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9781260461701

How to Pay Zero Taxes, 2020-2021: Your Guide to Every Tax Break the IRS Allows

by
  • ISBN13:

    9781260461701

  • ISBN10:

    126046170X

  • Edition: 37th
  • Format: Paperback
  • Copyright: 2019-12-13
  • Publisher: McGraw-Hill Education

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Table of Contents

ACKNOWLEDGMENTS                                                                                    
         
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                         
43.  ABLE Accounts                                                                                 
44.  Foreign Earned Income Exclusion                                                         

F       Schedule of Excludable Items                                                                

CHAPTER 5
Credits—Dollar-for-Dollar Tax Reductions                                             

A       Estimated Tax and Withholding Exemptions                                                    
B       Credits                                                                                     
45.  Refundable The Earned Income Credit                                                  
46.  Excess Social Security Tax

47.  The Child and Dependent Care Credit                                                  
48.  Credit for the Elderly or Permanently and Totally Disabled                      

C     Special Credits                                                                            
                         
49.  Work Opportunity Credit (Formerly Targeted Jobs Tax Credit)                  
50.  Welfare to Work Credit                                                                        
51.  Research Tax Credit                                                                           
52.  Orphan Drug Tax Credit                                                                      
53.  Adoption Assistance                                                                           
54.  Hope Scholarship Credit                                                                      
55.  American Opportunity Tax Credit                                                         
56.  Lifetime Learning Credit                                                                     
57.  Child Tax Credit                                                                              
58.  Disability Credits                                                                            
59.  Health Insurance Credit                                                                      
60.  Saver’s Credit                                                                                
61.  Small Employer Credit                                                                        
62.  Electric Vehicle Credit                                                                       
63.  Credit for Residential Energy Efficient Property                                       
64.  Energy Saving Home Improvement Credit                                             
65.  Hybrid Vehicles Credit                                                                        
66.  Telephone Tax Refund                                                                        
67.  First-Time Home Buyer Credit                                                              
68.  “Making Work Pay” Tax Credit                                                              
69.  Plug-in Electric Drive Vehicle Credit                                                       
70.  Plug-in Electric Vehicle Credit                                                              
71.  Conversion Kits                                                                               
72.  Treatment of Alternative Motor Vehicle Credit as a Personal
Credit Allowed against AMT                                                                 
73.  Small Business Health Insurance Credit                                                 
74.  Small Business Health Care Credit                                                         
75.  Foreign Tax Credit                                                                            
76.  The Premium Tax Credit                                                                     
77.  Employer Credit for Family and Medical Leave Benefits                            

CHAPTER 6
“Above the Line” Deductions                                                                  

A Deductions for Adjusted Gross Income                                                        
78.  Trade and Business Deductions                                                             
79.  Employee Business Expenses of Actors and Other Performing Artists          
80.  Employee Business Expenses                                                                
81.  Alimony                                                                                       
82.  Interest on Qualified Education Loans                                                   
83.  Retirement Plan Payments                                                                   
84.  Self-Employment Tax                                                                           
85.  Health Insurance Deduction for Self-Employeds                                      
86.  Moving Expenses—Old Law                                                                
87.  Clean Fuel Vehicles                                                                           
88.  Deduction for Qualified Higher Education Expenses—Tuition and Fees     
89.  Legal Fees                                                                                    
90.  Classroom Materials                                                                           
91.  Medical Savings Accounts (Archer Medical Savings Accounts)                    
92.  Health Savings Accounts                                                                      
93.  Sales Tax Deduction on Motor Vehicles                                                  

CHAPTER 7
“Below the Line” Deductions                                                                  

A The Importance of Filing Status                                                            
B Tax Planning with Itemized Deductions                                                      
94.  Medical Expenses                                                                              
95.  Income Taxes                                                                                  
96.  Real Property Taxes                                                                           
97.  Personal Property Taxes                                                                       
98.  Interest                                                                                      
99.  Mortgage Insurance                                                                            
100.  Charitable Contributions                                                                     
101.  Casualty Losses                                                                              
102.  Theft Losses                                                                                 
103.  Miscellaneous Trade and Business Deductions of Employees                      
104.  Job Loss Insurance                                                                           
105.  Travel Expenses                                                                              
106.  Transportation Expenses                                                                      
107.  Meals and Entertainment Expenses                                                       
108.  Gifts                                                                                        
109.  Reimbursable Employee Business Expenses                                            
110.  Educational Expenses                                                                         
111.  Limit on Itemized Deductions                                                              

C     Schedules of Deductions                                                                    
                
112.  Medical Deductions                                                                           
113.  Deductible Taxes                                                                             
114.  Charitable Deductions                                                                        
115.  Casualty and Theft Loss Deductions                                                       
116.  Miscellaneous Deductions                                                                    
117.  Employee Miscellaneous Deductions                                                      
118.  Investor Deductions                                                                           
 

