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Strategies from an IRS insider for slashing taxes, maximizing legal deductions, avoiding audits, and more
Through his years as an IRS tax attorney, Sandy Botkin discovered that most Americans could legally and dramatically cut their tax bills by establishing themselves as independent contractors or businesspersons. In Lower Your Taxes—Big Time!, Botkin explains how, outlining a straightforward program for writing off everything from family vacations to movies and plays, and receiving a subsidy of $5,000 or more from the IRS each and every year.
From tips for launching a business to strategies for audit-proofing a return, Lower Your Taxes—Big Time! is a gold mine of information for every frustrated taxpayer. Tax-cutting strategies include:
| Introduction: Rich or Poor--Your Choice | ix | |
| 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) | 3 |
| Chapter 2. | How to Deduct Your Fun | 9 |
| Chapter 3. | How to Turn Your Vacation into a Tax-Deductible Write-Off | 24 |
| Chapter 4. | Income Shifting and Income Splitting: One of the Greatest Single Wealth-Building Secrets | 41 |
| Chapter 5. | How to Turn Your Car into a Tax-Deductible Goldmine | 58 |
| Chapter 6. | Home Office: The Misunderstood Key to Saving $15,000 Every Five Years | 83 |
| Chapter 7. | Beating the Dreaded IRS Audit | 104 |
| Chapter 8. | How to Shield Yourself from the IRS Weapon of Classifying a Business as a Hobby | 119 |
| Part 2. | How to Incorporate to Shelter Your Wealth | 131 |
| Chapter 9. | Finding the Best Corporate Entity for Your Business | 133 |
| Chapter 10. | Forming a Nevada Corporation or a Limited Liability Corporation in Nevada | 156 |
| Chapter 11. | How to Eliminate up to 40% of Your Social Security and Medicare Tax with an S Corporation | 162 |
| Chapter 12. | How to Get Assets and Money into a Corporation Tax-Free | 166 |
| Part 3. | Every Fringe Benefit Available to Small and Home-Based Businesses | 173 |
| Chapter 13. | Fringe Benefits You Will Love | 179 |
| Chapter 14. | Fringe Benefits You Will Love, Part 2 | 210 |
| Part 4. | Miscellaneous Tax Strategies | 231 |
| Chapter 15. | The Four Most Overlooked Real Estate Tax Deductions in America | 233 |
| Chapter 16. | The Top 10 Tax Questions | 247 |
| Appendix A | Self-Insured Medical Reimbursement Plan | 257 |
| Appendix B | 2002 Tax Rates | 261 |
| Index | 263 | |
| About the Author | 272 |
Anonymous
Posted February 19, 2003
Botkins writes with intriqing flare and accuracy. His ideas and experience are really practical. I know him as a person and he is a great, honest guy.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.Anonymous
Posted January 22, 2003
Sandy's Book, Lower You Taxes-Big Time, is the best, step-by-step tax strategy book that tells you exactly what to do, how to do it and backs it all up by the IRS code! Most books on the subject are too complicated and leave out details to actually implement the strategies or too simple and give no real input, Lower Your Taxes-Big Time, is a rare combination of great tax strategies plus ALL the steps to implement! Plus it is easy to understand. I would recommend buying an extra book for your accountant and tell them all the strategies you want implemented immediately! Make sure they are on the same page as you. Also, if you want to give yourself a raise, this book is for you!
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Posted January 6, 2003
WOW: As a working mom, I like to read finsncial books to help my family. This is clearly the best tax planning book that I have ever read. It is clear, concise, simply written, and chuck full of financial and tax planning strategies. It is even humorous,which is amazing for a tax book. There is an especially good tax section on incorporating, where to incorporate, and and a great comprehensive list on Fringe benefits. The flow charts are a nice touch too. There are also many things that I didn't know despite my constant reading on taxes and finance. For example, I didn't know that I could deduct all my dry cleaning and laundry expenses after a business trip. The discussion on deducting my entertainment and golf was particularly interesting. I have read many financial books including the Rich Dad/ Poor Dad series and "The Millionaire Next Door" by Stanley, and this book blows them all out of the water. Trust me: This book is one of the better kept financial secrets. If there is any one financial or tax book that you should read, this one is it!
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Overview
Strategies from an IRS insider for slashing taxes, maximizing legal deductions, avoiding audits, and more
Through his years as an IRS tax attorney, Sandy Botkin discovered that most Americans could legally and dramatically cut their tax bills by establishing themselves as independent contractors or businesspersons. In Lower Your Taxes—Big Time!, Botkin explains how, outlining a straightforward program for writing off everything from family vacations to movies and plays, ...