Tax Insight: For Tax Year 2013 and Beyond will teach you to take control of life's biggest expense—taxes. In your lifetime, you will spend more money on taxes than on anything else. Despite that fact, you likely know the current prices of movies and milk but don't know what your marginal tax rate is. You know where to get the cheapest gallon of gas to save a buck or two, but you don't give a thought to the tax strategies you should be using right now that would save you thousands. Why? Is it too complicated and confusing? Too unpleasant? In Tax Insight, tax expert Casey Murdock opens up the world of taxes with amazing clarity and simplicity. As you will discover, you have within reach numerous ways to reduce your taxes. With everyday language and real-life examples, Tax Insight will give you the keys to minimizing your tax burden.
This book contains information you need even if you have a tax advisor or use a program like TurboTax. Tax professionals are busy and sometimes too cautious, and programs often miss opportunities for you to save money. It's also for those of all ages and income levels, including business owners. Tax Insight:
Breaks down the key components of taxes with ease and simplicity.
Provides a roadmap to paying as little tax as possible.
Helps you know if you should do it yourself or hire a professional.
While there are many encyclopedic books on taxes—like J.K. Lasser's Your Taxes—there aren't nearly enough that describe the tax code in plain language. Far more than a rehash of impenetrable IRS "help" documents, Tax Insights is organized the way most people think and presents ideas in clear, simple language. If you buy this book and take advantage of its advice, you will save money.
What you'll learn
This book will help you:
Avoid paying even a penny more in taxes than you should.
Avoid common tax strategies that could actually cost you more than they save.
Capture all of the deductions and credits that you are due.
Know whether to file your own return or hire a tax professional.
Utilize the entire year to implement tax-reducing strategies.
Understand the key components of the tax return and how they work together.
Prepare for or survive an audit
Use real estate or a small business to reduce your tax bill
Who this book is for
Tax Insight: For Tax Year 2013 and Beyond is for the frustrated taxpayer—the taxpayer who is frustrated by paying too much, frustrated by the complexity of the tax code, or frustrated because their CPA isn't proactively helping them pay fewer taxes. Tax Insight is the perfect book for the person who is looking for a straightforward, simple explanation of the tax-saving strategies that are within reach. In an easy-to-read, easy-to-understand narrative, Tax Insight gives readers a thorough understanding of the tax strategies that apply to them and the information they need to put those strategies to work.
Table of Contents
- Title Page
- Apress Business: The Unbiased Source of Business Information
- About the Author
PART I: The Foundation
- CHAPTER 1: The Tax Code Demystified
- CHAPTER 2: Key Components Defined
CHAPTER 3: Income
- Ordinary Income
- Tax-Exempt Income (No Tax)
- Preferred Income (Lower Than Normal Tax Rates)
- Deferred Income (Eventually Taxed, but Not Currently)
- Potentially or Partially Taxed Income (Including Social Security)
- Penalized Income (Higher Than Normal Tax Rates)
- Earned and Unearned Income
- Passive Income
- Unleash the Power of Warren Buffet’s “Secret”
- CHAPTER 4: Dependents and Filing Status
- CHAPTER 5: The Tax Code Is Rigged
PART II: Ordinary Income
- CHAPTER 6: Employment Income
- CHAPTER 7: Retirement Income
- CHAPTER 8: Other Sources of Ordinary Income
- CHAPTER 9: Tax-Free “Unordinary” Income from Non-Investment Sources
PART III: Investment Income and Deductions
- CHAPTER 10: Tax-Free Investment Income
- CHAPTER 11: Taxable Investment Income
- CHAPTER 12: Deductions from Investment Income
- CHAPTER 13: Education Investment Strategies
- CHAPTER 14: Retirement Investment Strategies—The Basics
- CHAPTER 15: Retirement Investment Strategies—Alternatives
PART IV: Business Income and Deductions
- CHAPTER 16: Business Taxation
CHAPTER 17: Business Use of the Home
- First Things First
- Determining Whether Your “Business Use” Qualifies for the BUH Deduction
- Which Expenses You Can Deduct
- Claiming the BUH Deduction
- The Simplified Home Office Deduction
- Your BUH Deduction May Be Limited
- Multiple places of business complicates the calculation
- Warning I: The BUH Deduction May Haunt You Later
- Warning II: The BUH Deduction Will Increase Your Chances of an Audit
- CHAPTER 18: Travel Expenses
- CHAPTER 19: Meals, Entertainment, and Gifts
- CHAPTER 20: Employee Benefits
- CHAPTER 21: Employing Family Members
- CHAPTER 22: Depreciation
PART V: Real Estate Income and Deductions
- CHAPTER 23: Real Estate Losses
- CHAPTER 24: Real Estate Income and Deductions
- CHAPTER 25: Second Homes and Vacation Rentals
PART VI: Personal Expenses, Deductions, and Credits
- CHAPTER 26: Medical and Dental Expenses
- CHAPTER 27: Your Residence
- CHAPTER 28: Your Children
- CHAPTER 29: Charitable Contributions
- CHAPTER 30: Education Expenses
PART VII: Other Important Things to Know
- CHAPTER 31: The Alternative Minimum Tax
- CHAPTER 32: Penalties and Interest
- CHAPTER 33: Do It Yourself, or Hire a Professional?
- CHAPTER 34: Tax Implications of Health Care Reform
- Title: Tax Insight: For Tax Year 2013 and Beyond, Second Edition
- Release date: September 2013
- Publisher(s): Apress
- ISBN: 9781430263104