Taxes 2007 For Dummies^?

by Eric Tyson; Margaret A. Munro; David J. Silverman

• ISBN13: 9780470127216
• ISBN10: 047012721X
• Format: eBook
• Copyright: 2007-03-01
• Publisher: For Dummies

Summary

Tax season doesn't just have to be about paying Uncle Sam his due. Sure, giving up your hard-earned dollars hurts, but you can turn lemons into lemonade by turning knowledge into immediate and long-term tax savings. What's more, wising up about your tax situation can only increase your financial savvy and bolster your future fiscal health. Combining tax-preparation and tax-planning advice, Taxes 2007 For Dummies is the latest offering in the highly praised Taxes For Dummies series. This easy and fun guide (yes, a fun tax guide) walks you line-by-line through the most common forms, with analysis especially relevant for TurboTax and other tax software users. Fully updated for 2006, including Alternative Minimum Tax relief and Roth IRA conversions, this handy resource covers critical tax code changes and provides new tips for money-saving end-of-year tax moves. You'll find out how to: Itemize your deductions Negotiate with the IRS Take advantage of tax credits to reduce what you owe Make tax-wise personal finance decisions Avoid common mistakes before you file Audit-proof your tax return Fill out the dreaded Schedule D Packed with standout tips, tax cut opportunities, warnings, reminders, and sidebars, Taxes 2007 For Dummies is a clear road map to doing your taxes in 2007-and to wisely planning your future finances for years ahead.

Table of Contents

Introduction

Getting Ready to File

Understanding the U.S. Tax System

Tax Return Preparation Options and Tools

Getting and Staying Organized

No Form Fits All (Or, What Kind of Taxpayer Are You?)

Tackling the Various Forms

Easy Filing: 1040EZ and 1040A

Form 1040: Income Stuff

Form 1040

Adjustments to Income Stuff

The Rest of the 1040

Filling Out Schedules and Other Forms

Itemized Deductions: Schedule A

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

Business Tax Schedules: C, C-EZ, and F

Capital Gains and Losses: Schedule D

Supplemental Income and Loss: Schedule E

Giving Credits Where Credits Are Due

Other Schedules and Forms to File

Audits and Errors: Dealing with the IRS

The Dreaded Envelope: IRS Notices, Assessments, and Audits

Fixing Mistakes the IRS Makes

Fixing Your Own Mistakes

Year -Round Tax Planning

Tax -Wise Personal Finance Decisions

Reducing Taxes with Retirement Accounts

Small Businesses and Tax Planning

Your Investments and Taxes

Real Estate and Taxes

Children and Taxes

Estate Planning

The Part of Tens

Ten Tips for Reducing Your Chances of Being Audited

Ten (or So) Often-Overlooked Tax-Reduction Opportunities

Ten Tax Tips for Members of the Military (and Their Families)

Ten Interview Questions for Tax Advisors

Ten (Plus Two) Tax Relief Measures for Hurricane Katrina Victims and Relief Workers

Glossary

Index

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