Got my 1099 Misc from aff. networks. I calculated my taxes on turbotax at it shows i have to pay more than 10k in taxes. Is there any legal way to lower the amount? I have already put all the expenses i could think of (home office expenses, rent, computers, utilities, adversing expenses and etc) What else is there to do to lower the taxes? Thanks.
I think the only thing you can do right now to lower your taxes for the money you made last year is to put money into certain types of IRA accounts. I beleive you can deduct contributions to a traditional IRA and a SEP IRA but not a Roth IRA. You have until the day you file your taxes to put money into an IRA in order to reduce your adjusted income for last year. Also since you owe that much tax, you also have to remember to make quarterly estimated tax payments for this year's income to IRS and maybe your state government as well depending on where you live. If you forget you'll get hit with a late penalty and interest when you file your taxes next year.