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Summary

The perfect tax guide for the first-time or last-minute filerCompletely revised for the 2005 tax year, Taxes 2006 For Dummies is the only tax guide on the market that walks readers through the most common tax forms line by line, including the dreaded Schedule D. Filled with helpful tips and strategies for getting through the process of filing income tax returns accurately and on time, this book is aimed at individuals who want to do their own taxes without hiring a preparer. Financial expert and bestselling For Dummies author Eric Tyson teams up with tax experts Margaret Munro and David Silverman to answer the most frequently asked tax questions in plain English, taking the mystery and frustration out of the filing process. They also explain the process for tax audits and provide strategies for planning ahead for the 2006 tax season. This easy-to-use guide helps readers understand all the tax law changes for the 2005 tax year. Taxes 2006 For Dummies also includes complete line-by-line analyses that are particularly useful for people using tax preparation software such as TurboTax. In addition, this new edition includes filing advice for those with special lifestyle needs, such as military families, the self-employed, divorced individuals paying child support, and working students.Eric Tyson is a nationally recognized personal finance counselor, as well as the author of Personal Finance For Dummies (0-7645-2590-5), Investing For Dummies (0-7645-9912-7), and Mutual Funds For Dummies (0-7645-7191-5). Margaret A. Munro (Montpelier, VT) is a tax consultant/advisor and a writer, an enrolled agent, author of 529 and Other College Savings Plans For Dummies (0-7645-3747-4), and a lecturer with more than a quarter-century of experience in finance and taxation. David J. Silverman (New York, NY) has more than a quarter-century of experience as an enrolled agent, helping clients with their tax preparations and representing them for tax audits. He is also the author of Battling the IRS.

Introduction.

Part I: Getting Ready to File.

Chapter 1: Understanding the U.S. Tax System.

Chapter 2: Tax Return Preparation Options and Tools.

Chapter 3: Getting and Staying Organized.

Chapter 4: No Form Fits All (Or, What Kind of Taxpayer Are You?).

Part II: Tackling the Various Forms.

Chapter 5: Easy Filing: 1040EZ and 1040A.

Chapter 6: Form 1040: Income Stuff.

Chapter 7: Form 1040, Part II: Adjustments to Income Stuff.

Chapter 8: The Rest of the 1040.

Part III: Filling Out Schedules and Other Forms.

Chapter 9: Itemized Deductions: Schedule A.

Chapter 10: Interest and Dividend Income: Schedule B (1040), Schedule 1 (1040A).

Chapter 11: Business Tax Schedules: C, C-EZ, and F.

Chapter 12: Capital Gains and Losses: Schedule D.

Chapter 13: Supplemental Income and Loss: Schedule E.

Chapter 14: Giving Credits Where Credits Are Due.

Chapter 15: Other Schedules and Forms to File.

Part IV: Audits and Errors: Dealing with the IRS.

Chapter 16: The Dreaded Envelope: IRS Notices, Assessments, and Audits.

Chapter 17: Fixing Mistakes the IRS Makes.

Chapter 18: Fixing Your Own Mistakes.

Part V: Year-Round Tax Planning.

Chapter 19: Tax-Wise Personal Finance Decisions.

Chapter 20: Reducing Taxes with Retirement Accounts.

Chapter 21: Small Businesses and Tax Planning.

Chapter 22: Your Investments and Taxes.

Chapter 23: Real Estate and Taxes.

Chapter 24: Children and Taxes.

Chapter 25: Estate Planning.

Part VI: The Part of Tens.

Chapter 26: Ten Tips for Reducing Your Chances of Being Audited.

Chapter 27: Ten (or So) Often-Overlooked Tax-Reduction Opportunities.

Chapter 28: Ten Tax Tips for Members of the Military (and Their Families).

Chapter 29: Ten Interview Questions for Tax Advisors.

Chapter 30: Ten (Plus Two) Tax Relief Measures for Hurricane Katrina Victims and Relief Workers.

Glossary.

Index.

Supplemental Materials

What is included with this book?

The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.