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I have income which is taxable but no taxes are taken out of it,what write offs can I use to off set these.? |
This is a trust fund which provides monthly income,however no taxes are taken out of it, and it is reported Since you're getting the money w/o tax withholding. You should also look into paying estimated taxes. Otherwise, if you owe taxes when filing tax return, you might get charged with interest for the tax payment due. There aren't any write offs specific to your trust fund income, however, as a whole on your gross income, increase your schedule a deductions (charitable, medical, etc) and if you have any stocks that are doing poorly, sell them off and take the schedule d loss. Most institutions will withhold federal tax if you ask them, particularly if you are drawing monthly checks. Check with the issurer of the income and see if it is possible, if not, make estimated tax payments on your own. |
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