“Hidden Tax Benefits in Schedule A” takes you through hidden tax loopholes found right on Schedule A of Form 1040. We use a fictitious taxpayer who earns a six-figure income to show taxpayers exactly how our fictitious taxpayer legally lowers his taxes using 2012 tax laws and tax codes provided to every U.S. taxpayer.
“The Hidden Benefits in Schedule A” explains the proposed tax loopholes in easy to understand English. Once you fully understand the tax benefits, that are available to everyone, you can take advantage of the tax benefits, or not.
After reading this book, you will understand why some taxpayers are screaming that the wealthy don’t pay enough taxes. Most taxpayers doing the screaming don’t fully understand exactly what the wealthy are doing to lower their taxes. Once you fully understand you may scream louder, or you may use the information to lower your own taxes.
More importantly, this eBook gives the reader insight into the ways of the wealthy when it comes to the IRS. Few of the very wealthy rely on a Schedule A to reduce their taxes, high W2 wage earners, on the other hand, have little choice.
The Book also touches upon the AMT (Alternative Minimum Tax) and how to try and avoid this sleeper tax.
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The reader is introduced to a young man, Kenneth, whose family is financially challenged. Kenneth is not able to attend college, but uses his passion for carpentry as a platform to earn a sizable annual income. Kenneth hooks-up with wealthy investor who buys houses, fixes them up and sells them for a profit.
Kenneth decides to marry his high-school sweet heart, and the young couple starts a family. The reader is exposed to how the changes in Kenneth’s life, affects his tax return and how certain tax loopholes benefit the family’s financial status.
Kenneth is an everyday guy, who earns a 6-figure income. The tax loopholes that are used on Kenneth’s tax return(s) allow the reader to understand the federal income tax laws from a whole different prospective. Tax planning takes on a whole new meaning, as does the understanding that tax loopholes are not just for the very wealthy.
The method of deferring income is discussed in detail. The reader is shown how Kenneth and his boss lower their tax liability significantly, just by applying certain tax rules, which are used by the very wealthy every year.
Taxes are laws, and when you understand the basic tax law, you are given an opportunity to make choices, legal choices which can lower your taxes and increase your assets.
See the Title of the Chapters below:
Chapter 1. The Wealthy Man & the IRS
Chapter 2. Meet Kenneth & His Wife
Chapter 3. Getting Up Close & Personal with Schedule A
Chapter 4. Deferred Income – The Ways of the Wealthy
Chapter 5. Things to Watch Out For
