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Additional Details
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Mr. Nando | Tax Question: Possible to have a greater $$ amount of itemized deductions than income? |
Me and my friend were talking the other day and she was telling me about her taxes and it made me little worried. okay, she
owns a small business, married (spouse not employed) and a home. Her total wages (or AGI) is about $12,000. She said itemized about $14,000 (owns a home, and lots of charity donations). Is This Possible? Well doing the math in my head with net income of $12k thats $1k a month, no way house payments are less than that (plus food, etc). She telling me she has TONS of savings in their bank accounts. Is this possible?? |
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whiskeyman510
 |
Well if she owns the business, she may pay herself a small salary, have the company pay a lot of her expenses (such as cell phone, phone at home, etc). Plus she may also generate a profit with the business or pay herself stock options or other means of income beyond her salary.
It is NOT possible to support a family on 12k/year in the manner in which you've described. |
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Judy1
 |
It's possible, but you wouldn't get any tax benefit from them. |
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Teej
|
the correct answer is yes, but again what is actual vs. what they are doing may differ. You cannot write off your whole house payment as suggested but only the portion that is used "exclusively" for business use.
eg: 2500 square foot home but my office is 15x15. Only that percentage is used as a deduction.
Food would be a no-no unless she had clients over and feeds them, but that is certainly not customary.
You can use part of your refuse bill as a deduction. Yes, how cool is that.
Just to let you know I had a net loss this year for my business after deductions. Not every business owner turns a profit every year but I would suggest not to make it a habit. |
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chonudi
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Yes, if she's living off her savings. Deductions are unrelated to income. They are deducted from AGI to calculate the tax owed. |
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chatsplas
|
NOT enough info.
Taking too high a ratio of schedule A and/or schedule C deductions can greatly increase the chances of being audited. And we're talking 50%, so I would say this as you relate it would set off ALL kinds of red flags with IRS. Now they may not immediately audit, in fact it may take them a year or three, but this kinds of return would have a HIGH probability of audit. |
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just me
 |
Your AGI is figured prior to your itemized deduction so her deduction related to her home and charity contributions would not even figure into this amount.
If she has tons of money in savings where is the interest income....included in the 12,000? If she took a huge loss on her business this will only work for so many years. If you don't turn a profit thre out of five years the IRS will consider it a hobby and most of her deductions will not be allowed |
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Keisha
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it is possible. She gets credit for the mortgage interest paid on her home. Under the small business there are a lot of adjustments that reduce profit. |
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Mark S
 |
AGI = $12,000
Standard Deduction (MFJ) = $10,700
Personal Exemptions = (3,400 x 2) = $6,800
equals -$5,500 taxable income
Why itemize?
Itemizing would call attention to the low income and probably result in an audit. |
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frak1a12345
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Yes. Possible but would probably draw the attention of the IRS. |
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