9781259859922

Introduction: Rich or Poor-Your Choice

Part 1. Wealth-Building Tax Secrets for Small and Home-Based Business Owners

Chapter 1. Why You Would Be Brain Dead Not to Start a Home-Based Business (If You Don't Already Have One)

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 Fun

How to deduct your golf, sporting tickets, movies, and plays- and audit-proof all these deductions. You will learn some IRS inside secrets and learn about the great $75 exception to keeping receipts, as well as the home entertainment exception. 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

This chapter deals with how to deduct your travel and vacation expenses. It will put thousands in your pocket.

Chapter 4. Income Shifting and Income Splitting: One of the Greatest Single Wealth-Building Secrets

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

Learn the five methods of IRS-bulletproofing your automobile deductions. This is a must if you use your car for business.

Chapter 6. Home Office: The Misunderstood Key to Saving $15,000 Every Five Years

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.

Chapter 7. Beating the Dreaded IRS Audit

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

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.

Part 2. How to Incorporate to Shelter Your Wealth

Chapter 9. Finding the Best Corporate Entity for Your Business

Here's a great overview of the pros and cons of incorporating vs. being a sole proprietor or being a limited liability corporation.

Chapter 10. Forming a Nevada Corporation or a Limited-Liability Corporation in Nevada

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

This technique works especially well for Middle America businesses.

Chapter 12. How to Get Assets and Money into a Corporation Tax-Free

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. Every Fringe Benefit Available to Small and Home-Based Businesses

Chapter 13. Fringe Benefits You Will Love, Part 1

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

This chapter continues the discussion of tax-free fringe benefits from Chapter 13, with parking, transit passes, vanpools, cafeteria plans, qualified profit-sharing plans, SEPs, SIMPLE IRAs, and more.

Part 4. Miscellaneous Tax Strategies

Chapter 15. The Four Most Overlooked Real Estate Tax Deductions in America

Here are the big four: (1) the large deduction for mortgage points, (2) the new universal exclusion that will allow you to avoid up to $500,000 of gain on your properties every two years, (3) choosing to make "repairs" vs. "improvements" on your property, and (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

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 Hope 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

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 Secrets Around

This chapter will discuss the little known benefit of being a stock and commodities trader.

Chapter 19. Tax Scams and Other Shams

This chapter deals with some of the latest tax and other scams that are being perpetrated today.

Chapter 20. The Top 10 Tax Questions

This is one chapter you don't want to miss.

Appendix A: 2016 Tax Rates

Appendix B: How to Find a Good Accountant

Appendix C: Health savings Account

Appendix D: What the New Health Reform Law Means to You