CHAPTER 8
Traditional Tax Shelters                                                                           

A   Deferral and Leverage                                                                       
119.  Real Estate                                                                                  
120.  Fees in Public Real Estate Partnerships                                                   
121.  Oil and Gas                                                                                  
122.  Equipment Leasing                                                                            
123.  Single-Premium Life Insurance                                                             
124.  Cattle Feeding Programs                                                                      
125.  Cattle Breeding Programs                                                                    
126.  Tax Straddles                                                                               
127.  Art Reproduction                                                                             
128.  Noncash Gift Shelters                                                                        
129.  Municipal Bond Swaps                                                                        

B    How to Analyze a Tax Shelter                                                                
130.  Getting Out of the Tax Shelter                                                              
131.  Master Limited Partnerships                                                                 
132.  Abusive Shelters                                                                              
 

CHAPTER 9
Super Tax Shelters                                                                                 
 
A     Family Shifts                                                                               
133.  Unearned Income of Minor Children                                                    
134.  Outright Gifts                                                                               
135.  Clifford Trusts                                                                              
136.  Interest-Free Loans                                                                          
137.  The Schnepper Shelter: Gift Leasebacks                                                 
138.  The Schnepper Deep Shelter                                                                
139.  Family Partnerships                                                                          
140.  Family Trusts                                                                                
141.  The Schnepper Malagoli Super Shelter                                                  
142.  Employing Members of the Family                                                        
143.  Author’s Delight                                                                             
   
B     Running Your Own Business                                                                   

144.  Your Home                                                                                    
145.  Your Car                                                                                     
146.  Meals and Entertainment                                                                     
147.  Travel and Vacation                                                                          
148.  Gifts                                                                                        
149.  Advertising                                                                                  
150.  Deductible Clothes                                                                           
151.  Creative Deductions—Busting the IRS                                                   
152.  Medical Premiums                                                                             
153.  Borrowing from Your Company                                                             
154.  Miscellaneous Corporate Advantages                                                     


CHAPTER 10
Investment Planning to Save Taxes                                                      

155.  Short Sales                                                                                  
156.  Broad-Based Index Options and Regulated Futures Contracts (RFCs)         
157.  Wash Sales                                                                                   
158.  Premiums on Taxable and Tax-Exempt Bonds                                         
159.  Original Issue Discount (OID)—Taxable Bonds                                       
160.  Original Issue Discount (OID)—Tax-Exempt Bonds                                 
161.  Market Discount                                                                              
162.  Municipal Bond Swaps                                                                        
163.  Employee Options—Nonqualified                                                         
164.  Incentive Stock Options                                                                      
165.  Year-End Stock Sales                                                                         
166.  Fund Strategies                                                                              
167.  Dividends                                                                                    
168.  Tax-Exempt Income                                                                            
169.  Old Prices                                                                                   
170.  Alternative Minimum Tax for Individuals                                                
171.  U.S. Savings Bond Exclusion                                                                 
172.  Madoff Losses                                                                                
173.  Collars—Tax Free Lock in Your Gain                                                     

CHAPTER 11
Last-Minute Tax Planning                                                                        

174.  Defer Taxes                                                                                  
175.  Accelerate Expenses                                                                          
176.  Accelerate Special Deductions                                                              
177.  Dependents and Personal Exemptions                                                   
178.  Phase-out of Exemptions                                                                      
179.  Timing Strategies                                                                            
180.  Retirement Plans                                                                             
181.  Individual Retirement Plans (IRAs)                                                       
182.  H.R. 10 or Keogh Plans                                                                       
183.  Marital Status                                                                               
184.  The Goldinger Deferral                                                                       

CHAPTER 12
More Tax Changes                                                                                   
           
A    The Patient Protection and Affordable Care Act                                             
B    Small Business Jobs Act of 2010                                                            
C    The Tax Relief, Unemployment Insurance Reauthorization,
and Job Creation Act of 2010                                                                       
D    American Tax Relief Act of 2012                                                            
E    Tax Increase Prevention Act of 2014                                                        
F    The ABLE Act                                                                               
G    More Changes                                                                               
H    The Tax Cuts and Jobs Act of 2017                                                          
I    The Budget Deal Passed on February 9, 2018                                               

CHAPTER 13
How to Avoid/Survive an IRS Audit                                                       
APPENDIX A
Cost Recovery/Depreciation                                                                  
APPENDIX B
Business Use of “Listed Property”                                                        
APPENDIX C
Auto Leases                                                                                        
INDEX                                                                                              
                    

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