View Single Post
DirtyZero's Avatar
Originally Posted by ShoelessOne View Post
Long time no talk old friends!

So, I owe a substantial and significant amount of taxes this year, though I can and certainly will pay them. BUT, I'm wondering if there is anything I can/should do to lower my tax burden or what-have-you for 2013.

Things I've already considered:
1) Itemizing deductions - sadly even after including everything I can think of, the standard deduction is still larger then itemized, so itemizing seems to be a bit of a wash.

2) My wife (we are married and filing jointly) has around 2k in loan payments this year, which I've included and has helped a (tiny!) bit.

3) I've considered trying to put more money into a traditional IRA to reduce our tax burden, but sadly (or stupidly, perhaps, given the current situation!) we've already maxed out our Roth IRAs, which (and please correct me if I'm wrong!) seems to mean that we can't put any money in a traditional IRA (you are limited to 5500 per person in roth/traditional IRA contributions combined)

I can't think of much else to say! On one hand, I just want to pay the taxes and move on with my life, but I also want to ask around a bit and see if anybody can think of a good reason to hire a tax person, or ask if there are any obvious things I'm missing.

I should probably add there isn't much else remarkable about us, we rent an apartment, we work jobs, we have no kids, etc, etc. Again, I don't really expect anybody to have any great advice, but I'm asking around just in case there is something I haven't thought of that I should consider.

And again, the REAL question is not so much "how do I not pay these taxes", it's "given the reasonably boring and normal life I have, does it make sense to go through the hassle/effort to hire a tax person?"

depends on what "significant", is if its more than 10k find a lawyer or at least a tax expert

Last edited by DirtyZero; 02-06-2014 at 07:24 AM..
Old 02-06-2014, 07:06 AM DirtyZero is offline  
Reply With Quote