I have got you beat. I had more "real" deductions than income for 2007, but.....
I did not claim 75% of my deductions, which made me pay self-employment taxes which I did not owe, BUT because I got a couple of rug-rats at the house I can claim EIC. So what I did was look at what is the lowest income that will let me pick up the highest amount of earned income credit and that was $11750 so I worked my 1040 from the bottom up. I did the Sch EIC then the SCH SE then the SCH C then the 1040 and I ended up making after expenses just enough to get the highest amount of eic and that more than covered my self-employment tax....
Put a little jingle in my pocket........Yea that is working the system, but the tax code never says you have to use all of your deductions. And oh yea I only used the ones which cannot be rolled over to next year.
Makes up for that $14k plus check they got 2 years ago.
"You know you have a good CPA when he has a loophole named after him"
Re: here's a funny one
Member #: 49043
Registered: 10/21/2006
Posted:
155
Name:
pat
Company:
alford security inc
Occupation:
installer
Location:
louisiana
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