How to Pay Zero Taxes, 2017: Your Guide to Every Tax Break the IRS Allows

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  • Edition: 34th
  • Format: Paperback
  • Copyright: 2016-12-05
  • Publisher: McGraw-Hill Education
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Table of Contents


Chapter 1: Tax Insanity

Chapter 2: Is It Legal?

Chapter 3: How Our Tax System Works

Chapter 4: Exclusions-Tax-Free Money

A     Alternatives to "Earned Income"

1. Hospitalization Premiums

2. Group Life Insurance Premiums

3. Group Legal Services Plans

4. Accident and Health Plans

5. Employee Death Benefits

6. Merchandise Distributed to Employees on Holidays

7. "Expenses of Your Employer"

8. Meals and Lodgings

9. Employee Discounts

10. Workers' Compensation

11. "Cafeteria" Plans and Flexible Spending Accounts

12. Dependent Care Assistance Program

13. Employer Educational Assistance

14. Employee Awards

15. Clergy Housing Allowance

16. Miscellaneous Fringe Benefits

B      Donative Items

17. Gifts, Bequests, and Inheritances

18. Scholarships and Fellowships

19. Prizes and Awards

20. Qualified Charitable Distributions (QCDs)

C     Investors

21. Interest on State and Municipal Obligations

D     Benefits for the Elderly

22. Public Assistance Payments

23. Social Security and Other Retirement Benefits

24. Annuities

25. Sale of Your Home

E        Miscellaneous Individual Exclusions

26. Carpool Receipts

27. Damages

28. Divorce and Separation Arrangements

29. Life Insurance

30. Qualified State Tuition (529) Programs

31. Your Home- The Mother of All Tax Shelters!

32. Disabled Veteran Payments

33. Exclusion of Income for Volunteer Firefighters and Emergency Medical Responders

34. Unemployment Benefits

35. Homeowner Security

36. Reimbursed Costs to Parents of Children with Disabilities

37. Wrongful Conviction and Incarceration

38. Restitution Payments

39. Frequent Flier Miles

40. Hurricane Sandy

41. Cancellation of Indebtedness

42. Medicaid Payments for Foster Care of Related Individuals

F       Schedule of Excludable Items

Chapter 5: Credits--Dollar-for-Dollar Tax Reductions

A       Estimated Tax and Withholding Exemptions

B       Credits

43. The earned Income Credit

44. Excess Social Security Tax

45. The Child and Dependent Care Credit

46. Credit for the Elderly or Permanently and Totally Disabled

C     Special Credits

47. Work Opportunity Credit (Formerly Targeted Jobs Tax Credit)

48. Welfare to Work Credit

49. Research Tax Credit

50. Orphan Drug Tax Credit

51. Adoption Assistance

52. Hope Scholarship Credit

53. American Opportunity Tax Credit

54. Lifetime Learning Credit

55. Child Tax Credit

56. Disability Credits

57. Health Insurance Credit

58. Saver's Credit

59. Small Employer Credit

60. Electric Vehicle Credit

61. Credit for Residential Energy Efficient Property

62. Energy Saving Home Improvement Credit

63. Hybrid Vehicles Credit

64. Telephone Tax Refund

65. First-Time Home Buyer Credit

66. "Making Work Pay" Tax Credit

67. Plug-in Electric Drive Vehicle Credit

68. Plug-in Electric Vehicle Credit

69. Conversion Kits

70. Treatment of Alternative Motor Vehicle Credit as a Personal Credit Allowed against AMT

71. Small Business Health Insurance Credit

72. Foreign Tax Credit

73. The Premium Tax Credit

Chapter 6: "Above the Line" Deductions

A       Deductions for Adjusted Gross Income

74. Trade and Business Deductions

75. Employee Business Expenses of Actors and Other Performing Artists

76. Employee Business Expenses

77. Alimony

78. Interest on Qualified Education Loans

79. Retirement Plan Payments

80. Self-Employment Tax

81. Health Insurance Deduction for Self-Employeds

82. Moving Expenses

83. Clean Fuel Vehicles

84. Deduction for Qualified Higher Education Expenses-Tuition and Fees

85. Legal Fees

86. Classroom Materials

87. Medical Savings Accounts (Archer Medical Savings Accounts)

