Lower Taxes in 7 Easy Steps

by Attorney Stephen Fishman

Pages: 288

eBook: (PDF 1 MB)

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Summary

The complete guide to lowering your taxes, one step at a time!

Many personal finance books are full of hype, promising a radical reduction in taxes (or no taxes at all). Unfortunately, they often tout obscure tax strategies that apply to only a handful of people -- or doubtful schemes that could bring on the IRS.

Lower Taxes in 7 Easy Steps is a different kind of book, providing insights and tactics that can reduce your tax bill. Clearly and concisely, it explains the seven most valuable rules of tax planning:

Boost tax-free income
Get a lower tax rate
Defer paying taxes
Make the most of deductions
Take advantage of exemptions
Identify and use tax credits
Shift income to other taxpayers

Each rule is fleshed out with plenty of ideas, strategies and real-life examples. In the end, you'll save time and money with confidence.

Take advantage of retirement plans, home mortgages, student loans, charitable contributions, medical expenses, dependents, even businesses that never get started -- and more!

Press Reviews

"An easy-to-read and well organized book. Lower Taxes in 7 Easy Steps is one of the few books to tackle the perennial topic of tax planning."
About.com

"I can't think of any taxpayer who wouldn't benefit by reading this book."
Attorney Fred Daily,
author of Tax Savvy for Small Business

1. Winning the War on Taxes

Is Tax Planning for You?
A Quick Look at the Seven Steps
Income Tax 101: How the System Works
Icons Used in This Book

2. The Best Tax Is No Tax: Income That's Tax Free

Selling Your Home With No Income Tax
The Minor Advantage: Tax-Free Income for Children
Renting Your Home at No Tax Cost
Bonds and Other Tax-Free Investment Income
Health Savings Accounts: The Triple Tax Break
Employee Fringe Benefits: Don't Miss These Tax Savings
Social Security Benefits: Tax Free Until They're Not
Live and Work Abroad and Avoid U.S. Taxes
Don't Overlook These Other Types of Tax-Free Income

3. The Dollar-for-Dollar Advantages: Tax Credits

Hybrid Cars: New Wheels and a Tax Break, Too
Pain-Free Reduction of Energy and Your Tax Bills
Tax Benefits From Your Bundles of Joy
Get Educated and Get a Tax Break
Save for Your Retirement -- Another Tax Benefit
Tax Breaks for Good Corporate Citizens
The Expatriate Advantage: Credit for Income Taxes Paid Elsewhere
Credit to Rehabilitate an Old or Historic Building
Benefit From Investing in Low-Income Housing

4. Delaying the Pain: Deferring Income and the Tax It Brings

Everybody's Deferral Tool: Retirement Accounts
Hold on to Your Investments
Happy New Year: Deferring Business Income to Next Year
Deferring Employee Compensation: Benefits Served With a Little Risk
No Need to Ask: Automatic Interest Deferral on U.S. Savings Bonds
Annuities: Complicated, But Sometimes Worth the Trouble
Swapping Real Estate: Deferring Taxes on Investment or Rental Property
Spreading Out the Profit (and Taxes) With Installment Sales

5. Count Every Penny: Reducing Taxable Income With Deductions

What Are Tax Donations?
Donations Sound Great, But What Are They Really Worth?
The Standard Donation: Definitely the Easiest Route and Sometimes the Best One
Don't Miss Out on Itemized Donations
Adjustments to Income: Like a Donation, But With a Different Name
Do You Have a Business? Don't Forget to Deduct Your Expenses
Make the Most of Your Donations: Plan Ahead for the Greatest Tax Savings

6. Join the Low-Tax Rate Club: Reduce Your Tax Rate Through Investing

Capital Gains -- The Best Rate in Town
Dividends: Timing Is Everything When It Comes to Low Rates
Tricky Tax Consequences of Buying Mutual Funds
Business Property Sales: A Mixed Bag Taxwise
What You Can Control: Tips on Lowering Your Tax Rate

7. All in the Family: Shifting Income in Your Household to Lower the Tax Burden

The Family That Pays Taxes Together Stays Together: How Income Shifting Works
Thanks Mom: Giving Your Children Income-Producing Property
Give Junior a Job: Employing Your Children to Shift Your Tax Burden
Who Said Never Hire Your Relatives?

8. Cover the Basics: Making the Most of Your Filing Status and Tax Exemptions