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How to Pay Zero Taxes,9780070580893

How to Pay Zero Taxes

by
Format: Paperback
Pub. Date: 12/1/1998
Publisher(s): McGraw-Hill
Availability: This title is currently not available.

Summary

Sound impossible? Jeff Schnepper writes that it's not, outlining the easiest, most practical strategies consumers can use to lower their taxes this year and beyond. This annual guide delivers more tips than any other.

Author Biography

Jeff Schnepper is the author of all 15 previous editions of How to Pay Zero Taxes, as well as several other books on finance and taxation. He is the financial, tax, and legal advisor to the Transamerica sales force and runs a full-time accounting and legal practice in Cherry Hill, New Jersey. His expert tax advice is featured in the Microsoft TaxSaver software program. Mr. Schnepper also writes a weekly column for Microsoft's online personal finance magazine, Money Insider.

Table of Contents

Prefacep. xiii
Is It Legal?p. 1
How Our Tax System Worksp. 11
Exclusions--Tax-Free Moneyp. 17
Alternatives to "Earned Income"p. 19
Hospitalization Premiumsp. 19
Group Life Insurance Premiumsp. 20
Group Legal Services Plansp. 22
Accident and Health Plansp. 22
Employee Death Benefitsp. 23
Merchandise Distributed to Employees on Holidaysp. 23
"Expenses of Your Employer"p. 24
Meals and Lodgingsp. 24
Employee Discountsp. 26
Workers' Compensationp. 26
"Cafeteria" Plansp. 27
Dependent Care Assistance Programp. 27
Employer Educational Assistancep. 29
Employee Awardsp. 29
Miscellaneous Fringe Benefitsp. 32
Donative Itemsp. 32
Gifts, Bequests, and Inheritancesp. 32
Scholarships and Fellowshipsp. 33
Prizes and Awardsp. 36
Investorsp. 38
Interest on State and Municipal Obligationsp. 38
Benefits for the Elderlyp. 39
Public Assistance Paymentsp. 39
Social Security and Other Retirement Benefitsp. 39
Retirement Annuitiesp. 41
Sale of Your Homep. 45
Buying Your Own Home--Twice!--The Schnepper Bootstrapp. 47
Miscellaneous Individual Exclusionsp. 48
Carpool Receiptsp. 48
Damagesp. 49
Divorce and Separation Arrangementsp. 51
Life Insurancep. 55
Schedule of Excludable Itemsp. 57
Credits--Dollar-for-Dollar Tax Reductionsp. 59
Estimated Tax and Withholding Exemptionsp. 60
Creditsp. 64
The Earned Income Creditp. 64
Excess Social Security Taxp. 67
The Child and Dependent Care Creditp. 67
Child Care Credits for Children of Divorced or Separated Parentsp. 69
Credit for the Elderly or Permanently and Totally Disabledp. 74
Credit for Interest Paid on Mortgage Credit Certificatesp. 76
Special Creditsp. 77
Work Opportunity Credit (Formerly Targeted Jobs Tax Credit)p. 77
Welfare to Work Creditp. 77
Research Tax Creditp. 78
Orphan Drug Tax Creditp. 78
Adoption Assistancep. 78
Hope Scholarship Creditp. 80
Lifetime Learning Creditp. 80
General Deductionsp. 81
Deductions for Adjusted Gross Incomep. 85
Trade and Business Deductionsp. 85
Employee Business Expenses of Actors and Other Performing Artistsp. 86
Employee Business Expensesp. 86
Alimonyp. 87
Retirement Plan Paymentsp. 95
Self-Employment Taxp. 125
Health Insurance Deduction for Self-Employedsp. 126
Moving Expensesp. 126
"Below the Line" Deductionsp. 135
The Importance of Filing Statusp. 136
Tax Planning with Itemized Deductionsp. 140
Medical Expensesp. 141
Income Taxesp. 157
Real Property Taxesp. 158
Personal Property Taxesp. 160
Interestp. 160
Charitable Contributionsp. 180
Casualty Lossesp. 202
Theft Lossesp. 206
Miscellaneous Trade and Business Deductions of Employeesp. 214
Travel Expensesp. 215
Transportation Expensesp. 221
Meals and Entertainment Expensesp. 224
Giftsp. 226
Reimbursable Employee Business Expensesp. 227
Educational Expensesp. 228
Limit on Itemized Deductionsp. 228
Schedules of Deductionsp. 229
Medical Deductionsp. 229