88. Health Savings Accounts

89. Sales Tax Deduction on Motor Vehicles

Chapter 7: "Below the Line" Deductions

A       The Importance of Filing Status

B       Tax Planning with Itemized Deductions

90. Medical Expenses

91. Income Taxes

92. Real Property Taxes

93. Personal Property Taxes

94. Interest

95. Mortgage Insurance

96. Charitable Contributions

97. Casualty Losses

98. Theft Losses

99. Miscellaneous Trade and Business Deductions of Employees

100. Job Losses

101. Travel expenses

102. Transportation Expenses

103. Meals and Entertainment Expenses

104. Gifts

105. Reimbursable Employee Business Expenses

106. Educational Expenses

107. Limit on Itemized Deductions

C      Schedules of Deductions

108. Medical Deductions

109. Deductible Taxes

110. Charitable Deductions

111. Casualty and Theft Loss Deductions

112. Miscellaneous Deductions

113. Employee Miscellaneous Deductions

114. Investor Deductions

Chapter 8: Traditional Tax Shelters

A       Deferral and Leverage

115. Real Estate

116. Fees in Public Real Estate Partnerships

117. Oil and Gas

118. Equipment Leasing

119. Single-Premium Life Insurance

120. Cattle Feeding Programs

121. Cattle Breeding Programs

122. Tax Straddles

123. Art Reproduction

124. Noncash Gift Shelters

125. Municipal Bond Swaps

B    How to Analyze a Tax Shelter

126. Getting Out of the Tax Shelter

127. Master Limited Partnerships

128. Abusive Shelters

Chapter 9: Super Tax Shelters

A      Family Shifts

129. Unearned Income of Minor Children 409

130. Outright Gifts 413

131. Clifford Trusts 418

132. Interest-Free Loans 418

133. The Schnepper Shelter: Gift Leasebacks 418

134. The Schnepper Deep Shelter 424

135. Family Partnerships 424

136. Family Trusts 425

137. The Schnepper Malagoli Super Shelter 426

138. Employing Members of the Family 428

139. Author’s Delight

B       Running Your Own Business

140. Your Home 435

141. Your Car 448

142. Meals and Entertainment 450

143. Travel and Vacation 454

144. Gifts 460

145. Advertising 461

146. Deductible Clothes 461

147. Creative Deductions—Busting the IRS 461

148. Medical Premiums 462

149. Borrowing from Your Company 462

150. Miscellaneous Corporate Advantages

Chapter 10: Investment Planning to Save Taxes

151. Short Sales 475

152. Broad-Based Index Options and Regulated Futures Contracts (RFCs) 476

153. Wash Sales 476

154. Premiums on Taxable and Tax-Exempt Bonds 477

155. Original Issue Discount (OID)—Taxable Bonds 477

156. Original Issue Discount (OID)—Tax-Exempt Bonds 477

157. Market Discount 478

158. Municipal Bond Swaps 478

159. Employee Options—Nonqualified 479

160. Incentive Stock Options 480

161. Year-End Stock Sales 484

162. Fund Strategies 485

163. Dividends 485

164. Tax-Exempt Income 490

165. Old Prices 492

166. Alternative Minimum Tax for Individuals 492

167. U.S. Savings Bond Exclusion 506

168. Madoff Losses 509

169. Collars—Tax Free Lock in Your Gain

Chapter 11: Last-Minute Tax Planning

170. Defer Taxes 512

171. Accelerate Expenses 514

172. Accelerate Special Deductions 515

173. Dependents and Personal Exemptions 515

174. Phase-out of Exemptions 520

175. Timing Strategies 521

176. Retirement Plans 521

177. Individual Retirement Plans (IRAs) 522

178. H.R. 10 or Keogh Plans 522

179. Marital Status 523

180. The Goldinger Deferral

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

181. Marginal Rate Reductions

A    Individual Income Tax Rate Structure

B    Phase-out of Restrictions on Personal Exemptions

C    Phase-Out of Itemized Deductions

182. Tax Benefits Relating to Children

A    Increase and Expand the Child Tax Credit

B    Extension and Expansion of Adoption Tax Benefits

C    Child Care Credit

183. Marriage Penalty Relief Provisions

A    Standard Deduction Marriage Penalty Relief

B    Expansion of the 15 Percent Rate Bracket for Married Couples Filing Joint Returns

