John Bullis
For the Nevada Appeal

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June 12, 2012
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John Bullis: Make lemonade out of sour tax lemons

So, your 2012 financial situation looks terrible. You will probably have $30,000 more losses and/or itemized deductions (Form 1040, Schedule A) than taxable income. You expect to have negative taxable income (Page 2, Line 43 of Form 1040). It seems like all you have are lemons!

You expect to have taxable income in future years, but 2012 is going to be very low taxable income year for tax purposes. Perhaps your rental has been vacant, or your business has suffered, or is suffering losses in 2012. Maybe your wages have been reduced or eliminated for part of the year, but …

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The Nevada Appeal Updated Jun 12, 2012 02:47AM Published Jun 12, 2012 02:39AM Copyright 2012 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.