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Tax Planning/Income Tax Question

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Question
Mr. Arnoff,
I was unemployed all of 2013.  The only income I had was some interest income, most of which was in my IRA.  I usually itemize deductions, and have way more deductions than I have income this year.  Would it be smart to go ahead and file an income tax return anyway?  Or would I be all right just to not file a return this year?
Any suggestions, advice you can offer are greatly appreciated.

Answer
Lee - It would depend entirely upon what information has been reported to the IRS from third-parties.  If you are confident that the IRS shows less income reported to them from others than would be required, then you may not have a filing requirement for this year.  However, if you are trying to qualify for Obamacare, you may wish to file anyway just to preserve your subsidy for health insurance purposes.

Just a thought and I hope it helps!

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OWEN S. ARNOFF, EA

Expertise

As an Enrolled Agent, I am fully capable of providing tax advice as it relates to personal and business income taxes. Enrolled Agents are the only Federally licensed tax practitioners and are admitted to practice before all administrative functions of the IRS. My specialty is working with small business owners who file Schedule "C" and helping them to structure their business in such a way as to maximize as many tax advantages as possible. I also enjoy working with individuals who have both routine as well as complex tax situations. I prefer to concentrate on individuals and small business tax planning.

Experience

I have a 25 year background in financial services including tax, bookkeeping, insurance, real estate and securities. I was previously the Chief Financial Officer of a local and national franchise organization. I am currently semi-retired, but used to own (in partnership with another EA) an individual and small business financial engineering firm where I work with nearly 2,500 individuals and small business owners in nearly every state and almost every continent, assisting them in all aspects of their tax and financial well-being. I have prepared or reviewed more than 8,000 tax returns in my career.

Organizations
National Association of Tax Professionals

Publications
http://www.amazon.com/Owen-Arnoff/e/B00BLRIZNU/ref=ntt_dp_epwbk_2

Education/Credentials
Enrolled Agent, Admitted to Practice Before the IRS, Accredited Tax Preparer, Fellow of National Tax Practice Institute, Certified QuickBooks ProAdvisor (1999-2011), Sleeter Group Certified QuickBooks Consultant, Life & Disability Insurance Agent License (California, Texas, Maine), Real Estate Agent License (California); Many years of continuing education in all these fields.

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