LOWER YOUR TAXES - BIG TIME! 2023-2024 : small business wealth building and tax reduction... secrets from an irs insider

The authoritative guide for navigating tax time, completely revised and updated for 2023-2024 With 200,000+ total copies sold, Lower Your Taxes - BIG TIME! has helped hundreds of thousands of taxpayers save money for 20 years. Now refreshed for 2023-2024, this go-to guide is more topical than ever and includes all the current information you need to know about the latest changes in tax code. The ninth edition of Lower Your Taxes - BIG TIME! shows you how to save thousands of dollars―legally and ethically!―during tax time. It offers proven methods for taking advantage of the tax system to get a yearly subsidy of $5,000 or more back from the IRS―and bulletproof your records forever. Key topics include: Advice on properly documenting any business deduction Tips on starting a home-based business Turning tuition, entertainment, orthodontia, and other expenses into huge deductions The new standard deduction for married couples Changes to business meal and lease deductions, vehicle purchases, and Health FSA contributions Known for his engaging, humorous writing style, Botkin is a renowned expert who has worked for the IRS in multiple capacities; he knows the tax code inside and out. Whether you’re a consultant, small-business owner, independent contractor, or just an individual seeking to protect your hard-earned nest egg, Lower Your Taxes - BIG TIME! provides everything you need to make next tax season painless, both emotionally and financially. Cover 1 Title Page 2 Copyright Page 3 Contents 4 Introduction: Rich or Poor—Your Choice 10 Part 1. Wealth-Building Tax Secrets for Small and Home-Based Business Owners 18 Chapter 1. Why You Would Be Brain Dead Not to Start a Home-Based Business (If You Don’t Already Have One) 20 Chapter 2. How to Deduct Your Meals and Some Employee Outings 25 Chapter 3. How to Turn Your Vacation into a Tax-Deductible Write-Off 38 Chapter 4. Income Shifting and Income Splitting: One of the Greatest Single Wealth-Building Secrets 54 Chapter 5. How to Turn Your Car into a Tax-Deductible Goldmine 70 Chapter 6. Home Office: The Misunderstood Key to Saving $15,000 Every Five Years 95 Chapter 7. Beating the Dreaded IRS Audit 115 Chapter 8. How to Shield Yourself from the IRS Weapon of Classifying a Business as a Hobby 129 Part 2. How to Incorporate to Shelter Your Wealth 140 Chapter 9. Finding the Best Corporate Entity for Your Business 142 Chapter 10. Forming a Nevada Corporation or a Limited-Liability Corporation in Nevada 167 Chapter 11. How to Eliminate up to 40 Percent of Your Social Security and Medicare Tax with an S Corporation 172 Chapter 12. How to Get Assets and Money into a Corporation Tax-Free 176 Part 3. Fringe Benefits Available to Small and Home-Based Businesses 182 Chapter 13. Fringe Benefits You Will Love, Part 1 188 Chapter 14. Fringe Benefits You Will Love, Part 2 216 Part 4. Miscellaneous Tax Strategies 236 Chapter 15. The Four Most Overlooked Real Estate Tax Deductions in America 238 Chapter 16. Making Colleges Less Expensive with Tax Planning 252 Chapter 17. Tax Planning for Stock and Bond Investments 264 Chapter 18. Trader versus Investor: The Best-Kept Secret Around 277 Chapter 19. Tax Scams and Other Shams 289 Chapter 20. Highlights of the New Tax Cuts and Jobs Act Legislation (Updated) 306 Chapter 21. The Top 10 Tax Questions 326 Appendix A: 2022 Tax Rates 335 Appendix B: How to Find a Good Accountant 336 Appendix C: Health Savings Account 339 Index 341 Offers information for consultants, business owners, and contractors on how to save thousands of dollars on their tax bills, discussing strategies for getting subsidies, documenting business deductions, avoiding audits, and taking advantage of tax-free fringe benefits