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I have been a consultant for many years. typically, I have a good income, take deductions for use of home, mortgage interest, job hunting, professional expenses (dues, journals, etc), extensive medical, and so on.

2008 was disaster with regard to INCOME, although all other items (especially medical expenses stayed the same or skyrocketed)!

Thus, I have much more in deductions, than I have in income.

How does this work? (I am trying to do my own taxes this year, to save money). Do I end up with a tax credit, that I can use next year, when I expect to have much more income?


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