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Not sure why the downvote, this is an honest question. What is the purpose of writing things off when you have no income, or so little income that you have no
by cullenking 16y ago
Not sure why the downvote, this is an honest question. What is the purpose of writing things off when you have no income, or so little income that you have no tax liability or the alternative minimum tax is enough to give you no liability?
- singlow 16y agoI think the idea is that he is wasting the opportunity to make some tax free income. Any work that he could have done for X amount of dollars would have been compensated at full rate instead of market rate minus tax liability, given X does not exceed his deductible expenses. AFAIK, the alternative minimum tax applies to high incomes. Maybe you were referring to wages below the standard deduction?