Lower Your Taxes - BIG TIME! 2023-2024: Small Business Wealth Building and Tax Reduction Secrets from an IRS Insider
352
Lower Your Taxes - BIG TIME! 2023-2024: Small Business Wealth Building and Tax Reduction Secrets from an IRS Insider
352eBook
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Overview
The authoritative guide for navigating tax time, completely revised and updated for 2023-2024
With 200,000+ total copies sold, Lower Your Taxes - BIG TIME! has helped hundreds of thousands of taxpayers save money for 20 years. Now refreshed for 2023-2024, this go-to guide is more topical than ever and includes all the current information you need to know about the latest changes in tax code.
The ninth edition of Lower Your Taxes - BIG TIME! shows you how to save thousands of dollars—legally and ethically!—during tax time. It offers proven methods for taking advantage of the tax system to get a yearly subsidy of $5,000 or more back from the IRS—and bulletproof your records forever. Key topics include:
- Advice on properly documenting any business deduction
- Tips on starting a home-based business
- Turning tuition, entertainment, orthodontia, and other expenses into huge deductions
- The new standard deduction for married couples
- Changes to business meal and lease deductions, vehicle purchases, and Health FSA contributions
Whether you’re a consultant, small-business owner, independent contractor, or just an individual seeking to protect your hard-earned nest egg, Lower Your Taxes - BIG TIME! provides everything you need to make next tax season painless, both emotionally and financially.
Product Details
| ISBN-13: | 9781265046729 |
|---|---|
| Publisher: | McGraw Hill LLC |
| Publication date: | 12/20/2022 |
| Sold by: | Barnes & Noble |
| Format: | eBook |
| Pages: | 352 |
| Sales rank: | 611,172 |
| File size: | 7 MB |
About the Author
Table of Contents
Introduction: Rich or Poor-Your Choice ix
Part 1 Wealth-Building Tax Secrets for Small and Home-Based Business Owners 1
Chapter 1 Why You Would Be Brain Dead Not to Start a Home-Based Business (If You Don't Already Have One) 3
This chapter explains why everyone who is employed should have some kind of business, preferably a home-based business. If you don't have one, you are losing thousands each year.
Chapter 2 How to Deduct Your Meals and Some Employee Outings 8
How to deduct your meals during business and sales presentations-and audit-proof all these deductions. You will learn some IRS inside secrets and find out about the great $75 exception to keeping receipts, as well as exceptions for entertaining employees and for employee parties. You will be having twice as much fun if you know it's deductible!
Chapter 3 How to Turn Your Vacation into a Tax-Deductible Write-Off 21
This chapter deals with how to deduct your travel and vacation expenses. It will put thousands of dollars in your pocket.
Chapter 4 Income Shifting and Income Splitting: One of the Greatest Single Wealth-Building Secrets 37
How would you like to completely deduct the equivalent of your kids' college education, room and board at college, and their weddings?. You can, with income shifting. This chapter also deals with a great tax planning technique called the gift-sale technique and the "Botkin Trust," which allows a double deduction for equipment-and has been approved in numerous Supreme Court cases. I love this chapter!
Chapter 5 How to Turn Your Car into a Tax-Deductible Goldmine 53
Learn the five methods of IRS-bulletproofing your automobile deductions. This is a must if you use your car for business. With the passage of the Tax Cuts and Jobs law for 2018 and thereafter, certain vehicles can become big winners that can save you hundreds of thousands of dollars over your business career.
Chapter 6 Home Office: The Misunderstood Key to Saving $15,000 Every Five Years 78
This chapter explains how to convert your home into a tax-deductible money machine, using little-known audit-proofing strategies. One of my students told me that this chapter reduced her taxable income by $100,000. This chapter also covers the methods used to get around the property tax and debt limits imposed by the latest changes in tax law.
Chapter 7 Beating the Dreaded IRS Audit 98
What do you do when you get a letter from the IRS "inviting you in for a chat"?. This chapter covers what your chances are of being audited, your audit rights, how to reduce your chances of being audited, what to do if you don't have the money to pay the IRS, and much more. This is a great chapter and you should read it carefully.
