Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-05-2014, 01:38 AM
Junior Member
 
Join Date: Feb 2014
Posts: 1
No Income

MY Wife is a Full Time Teacher and partner in a her Family Corporation.
She has been told that if we don't file married with income, she will be hit with a $30K plus tax bill. But I have read, that even though I have had no income during the past tax year, I can still file. Is this true? And would that 'fix' the problem?

Thanks!


Mark



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-05-2014, 08:57 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by ESA1178 View Post


#1;. But I have read, that even though I have had no income during the past tax year, I can still file. Is this true?


#2;And would that 'fix' the problem?

Thanks!


Mark
#1;true and it is up to you;if you did not have any income during the past tax year, you actually do not need to file your returns. However, you can file your taxes if you had no income, and many people do. For instance, students who have no income have to file taxes each year to qualify for tuition aid at college. as you have no income, it is a simple process to report for the tax year. to report for the tax year. You will need to use either Form 1040 or Form 1040A to file your federal income taxes.





#2;what do you mean fixing the problem;i guess what you mean is;,by filing jointly in lieu of filing as Married filing separation, she (you)can at least reduce $10k for standard deduction/personal exemption and this also cuts her tax liability by reducing her taxable income reported on 1040 line 44.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.