Reducing Your Taxes for Dummies

Abstract

Intro -- Title Page -- Copyright Page -- Table of Contents -- Introduction -- About This Book -- Foolish Assumptions -- Icons Used in This Book -- Beyond the Book -- Where to Go from Here -- Part 1 Tax Reduction Basics -- Chapter 1 Understanding the Taxes You Pay -- Focusing on Total Taxes -- Recognizing the Importance of Your Marginal Tax Rate -- Defining Taxable Income -- Being Mindful of the Second Tax System: Alternative Minimum Tax -- Noting the Forever Changing Tax Laws -- The Tax Cuts and Jobs Act of 2017 -- The SECURE ACTs of 2019 & -- 2022 -- Possible upcoming changes -- Chapter 2 Trimming Your Taxes -- Reducing Taxes on Work Income -- Contributing to retirement investment plans -- Using health savings accounts -- Shifting some income -- Increasing Your Deductions -- Choosing standard or itemized deductions -- Purchasing real estate -- Trading consumer debt for mortgage debt -- Contributing to charities -- Remembering auto registration fees and state insurance -- Deducting self-employment expenses -- Lowering Investment Income Taxes -- Enlisting Education Tax Breaks -- Getting Help from Tax Resources -- Obtaining IRS assistance -- Consulting preparation and advice guides -- Using software and websites -- Hiring professional help -- Preparers -- Enrolled agents (EAs) -- Certified public accountants (CPAs) -- Tax attorneys -- Dealing with an Audit -- Part 2 Personal Finance and Taxes -- Chapter 3 Making Tax-Wise Personal Finance Decisions -- Including Taxes in Your Financial Planning -- Taxing Mistakes -- Seeking advice after a major decision -- Failing to withhold enough taxes -- Overlooking legitimate deductions -- Passing up retirement accounts -- Ignoring tax considerations when investing -- Not buying a home -- Allowing your political views to distort your decision-making -- Ignoring the financial aid (tax) system.