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Tax Insight: For Tax Year 2014 and Beyond, THIRD EDITION

Book Description

Tax Insight: For Tax Year 2014 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. It's not hard to understand why--taxes are complicated, unpleasant, and confusing.

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 Insight 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.

    Table of Contents

    1. Cover
    2. Title
    3. Copyright
    4. Apress Business
    5. Dedication
    6. Contents
    7. Foreword
    8. About the Author
    9. Acknowledgments
    10. Introduction
    11. Part I: The Foundation
      1. Chapter 1: The Tax Code Demystified
      2. Chapter 2: Key Components Defined
      3. Chapter 3: Income
      4. Chapter 4: Dependents and Filing Status
      5. Chapter 5: The Tax Code Is Rigged
    12. Part II: Ordinary Income
      1. Chapter 6: Employment Income
      2. Chapter 7: Retirement Income
      3. Chapter 8: Other Sources of Ordinary Income
      4. Chapter 9: Tax-Free “Unordinary” Income from Non-Investment Sources
    13. Part III: Investment Income and Deductions
      1. Chapter 10: Tax-Free Investment Income
      2. Chapter 11: Taxable Investment Income
      3. Chapter 12: Deductions from Investment Income
      4. Chapter 13: Education Investment Strategies
      5. Chapter 14: Retirement Investment Strategies—The Basics
      6. Chapter 15: Retirement Investment Strategies—Alternatives
    14. Part IV: Business Income and Deductions
      1. Chapter 16: Business Taxation
      2. Chapter 17: Business Use of the Home
      3. Chapter 18: Travel Expenses
      4. Chapter 19: Meals, Entertainment, and Gifts
      5. Chapter 20: Employee Benefits
      6. Chapter 21: Employing Family Members
      7. Chapter 22: Depreciation
    15. Part V: Real Estate Income and Deductions
      1. Chapter 23: Real Estate Losses
      2. Chapter 24: Real Estate Income and Deductions
      3. Chapter 25: Second Homes and Vacation Rentals
    16. Part VI: Personal Expenses, Deductions, and Credits
      1. Chapter 26: Medical and Dental Expenses
      2. Chapter 27: Your Residence
      3. Chapter 28: Your Children
      4. Chapter 29: Charitable Contributions
      5. Chapter 30: Education Expenses
    17. Part VII: Other Important Things to Know
      1. Chapter 31: The Alternative Minimum Tax
      2. Chapter 32: Penalties and Interest
      3. Chapter 33: Do It Yourself, or Hire a Professional?
      4. Chapter 34: Tax Implications of Health Care Reform
    18. Index
    19. Other Apress Business Titles You Will Find Useful