How to Pay Zero Taxes 2015: Your Guide to Every Tax Break the IRS Allows

by Schnepper, Jeff

• ISBN13: 9780071836661
• ISBN10: 0071836667
• Edition: 1st
• Format: Paperback
• Copyright: 2014-11-28
• Publisher: McGraw-Hill Education

Summary

The revised, updated edition of the popular guide that helps you save thousands at tax time

How to Pay Zero Taxes 2015 provides simple strategies that are sure to save readers money--this year, next year, and beyond. From converting personal expenses into business deductions to avoiding--or surviving--an IRS audit, Jeff Schnepper's guide covers more deductions than any other tax book, all conveniently organized into six easy-access categories: exclusions, general deductions, "below the line" deductions, traditional tax shelters, and super tax shelters.

Jeff A. Schnepper, Esq., is the author of multiple books on finance and taxation, including all previous editions of How to Pay Zero Taxes. He is a financial, tax, and legal advisor for Estate Planning of Delaware Valley and operates a tax, accounting, and legal practice in Cherry Hill, New Jersey. Mr. Schnepper is Microsoft's MSN MONEY tax expert, an economics editor for USA Today, and tax counsel for Haran, Watson & Company.

Table of Contents

ACKNOWLEDGMENTS xvii

CHAPTER 1: Tax Insanity 1

CHAPTER 2: Is It Legal? 31

CHAPTER 3: How Our Tax System Works 37

CHAPTER 4: Exclusions—Tax-Free Money 43
A Alternatives to “Earned Income” 45
B Donative Items 59
C Investors 65
D Benefits for the Elderly 66
E Miscellaneous Individual Exclusions 73
F Schedule of Excludable Items 103

CHAPTER 5: Credits—Dollar-for-Dollar Tax Reductions 105
A Estimated Tax and Withholding Exemptions 106
B Credits 109
C Special Credits

CHAPTER 6: “Above the Line” Deductions 143
A Deductions for Adjusted Gross Income 147

CHAPTER 7: “Below the Line” Deductions 231
A The Importance of Filing Status 232
B Tax Planning with Itemized Deductions 237
C Schedules of Deductions 328

CHAPTER 8: Traditional Tax Shelters 335
A Deferral and Leverage 350
B How to Analyze a Tax Shelter 390

CHAPTER 9: Super Tax Shelters 399
A Family Shifts 400
B Running Your Own Business 425

CHAPTER 10: Investment Planning to Save Taxes 463

CHAPTER 11: Last-Minute Tax Planning 505

CHAPTER 12: The Economic Growth and Tax Relief
Reconciliation Act of 2001 519

CHAPTER 13: The Job Creation and Worker Assistance Act of 2002 551

CHAPTER 14: The Tax Relief Reconciliation Act of 2003 555
A Rate Reductions 556
B The Marriage Penalty 557
C The Alternative Minimum Tax 557
D Child Tax Credit 558
E Dividends/Capital Gains 558
F Deduct Your SUV—Election to Expense 560

CHAPTER 15: Income Averaging and Hurricane Tax Breaks 565

CHAPTER 16: 2006 Tax Reform 571
A The Tax Increase Prevention and Reconciliation Act of 2005 572
B The Pension Protection Act of 2006 574
C Tax Relief and Health Care Act of 2006 577

CHAPTER 17: Tax Reform, 2007–2008 581
A The Mortgage Forgiveness Debt Relief Act of 2007 582
B The New Debt Relief Act 582
C The Economic Stimulus Act of 2008 584
D The Heroes Earnings Assistance and Relief Act of 2008 588
E The Housing and Economic Recovery Act of 2008 589

CHAPTER 18: 2009 Tax Changes 593

CHAPTER 19: More Tax Changes 603
A The Hiring Incentives to Restore Employment (HIRE) Act of 2010 604
B The Patient Protection and Affordable Care Act 605
C Small Business Jobs Act of 2010 608
D The Tax Relief, Unemployment Insurance Reauthorization,and Job Creation Act of 2010 610
E American Tax Relief Act of 2012 616

CHAPTER 20: How to Avoid/Survive an IRS Audit 621

APPENDIX A: Cost Recovery/Depreciation 737
APPENDIX B: Business Use of “Listed Property” 751
APPENDIX C: Auto Leases 763

INDEX