Tax Insight: For Tax Year 2013 and Beyond, 2nd Edition

Tax Insight: For Tax Year 2013 and Beyond will teach you to take control of life’s biggest expense—taxes. In your lifetime, you will spend more money on taxes than on anything else. Despite that fact, you likely know the current prices of movies and milk but don’t know what your marginal tax rate is. You know where to get the cheapest gallon of gas to save a buck or two, but you don’t give a thought to the tax strategies you should be using right now that would save you thousands. Why? Is it too complicated and confusing? Too unpleasant? In Tax Insight, tax expert Casey Murdock opens up the world of taxes with amazing clarity and simplicity. As you will discover, you have within reach numerous ways to reduce your taxes. With everyday language and real-life examples, Tax Insight will give you the keys to minimizing your tax burden.

This book contains information you need even if you have a tax advisor or use a program like TurboTax. Tax professionals are busy and sometimes too cautious, and  programs often miss opportunities for you to save money. It’s also for those of all ages and income levels, including business owners. Tax Insight:

• Breaks down the key components of taxes with ease and simplicity.
• Provides a roadmap to paying as little tax as possible.
• Helps you know if you should do it yourself or hire a professional.

While there are many encyclopedic books on taxes—like J.K. Lasser’s Your Taxes—there aren’t nearly enough that describe the tax code in plain language. Far more than a rehash of impenetrable IRS “help” documents, Tax Insights is organized the way most people think and presents ideas in clear, simple language. If you buy this book and take advantage of its advice, you will save money.

What you’ll learn

This book will help you:

• Avoid paying even a penny more in taxes than you should.
• Avoid common tax strategies that could actually cost you more than they save.
• Capture all of the deductions and credits that you are due.
• Know whether to file your own return or hire a tax professional.
• Utilize the entire year to implement tax-reducing strategies.
• Understand the key components of the tax return and how they work together.
• Prepare for or survive an audit
• Use real estate or a small business to reduce your tax bill

Who this book is for

Tax Insight: For Tax Year 2013 and Beyond  is for the frustrated taxpayer—the taxpayer who is frustrated by paying too much, frustrated by the complexity of the tax code, or frustrated because their CPA isn’t proactively helping them pay fewer taxes. Tax Insight is the perfect book for the person who is looking for a straightforward, simple explanation of the tax-saving strategies that are within reach. In an easy-to-read, easy-to-understand narrative, Tax Insight gives readers a thorough understanding of the tax strategies that apply to them and the information they need to put those strategies to work.

Table of Contents

Chapter 1. The Tax Code Demystified
Chapter 2. Key Components Defined
Chapter 3. Income
Chapter 4. Dependents and Filing Status
Chapter 5. The Tax Code Is Rigged
Chapter 6. Employment Income
Chapter 7. Retirement Income
Chapter 8. Other Sources of Ordinary Income
Chapter 9. Tax-Free “Unordinary” Income from Non-Investment Sources
Chapter 10. Tax-Free Investment Income
Chapter 11. Taxable Investment Income
Chapter 12. Deductions from Investment Income
Chapter 13. Education Investment Strategies
Chapter 14. Retirement Investment Strategies—The Basics
Chapter 15. Retirement Investment Strategies—Alternatives
Chapter 16. Business Taxation
Chapter 17. Business Use of the Home
Chapter 18. Travel Expenses
Chapter 19. Meals, Entertainment, and Gifts
Chapter 20. Employee Benefits
Chapter 21. Employing Family Members
Chapter 22. Depreciation
Chapter 23. Real Estate Losses
Chapter 24. Real Estate Income and Deductions
Chapter 25. Second Homes and Vacation Rentals
Chapter 26. Medical and Dental Expenses
Chapter 27. Your Residence
Chapter 28. Your Children
Chapter 29. Charitable Contributions
Chapter 30. Education Expenses
Chapter 31. The Alternative Minimum Tax
Chapter 32. Penalties and Interest
Chapter 33. Do It Yourself, or Hire a Professional?
Chapter 34. Tax Implications of Health Care Reform