How to Pay Zero Taxes 2015: Your Guide to Every Tax Break the IRS Allows

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How to Pay Zero Taxes 2015: Your Guide to Every Tax Break the IRS Allows

How to Pay Zero Taxes 2015: Your Guide to Every Tax Break the IRS Allows

Authors: Jeff Schnepper

Published: November 2014 Pages: 864

eISBN: 9780071836678 | ISBN: 9780071836661

Cover

Title Page

Copyright Page

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”

B: Donative Items

C: Investors

D: Benefits for the Elderly

E: Miscellaneous Individual Exclusions

F: Schedule of Excludable Items

Chapter 5 Credits—Dollar-for-Dollar Tax Reductions

A: Estimated Tax and Withholding Exemptions

B: Credits

C: Special Credits

Chapter 6 “Above the Line” Deductions

A: Deductions for Adjusted Gross Income

Chapter 7 “Below the Line” Deductions

A: The Importance of Filing Status

B: Tax Planning with Itemized Deductions

C: Schedules of Deductions

Chapter 8 Traditional Tax Shelters

A: Deferral and Leverage

B: How to Analyze a Tax Shelter

Chapter 9 Super Tax Shelters

A: Family Shifts

B: Running Your Own Business

Chapter 10 Investment Planning to Save Taxes

151. Short Sales

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

153. Wash Sales

154. Premiums on Taxable and Tax-Exempt Bonds

155. Original Issue Discount (OID)—Taxable Bonds

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

157. Market Discount

158. Municipal Bond Swaps

159. Employee Options—Nonqualified

160. Incentive Stock Options

161. Year-End Stock Sales

162. Fund Strategies

163. Dividends

164. Tax-Exempt Income

165. Old Prices

166. Alternative Minimum Tax for Individuals

167. U.S. Savings Bond Exclusion

168 Madoff Losses

Chapter 11 Last-Minute Tax Planning

169. Defer Taxes

170. Accelerate Expenses

171. Accelerate Special Deductions

172. Dependents and Personal Exemptions

173. Phase-out of Exemptions

174. Timing Strategies

175. Retirement Plans

176. Individual Retirement Plans (IRAs)

177. H.R. 10 or Keogh Plans

178. Marital Status

179. The Goldinger Deferral

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

180. Marginal Rate Reductions

A: Individual Income Tax Rate Structure

B: Phase-out of Restrictions on Personal Exemptions

C: Phase-out of Itemized Deductions

A: Increase and Expand the Child Tax Credit

B: Extension and Expansion of Adoption Tax Benefits

C: Child Care Credit

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 529

A: Modifications to 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 Hebert Armed Forces Health Professions Scholarship and Financial Assistance Program

F: Deduction for Qualified Higher Education Expenses

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

Chapter 13 The Job Creation and Worker Assistance Act of 2002

190. Bonus Depreciation

191. Net Operating Losses

192. Classroom Materials

193. Electric Vehicle Credit

194. Work Opportunity Tax Credit

195 Welfare to Work Tax Credit

196. Archer Medical Savings Account

197. 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 Earnings Assistance and Relief Act of 2008

E: The Housing and Economic Recovery Act of 2008

Chapter 18 2009 Tax Changes

198. “Making Work Pay” Tax Credit

199. Reducing the COBRA Bite

200. First-Time Home Buyer Credit Expanded

201. American Opportunity Tax Credit

202. Energy Credits

203. Plug-in Electric Drive Vehicle Credit

204. Plug-in Electric Vehicle Credit

205. Conversion Kits

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

207. AMT Patch

208. Earned Income Credit

209. Child Tax Credit

210. Section 529 Plans

211. Unemployment Benefits

212. Qualified Transportation Benefits

213. Estimated Taxes

214. Motor Vehicle Sales Tax

215. Business Depreciation

216. 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

Chapter 20 How to Avoid/Survive an IRS Audit

Appendix A: Cost Recovery/Depreciation

Appendix B: Business Use of “Listed Property”

Appendix C: Auto Leases

Index