How to Pay Zero Taxes 2003

How to Pay Zero Taxes 2003

by Jeff A. Schnepper

Paperback(REV)

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Product Details

ISBN-13: 9780071407366
Publisher: McGraw-Hill Companies, The
Publication date: 12/01/2002
Edition description: REV
Pages: 624
Product dimensions: 7.78(w) x 8.74(h) x 2.03(d)

Table of Contents

Prefacexv
Chapter 1Is It Legal?1
Chapter 2How Our Tax System Works11
Chapter 3Exclusions--Tax-Free Money17
AAlternatives to "Earned Income"19
1.Hospitalization Premiums19
2.Group Life Insurance Premiums20
3.Group Legal Services Plans23
4.Accident and Health Plans23
5.Employee Death Benefits24
6.Merchandise Distributed to Employees on Holidays24
7."Expenses of Your Employer"25
8.Meals and Lodgings25
9.Employee Discounts27
10.Workers' Compensation27
11."Cafeteria" Plans28
12.Dependent Care Assistance Program28
13.Employer Educational Assistance30
14.Employee Awards30
15.Clergy Housing Allowance33
16.Miscellaneous Fringe Benefits33
BDonative Items34
17.Gifts, Bequests, and Inheritances34
18.Scholarships and Fellowships35
19.Prizes and Awards38
CInvestors39
20.Interest on State and Municipal Obligations39
DBenefits for the Elderly40
21.Public Assistance Payments40
22.Social Security and Other Retirement Benefits40
23.Annuities43
24.Sale of Your Home46
25.Buying Your Own Home--Twice!--The Schnepper Bootstrap49
EMiscellaneous Individual Exclusions50
26.Carpool Receipts50
27.Damages50
28.Divorce and Separation Arrangements53
29.Life Insurance56
30.Qualified State Tuition ([section]529) Programs58
FSchedule of Excludable Items68
Chapter 4Credits--Dollar-for-Dollar Tax Reductions71
AEstimated Tax and Withholding Exemptions72
BCredits76
31.The Earned Income Credit76
32.Excess Social Security Tax79
33.The Child and Dependent Care Credit79
34.Child Care Credits for Children of Divorced or Separated Parents81
35.Credit for the Elderly or Permanently and Totally Disabled86
36.Credit for Interest Paid on Mortgage Credit Certificates88
CSpecial Credits89
37.Work Opportunity Credit (Formerly Targeted Jobs Tax Credit)89
38.Welfare to Work Credit90
39.Research Tax Credit90
40.Orphan Drug Tax Credit91
41.Adoption Assistance91
42.Hope Scholarship Credit93
43.Lifetime Learning Credit93
44.Child Tax Credit93
45.District of Columbia--First Time Homebuyer94
46.Disability Credits95
47.Health Insurance Credit95
48.Saver's Credit96
49.Small Employer Credit97
Chapter 5"Above the Line" Deductions99
ADeductions for Adjusted Gross Income103
50.Trade and Business Deductions103
51.Employee Business Expenses of Actors and Other Performing Artists104
52.Employee Business Expenses104
53.Alimony105
54.Interest on Qualified Education Loans113
55.Retirement Plan Payments114
60.Self-Employment Tax157
61.Health Insurance Deduction for Self-Employeds157
62.Moving Expenses158
63.Clean Fuel Vehicles166
64.Deduction for Qualified Higher Education Expenses166
Chapter 6"Below the Line" Deductions167
AThe Importance of Filing Status168
BTax Planning with Itemized Deductions173
65.Medical Expenses173
66.Income Taxes190
67.Real Property Taxes191
68.Personal Property Taxes193
69.Interest193
70.Charitable Contributions217
71.Casualty Losses239
72.Theft Losses244
73.Miscellaneous Trade and Business Deductions of Employees252
74.Travel Expenses252
75.Transportation Expenses258
76.Meals and Entertainment Expenses262
77.Gifts263
78.Reimbursable Employee Business Expenses265
79.Educational Expenses266
80.Limit on Itemized Deductions266
CSchedules of Deductions267
81.Medical Deductions267
82.Deductible Taxes268
83.Charitable Deductions269
84.Casualty and Theft Loss Deductions270
85.Miscellaneous Deductions271
86.Employee Miscellaneous Deductions271
87.Investor Deductions272
Chapter 7Traditional Tax Shelters275
ADeferral and Leverage292
88.Real Estate292
89.Fees in Public Real Estate Partnerships305
90.Oil and Gas305
91.Equipment Leasing315
92.Single-Premium Life Insurance319
93.Cattle Feeding Programs323
94.Cattle Breeding Programs325
95.Tax Straddles327
96.Art Reproduction329
97.Noncash Gift Shelters330
98.Municipal Bond Swaps331
BHow to Analyze a Tax Shelter332