Chapter 8 How to Shield Yourself from the IRS Weapon of Classifying a Business as a Hobby 112
This chapter illustrates the practical steps necessary to withstand any "hobby attack" by the IRS. I have been so successful with clients who have used this information that many accountants have asked me for copies of this book because of this chapter alone. If you are running a business out of your home, this chapter could save you a bundle and prevent lots of IRS problems. This problem becomes particularly acute as a result of the new tax reform law. Every small business and home based business will need to both understand and apply the tips found in this chapter.
Part 2 How to Incorporate to Shelter Your Weath 123
Chapter 9 Finding the Best Corporates Entity for Your Business 125
Here's a great overview of the pros and cons of incorporating vs. being a sole proprietor or being a limited liability company. In addition, with the new tax rate changes for corporations introduced in the 2017 Tax Cuts and Jobs Act, many small businesses will need to reevaluate the entity used to run their business.
Chapter 10 Forming a Nevada Corporation or a Limited-Liability Corporation in Nevada 150
Many well-known wealthy personalities (and many con artists) incorporate in Nevada. You will learn exactly why. This has been a well-kept secret-until now!
Chapter 11 How to Eliminate up to 40 Percent of Your Social Security and Medicare Tax with an S Corporation 155
This technique works especially well for Middle America businesses.
Chapter 12 How to Get Assets and Money into a Corporation Tax-Free 159
This chapter explains what should and what should not be transferred to a corporation. It also covers a crucial topic that has killed many businesses: dealing with co-owners and partners. Finally, if you terminate your corporation at a loss, it explains a method that will give you an ordinary loss rather than a less-valuable capital loss.
Part 3 Fringe Benefits Available to Small and Home-Based Businesses 165
Chapter 13 Fringe Benefits You Will Love, Part 1 171
This chapter deals with most of the wonderful tax-free fringe benefits that you can have in almost any small business that are not covered in other chapters. I will discuss such perks as payment for parking, transportation, exercise equipment, employee achievement awards, and much more.
Chapter 14 Fringe Benefits You Will Love, Part 2 199
This chapter continues the discussion of tax-free fringe benefits from Chapter 13, with parking, transit passes, cafeteria plans, qualified profit-sharing plans, SEPs, SIMPLE IRAs, and more.
Part 4 Miscellaneous Tax Strategies 219
Chapter 15 The Four Most Overlooked Real Estate Tax Deductions in America 221
Here are the big four: (1) the large deduction for mortgage points, (2) choosing to make "repairs" vs. "improvements" on your property, (3) the new universal exclusion that will allow you to avoid up to $500,000 of gain on your properties every two years, (4) one of the biggest tax deduction mistakes in divorce situations. In fact, do not get divorced without reading this chapter!
Chapter 16 Making Colleges Less Expensive with Tax Planning 235
This chapter highlights qualified tuition plans for your kids' future education, which will enable you to pay for college with tax-free savings. This chapter also explains the benefits of both the Lifetime Learning Credit and the Opportunity Tax Credit, both of which result in a dollar-for-dollar reduction in your taxes. The chapter also covers the rules of deducting student loan interest.
Chapter 17 Tax Planning for Stock and Bond Investments 247
This chapter deals with many of the most important tax issues for investors so that they can substantially reduce their taxes on these investments.
Chapter 18 Trader versus Investor: The Best-Kept Secret Around 260
This chapter will discuss the little known benefit of being a stock and commodities trader.
Chapter 19 Tax Scams and Other Shams 272
This chapter deals with some of the latest tax and other scams that are being perpetrated today.
Chapter 20 Highlights of the New Tax Cuts and Jobs Act Legislation (Updated) 289
This chapter will give an overview of the changes as a result of the 2017 TCJA, and most importantly, how to plan for the changes. This discussion will also include an analysis of the 20 percent pass-through deduction introduced by the law.
Chapter 21 The Top 10 Tax Questions 309
This is one chapter you don't want to miss.
Appendix A 2022 Tax Rates 318
Appendix B How to Find a Good Accountant 319
Appendix C Health Savings Account 322
Index 324