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Book Description

Completely revised and updated for 2017—the must-have resource for saving thousands of dollars at tax time!

Whether you’re a consultant, small-business owner, or independent contractor, you want to keep more of what you earn. Lower Your Taxes—Big Time! 2017 provides everything you need to know about saving money on April 15—and every other day of the year. Sandy Botkin has taught hundreds of thousands of taxpayers how to save over $300 million on their taxes with his Tax Reduction Institute seminars.

Now, the acclaimed tax expert shows you how to legally and ethically take advantage of the tax system to get a yearly subsidy of $5,000 or more back from the IRS—and bulletproof your records forever.

Packed with money-saving strategies, this essential guide includes:

• Advice on properly documenting any business deduction
• Expert guidance for getting big tax subsidies for starting a home business
• Legitimate ways to turn tuition, entertainment, orthodontia, vacations, and other expenses into huge deductions
• Important information on small-business tax changes and extensions recently passed by the American Taxpayer Relief Law, and more
• Latest tax law changes arising from the Protecting Americans From Tax Hikes Law

Table of Contents

  1. Cover
  2. Title Page
  3. Copyright Page
  4. Contents
  5. Introduction: Rich or Poor—Your Choice
  6. Part 1. Wealth-Building Tax Secrets for Small and Home-Based Business Owners
    1. Chapter 1. Why You Would Be Brain Dead Not to Start a Home-Based Business (If You Don’t Already Have One)
      1. This chapter explains why everyone who is employed should have some kind of business, preferably a home-based business. If you don’t have one, you are losing thousands each year.
    2. Chapter 2. How to Deduct Your Fun
      1. How to deduct your golf, sporting tickets, movies, and plays—and audit-proof all these deductions. You will learn some IRS inside secrets and learn about the great $75 exception to keeping receipts, a
    3. Chapter 3. How to Turn Your Vacation into a Tax-Deductible Write-Off
      1. This chapter deals with how to deduct your travel and vacation expenses. It will put thousands in your pocket.
    4. Chapter 4. Income Shifting and Income Splitting: One of the Greatest Single Wealth-Building Secrets
      1. How would you like to completely deduct the equivalent of your kids’ college education, room and board at college, and their weddings? You can, with income shifting. This chapter also deals with a gre
    5. Chapter 5. How to Turn Your Car into a Tax-Deductible Goldmine
      1. Learn the five methods of IRS-bulletproofing your automobile deductions. This is a must if you use your car for business.
    6. Chapter 6. Home Office: The Misunderstood Key to Saving $15,000 Every Five Years
      1. This chapter explains how to convert your home into a tax-deductible money machine, using little-known audit-proofing strategies. One of my students told me that this chapter reduced her taxable incom
    7. Chapter 7. Beating the Dreaded IRS Audit
      1. What do you do when you get a letter from the IRS “inviting you in for a chat”? This chapter covers what your chances are of being audited, your audit rights, how to reduce your chances of being audit
    8. Chapter 8. How to Shield Yourself from the IRS Weapon of Classifying a Business as a Hobby
      1. This chapter illustrates the practical steps necessary to withstand any “hobby attack” by the IRS. I have been so successful with clients who have used this information that many accountants have aske
  7. Part 2. How to Incorporate to Shelter Your Wealth
    1. Chapter 9. Finding the Best Corporate Entity for Your Business
      1. Here’s a great overview of the pros and cons of incorporating vs. being a sole proprietor or being a limited liability corporation.
    2. Chapter 10. Forming a Nevada Corporation or a Limited-Liability Corporation in Nevada
      1. Many well-known, wealthy personalities (and many con artists) incorporate in Nevada. You will learn exactly why. This has been a well-kept secret—until now!
    3. Chapter 11. How to Eliminate up to 40 Percent of Your Social Security and Medicare Tax with an S Corporation
      1. This technique works especially well for Middle America businesses.
    4. Chapter 12. How to Get Assets and Money into a Corporation Tax-Free
      1. This chapter explains what should and what should not be transferred to a corporation. It also covers a crucial topic that has killed many businesses: dealing with co-owners and partners. Finally, if
  8. Part 3. Every Fringe Benefit Available to Small and Home-Based Businesses
    1. Chapter 13. Fringe Benefits You Will Love, Part 1
      1. This chapter deals with most of the wonderful tax-free fringe benefits that you can have in almost any small business that are not covered in other chapters. I will discuss such perks as payment for p
    2. Chapter 14. Fringe Benefits You Will Love, Part 2
      1. This chapter continues the discussion of tax-free fringe benefits from Chapter 13, with parking, transit passes, vanpools, cafeteria plans, qualified profit-sharing plans, SEPs, SIMPLE IRAs, and more.
  9. Part 4. Miscellaneous Tax Strategies
    1. Chapter 15. The Four Most Overlooked Real Estate Tax Deductions in America
      1. Here are the big four: (1) the large deduction for mortgage points, (2) the new universal exclusion that will allow you to avoid up to $500,000 of gain on your properties every two years, (3) choosing
    2. Chapter 16. Making Colleges Less Expensive with Tax Planning
      1. This chapter highlights qualified tuition plans for your kids’ future education,which will enable you to pay for college with tax-free savings. This chapter also explains the benefits of both the Life
    3. Chapter 17. Tax Planning for Stock and Bond Investments
      1. This chapter deals with many of the most important tax issues for investors so that they can substantially reduce their taxes on these investments.
    4. Chapter 18. Trader versus Investor: The Best Kept Secret Around
      1. This chapter will discuss the little known benefit of being a stock and commodities trader.
    5. Chapter 19. Tax Scams and Other Shams
      1. This chapter deals with some of the latest tax and other scams that are being perpetrated today.
    6. Chapter 20. The Top 10 Tax Questions
      1. This is one chapter you don’t want to miss.
  10. Appendix A: 2016 Tax Rates
  11. Appendix B: How to Find a Good Accountant
  12. Appendix C: Health Savings Account
  13. Appendix D: What the New Health Reform Law Means to You
  14. Index
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