle Sam. |
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