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A quick and readable guide to simple methods that anyone can use to reduce their taxes!
Many tax books promise readers a radical reduction in, or complete elimination of taxes. All too often, they tout obscure tax strategies that apply to nearly no one--or doubtful schemes that may draw unwelcome attention from the IRS.
Written by veteran USA TODAY financial columnist Sandra Block and bestselling tax writer Stephen Fishman, Easy Ways to Lower Your Taxes has useful insights and legitimate tactics that readers can employ to lower their tax bills. It explains, in plain English, the rules of tax planning:
Boost tax-free income
Get a lower tax rate
Defer paying taxes
Make the most of deductions
Take advantage of exemptions
Identify and use credits
Shift income to other taxpayers
Each rule is fleshed out with plenty of ideas, excerpts, strategies and real-life examples, as well as dozens of USA TODAY Snapshots®. Easy Ways to Lower Your Taxes delves into retirement plans, home mortgages, student loans, charitable contributions, medical expenses, dependents, even businesses that never get started--and more!
Easy ways to lower your tax, a great topic to write a book on. The book provides great information that you can use to lower the taxes you owe. The information about deductibles can also be gained from other sources including the IRS or the tax prepare software many buy to prepare their taxes. The tax code can be complicated and writing off the wrong things can lead you into big trouble so I like the fact the book is available to help those who plan on preparing their taxes. While the book prepares the reader with valuable information in regards to what you can and can not deduct. I did enjoy the fact that it was written in an easy to understand way, the simplifies taxes. If you have ever done your taxes yourself, you know how hard the language can be to understand. I also enjoy how she provided ideas and excerpts to back up what she was saying. I have never prepared my taxes myself and I don't plan on it, but I read the book because when it comes down to it I am responsible for signing off on my taxes. I wanted to be knowledge about what my prepare was doing and if he was doing a good job. After reading the book, I am more knowledgeable, but I will still have my taxes prepared by a professional.
The basic notes for this book would read "Pay Attention". Thats really it! The government publishes all the possible tax write offs at the beginning of the year, you take note of those, and then every month, week, or whenever, go through your checkbook and keep the receipts to remind you when it comes to tax time to give them to your IRS guy. The examples in the book showed people paying 2-3k less in taxes. I happen to know a bit about taxes myself, and I know the more write offs you have, the more likely you'll be audited. After 3 write offs, you get red flags going up everywhere, so buyer beware for this book. You don't want to be audited, even if you're the best book keeper, you're bound to pay fees. Good book, short sighted on some points though!
I haven't finished this book yet, but I generally like the books in the Nolo series. I'll update this when I finish.
Nolo books are great resources for the DIY individual. Save money on your next accountant!