Deductible Taxesp. 230
Charitable Deductionsp. 231
Casualty and Theft Loss Deductionsp. 232
Miscellaneous Deductionsp. 232
Employee Miscellaneous Deductionsp. 233
Investor Deductionsp. 234
Traditional Tax Sheltersp. 237
Deferral and Leveragep. 254
Real Estatep. 254
Fees in Public Real Estate Partnershipsp. 267
Oil and Gasp. 267
Equipment Leasingp. 277
Single-Premium Life Insurancep. 281
Cattle Feeding Programsp. 285
Cattle Breeding Programsp. 287
Tax Straddlesp. 289
Art Reproductionp. 291
Noncash Gift Sheltersp. 292
Municipal Bond Swapsp. 293
How to Analyze a Tax Shelterp. 294
Getting Out of the Tax Shelterp. 296
Master Limited Partnershipsp. 297
Super Tax Sheltersp. 301
Family Shiftsp. 302
Unearned Income of Minor Childrenp. 307
Outright Giftsp. 310
Clifford Trustsp. 314
Interest-Free Loansp. 315
The Schnepper Shelter: Gift Leasebacksp. 315
The Schnepper Deep Shelterp. 321
Family Partnershipsp. 321
Family Trustsp. 322
Employing Members of the Familyp. 323
Author's Delightp. 324
Running Your Own Businessp. 325
Your Homep. 328
Your Carp. 328
Meals and Entertainmentp. 342
Travel and Vacationp. 346
Giftsp. 352
Advertisingp. 353
Deductible Clothesp. 353
Creative Deductions--Busting the IRSp. 353
Medical Premiumsp. 354
Borrowing from Your Companyp. 354
Lending to Your Companyp. 357
Miscellaneous Corporate Advantagesp. 358
Investment Planning to Save Taxesp. 361
Short Salesp. 366
Broad-Based Index Options and Regulated Futures Contracts (RFCs)p. 367
Wash Salesp. 367
Premiums on Taxable and Tax-Exempt Bondsp. 368
Original Issue Discount (OID)--Taxable Bondsp. 368
Original Issue Discount (OID)--Tax-Exempt Bondsp. 368
Market Discountp. 369
Municipal Bond Swapsp. 369
Employee Optionsp. 370
Incentive Stock Optionsp. 371
Year-End Stock Salesp. 374
Tax-Exempt Incomep. 375
Special Reportp. 377
Alternative Minimum Tax for Individualsp. 377
U.S. Savings Bond Exclusionp. 389
Last-Minute Tax Planningp. 393
Defer Taxesp. 394
Accelerate Expensesp. 396
Accelerate Special Deductionsp. 397
Dependents and Personal Exemptionsp. 397
Phaseout of Exemptionsp. 401
Timing Strategiesp. 401
Retirement Plansp. 402
Individual Retirement Plans (IRAs)p. 402
H.R. 10 or Keogh Plansp. 403
Marital Statusp. 404
The Goldinger Deferralp. 404
The Attorneys' and Accountants' Relief Act of 1993p. 407
Training and Investment Provisionsp. 409
Investment Incentivesp. 410
Expansion and Simplification of Earned Income Tax Creditp. 411
Real Estate Provisionsp. 411
Miscellaneous Provisionsp. 413
Revenue-Raising Provisionsp. 414
Business Provisionsp. 420
Stealth Tax Reformp. 423
The New Taxpayer Bill of Rightsp. 424
Personal Responsibility and Work Opportunity Reconciliation Act of 1996, HR 3734p. 428
The Health Insurance Portability and Accountability Act of 1996, HR 3103p. 429
The Small Business Job Protection Act of 1996, HR 3448p. 433
Tax Relief for Bosnian Effortp. 445
Tax Reform--Again!p. 447
The Mind-Numbing Complexity of the Tax Reconciliation Act of 1997, Also Known as the Taxpayer Relief Act of 1997p. 448
The Internal Revenue Service Restructuring and Reform Act of 1998p. 459
IRS Reorganizationp. 460
IRS Governance and Oversight Changesp. 460
Extension of Attorney-Client Privilege to Tax Advicep. 462
Burden of Proof to IRS in Certain Civil Tax Casesp. 463
Taxpayer Rightsp. 463
Roth IRA Conversion/Loopholep. 465
Capital Gainsp. 465
Venture Capitalp. 466
Home Sales Clarificationp. 466
Conclusionp. 467
How to Avoid/Survive an IRS Auditp. 469
Cost Recovery/Depreciationp. 547
Law Prior to the Tax Reform Act of 1986p. 561
Law After March 14, 1984 (Real Estate)p. 565
Business Use of "Listed Property"p. 577
Auto Leasesp. 585
Indexp. 615
Table of Contents provided by Syndetics. All Rights Reserved.

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