Tax Power for Individuals
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Following even a few of the tax-saving strategies found in Tax Power for Individuals can have a dramatic reduction in your tax obligation and substantially increase the size of your refund.
IntroductionChapter 1: Income - Assigning Income - Ordinary Income - Income Excluded from TaxationChapter 2: Self-Employment Income - Distinguishing Between Employees and Self-Employed Independent Contractors - Distinguishing Between Independent Contractors and Employees - Distinguishing Dealers from InvestorsChapter 3: Hobby Income and Losses - Deductions Available for Activities Not Engaged in For a Profit - Activities that are Presumed to be Engaged in For a Profit - Offsetting IncomeChapter 4: Deductions for Adjusted Gross Income - Business DeductionsChapter 5: In-home Office Expense Deduction - Uses That Must be Both Exclusive and Regular - Uses That Must be Regular but Not Exclusive - Allocating Percentage of Use for Calculating Deduction - Expenses Eligible for Home Office Deduction - Drawbacks to Taking a Deduction for Business Use of a Residence - Special Rules Concerning Deduction for Business Use of a Residence - Limitations on the Home Office DeductionChapter 6: Nonbusiness Deductions for Adjusted Gross Income - Specific Nonbusiness Deductions for Adjusted Gross Income - Deduction for One-half of Self-Employment Tax - Self-Employed Health Insurance Deduction - IRA Deduction - Payments into Self-Employed SEP, Simple, and Qualified Plans - Penalty on Early Withdrawal of Savings - Alimony - Student Interest Loan Deduction - Domestic Production Activities DeductionChapter 7: Deductions from Adjusted Gross Income - Medical and Dental Expenses - Taxes Paid - Itemized InterestExpenses - Charitable Contributions - Casualty and Theft Losses - Miscellaneous Deductions - The General Limitations on Itemized Deductions - Tax Planning Techniques to Maximize Benefits from Itemized Deductions - Reductions in Itemized Deductions Due to High Income - The Impact of the Alternative Minimum Tax on Itemized Deductions - The Standard Deduction - Determining Filing Status - Additional Standard Deduction Allowance for the Aged or Blind - The Standard Deduction for Those Claimed as a Dependent by Others - Those Ineligible for the Standard DeductionChapter 8: Exemptions - Personal Exemptions - Exemptions for Dependents - The Phaseout of ExemptionsChapter 9: Federal Taxes Based on Income - Regular Federal Income Taxes - Tax Rates - Alternative Minimum Tax - Calculating Alternative Minimum Taxable Income - Calculating and Applying the Alternative Minimum Tax Exemption - Determining the Alternative Minimum Tax - Self-Employment Taxes Chapter 10: Tax Credits - Personal Credits - Refundable CreditsChapter 11: Retirement Planning and the Tax Laws - Individual Retirement Accounts - Roth IRA - Simplified Employee Pension Plans - Simple IRA - Other Retirement PlansChapter 12: Tax Breaks for Individuals - Real Estate-Related Tax Breaks - Special Tax Rates for Capital Gains and Dividends - Tax-Free Interest Income - Tax Benefits for Education - Fringe Benefits - Pass-Through EntitiesGlossaryAppendix: Checklists