99.Getting Out of the Tax Shelter334
100.Master Limited Partnerships335
Chapter 8Super Tax Shelters339
AFamily Shifts340
101.Unearned Income of Minor Children343
102.Outright Gifts347
103.Clifford Trusts351
104.Interest-Free Loans352
105.The Schnepper Shelter: Gift Leasebacks352
106.The Schnepper Deep Shelter358
107.Family Partnerships359
108.Family Trusts359
109.Employing Members of the Family360
110.Author's Delight362
BRunning Your Own Business363
111.Your Home366
112.Your Car378
113.Meals and Entertainment381
114.Travel and Vacation385
115.Gifts391
116.Advertising392
117.Deductible Clothes392
118.Creative Deductions--Busting the IRS392
119.Medical Premiums393
120.Borrowing from Your Company393
121.Lending to Your Company396
122.Miscellaneous Corporate Advantages397
Chapter 9Investment Planning to Save Taxes401
123.Short Sales406
124.Broad-Based Index Options and Regulated Futures Contracts (RFCs)407
125.Wash Sales407
126.Premiums on Taxable and Tax-Exempt Bonds408
127.Original Issue Discount (OID)--Taxable Bonds408
128.Original Issue Discount (OID)--Tax-Exempt Bonds408
129.Market Discount409
130.Municipal Bond Swaps409
131.Employee Options--Non-Qualified410
132.Incentive Stock Options411
133.Year-End Stock Sales416
134.Fund Strategies416
135.Tax-Exempt Income417
136.Special Report419
137.Old Prices420
138.Alternative Minimum Tax for Individuals420
139.U.S. Savings Bond Exclusion432
Chapter 10Last-Minute Tax Planning437
140.Defer Taxes438
141.Accelerate Expenses440
142.Accelerate Special Deductions441
143.Dependents and Personal Exemptions441
144.Phaseout of Exemptions445
145.Timing Strategies445
146.Retirement Plans446
147.Individual Retirement Plans (IRAs)446
148.H.R. 10 or Keogh Plans447
149.Marital Status448
150.The Goldinger Deferral449
Chapter 11The Attorneys' and Accountants' Relief Act of 1993451
151.Training and Investment Provisions453
152.Investment Incentives454
153.Expansion and Simplification of Earned Income Tax Credit455
154.Real Estate Provisions455
155.Miscellaneous Provisions457
156.Revenue-Raising Provisions458
157.Business Provisions464
Chapter 12Stealth Tax Reform467
158.The New Taxpayer Bill of Rights468
159.Personal Responsibility and Work Opportunity Reconciliation Act of 1996, HR 3734472
160.The Health Insurance Portability and Accountability Act of 1996, HR 3103473
161.The Small Business Job Protection Act of 1996, HR 3448477
162.Tax Relief for Bosnian Effort489
Chapter 13Tax Reform--Again!491
163.The Mind-Numbing Complexity of the Tax Reconciliation Act of 1997, Also Known as the Taxpayer Relief Act of 1997492
Chapter 14The Internal Revenue Service Restructuring and Reform Act of 1998503
164.IRS Reorganization504
165.IRS Governance and Oversight Changes504
166.Extension of Attorney-Client Privilege to Tax Advice506
167.Burden of Proof Shifted to IRS in Certain Civil Tax Cases507
168.Taxpayer Rights507
169.Roth IRA Conversion/Loophole509
170.Capital Gains509
171.Venture Capital510
172.Home Sales Clarification510
173.Conclusion511
Chapter 15The Economic Growth and Tax Relief Reconciliation Act of 2001513
174.Marginal Rate Reductions514
175.Tax Benefits Relating to Children519
176.Marriage Penalty Relief Provisions520
177.Education Incentives523
178.Pension and Individual Retirement Arrangement Provisions527
179.AMT Relief535
180.Health Insurance for Self-Employed535
181.Income Tax Treatment for Certain Restitution Payments to Holocaust Victims535
182.Estate, Gift, and Generation-Skipping Transfer Tax Provisions536
183.Sunset541
Chapter 16The Job Creation and Worker Assistance Act of 2002545
184.Bonus Depreciation546
185.Net Operating Losses546
186.Classroom Materials546
187.Electric Vehicle Credit546
188.Work Opportunity Tax Credit547
189.Welfare to Work Tax Credit547
190.Archer Medical Savings Allowance547
191.Liberty Zone Benefits547
Chapter 17How to Avoid/Survive an IRS Audit549
Appendix ACost Recovery/Depreciation649
Appendix BLaw Prior to the Tax Reform Act of 1986663
Appendix CLaw After March 14, 1984 (Real Estate)667
Appendix DBusiness Use of "Listed Property"679
Appendix EAuto Leases687
Index737

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