C     Marriage Penalty Relief and Simplification Relating to the Earned Income Credit

184. Education Incentives

A     Modifications to the Education IRAs

B      Private Prepaid Tuition Programs; Exclusion from Gross Income of Education Distributions from Qualified Tuition Programs

C      Exclusion for Employer-Provided Educational Assistance

D      Modifications to Student Loan Interest Deduction

E      Eliminate Tax on Awards Under the National Health Service Corps Scholarship Program and the F. Edward Herbert Armed Forces Heath Professions Scholarship and Financial Assistance Program

F       Deduction for Qualified Higher Education Expenses

185. Pension and Individual Retirement Arrangement Provisions

186. AMT Relief

187. Health Insurance for Self-Employed

188. Income Tax Treatment of Certain Restitution Payments to Holocaust Victims

189. Estate, Gift, and Generation-Skipping Transfer Tax Provisions

A      Phase-out and Repeal of Estate and Generation-Skipping Transfer Taxes; Increase in Gift Tax Unified Credit Effective Exemption

B      Expand Estate Tax Rule for Conservation Easements

C      Modify Generation-Skipping Transfer Tax Rules

D      Availability of Installment Payment Relief

190. Sunset

Chapter 13: The Job Creation and Worker Assistance Act of 2002

191. Bonus Depreciation 558

192. Net Operating Losses 558

193. Classroom Materials

194. Electric Vehicle Credit 558

195. Work Opportunity Tax Credit 559

196. Welfare to Work Tax Credit 559

197. Archer Medical Savings Account 559

198. Liberty Zone Benefits

Chapter 14: The Tax Relief Reconciliation Act of 2003

A     Rate Reductions

B     The Marriage Penalty

C     The Alternative Minimum Tax

D     Child Tax Credit

E      Dividends/ Capital Gains

F      Deduct Your SUV-Election to Expense

Chapter 15: Income Averaging and Hurricane Tax Breaks

Chapter 16: 2006 Tax Reform

A      The Tax Increase Prevention and Reconciliation Act of 2005

B      The Pension Protection Act of 2006

C      Tax Relief and Health Care Act of 2006

Chapter 17: Tax Reform, 2007-2008

A      The Mortgage Forgiveness Debt Relief Act of 2007

B      The New Debt Relief Act

C       The Economic Stimulus Act of 2008

D       The Heroes Earning assistance and Relief Act of 2008

E        The Housing and Economic Recovery Act of 2008

Chapter 18: 2009 Tax Changes

199. “Making Work Pay” Tax Credit 600

200. Reducing the COBRA Bite 601

201. First-Time Home Buyer Credit Expanded 602

202. American Opportunity Tax Credit 603

203. Energy Credits 604

204. Plug-in Electric Drive Vehicle Credit

205. Plug-in Electric Vehicle Credit 605

206. Conversion Kits 605

207. Treatment of Alternative Motor Vehicle Credit as a Personal

Credit Allowed against AMT 605

208. AMT Patch 606

209. Earned Income Credit 606

210. Child Tax Credit 606

211. Section 529 Plans 606

212. Unemployment Benefits 607

213. Qualified Transportation Benefits 607

214. Estimated Taxes 607

215. Motor Vehicle Sales Tax 607

216. Business Depreciation 608

217. NOL Carrybacks

Chapter 19: More Tax Changes

A      The Hiring Incentives to Restore Employment (HIRE) Act of 2010

B      The Patient Protection and Affordable Care Act

C       Small Business Jobs Act of 2010

D       The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

E       American Tax Relief Act of 2012

F        Tax Increase Prevention Action of 2014

G      The Able Act

H        More Changes

Chapter 20: How to Avoid/Survive and IRS Audit

Appendix A: Cost Recovery/Depreciation

Appendix B: Business Use of "Listed Property"

Appendix C: Auto Leases


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