Taxpayer has various loss carry forwards, tax credits and unused charitable deductions . In 2010 taxpayer will have less than $10,000 reportable income, with no tax liabilities and no deductibles. Can taxpayer file a short form tax return and still retain all of the above write-offs for a future time, or better yet, no tax return because income is below a certain level. The important concern is not to jeopardize losing the write-offs in case finances improve.
The reason for asking is because I have paid over $1500 annually in tax preparer fees for years and every penny counts today.