<ZacRobbins[at]gmail.com> wrote:

- quote -

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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- quote -

Does she have a retirement plan? She can still set up a SEP
for 2007.

It's not clear whether your question about "this year"
refers to 2007 or 2008. Obviously there are a lot more
options for 2008.

Bob Sandler

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

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?

Is there something I might be missing?

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >