Whether tax season is upon you or you just want to be prepared for when it arrives, this book will help you navigate the ever-changing ins and outs of the tax system with money-saving techniques.
As you read each chapter in this book, you will start strategizing, saving, and building your wealth. You will learn how tax preparation and tax planning are two entirely different things.
This isnít a typical tax book that explains the agonizing details of tax law or one that doles out instructions on tax returns. With chapters on business entities, the alternate minimum tax, Social Security taxes, changing professions, small business retirement plans, and more, this book will provide strategies, wisdom, and foresight as you work with your CPA or financial advisor. A little planning can save you from a lot of pain. Through real-life examples of tax returns, tips, and life stories, this easy-to-use reference book will help you learn how to keep more of your hard-earned money in your walletólegally!
Saving money requires strategy, but it isnít rocket science. If youíve been left bewildered by how one personís taxes compare to anotherís, itís time for you to learn the power of planning. If you are not only paying federal and state income taxes but also taxes like the alternate minimum tax, then this book is especially important for you.
Chapter 1 illustrates how software engineers Sam and Sonya were able to reduce their federal tax liability from $80,077 to $40,248 and the state tax liability from $22,794 to $11,712. Chapter 2 shows how salesman Sean was able to completely eliminate $15,903 of Alternate Minimum Tax (AMT) with proper tax planning. Chapter 3 describes how maintenance worker Ray and his wife Rhonda were able to reduce their self- employment tax from $12,151 to $6,579. Chapter 4 illustrates how rental property owners Mark and Mary were able to reduce their taxes from $24,589 to $12,886. Chapter 5 throws light on how a retired couple was able to reduce their income tax from $5,014 to zero. In chapter 6, a physician couple was able to reduce their income tax by $188,000. Chapter 7 and 8 are about creating tax free retirement income.
The purpose of this book is to make you think outside the box. If the super-rich can reduce their taxes in spite earning more than you, then why canít you?
Beginning as an engineer, author Harak Gala, CPA, was perplexed by how many wealthy people paid a lower tax rate than most ordinary taxpayers and how some major corporations were paying nothing in taxes, despite earning millions of dollars in gross profit. These questions intrigued young Gala so much that he became a CPA, quickly discovering the folly in paying taxes without the proper planning.
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