Home Page Icon
Home Page
Table of Contents for
Titlepage
Close
Titlepage
by M. Casey Murdock
Tax Insight: For Tax Year 2012
Titlepage
Dedication
Contents
Foreword
About the Author
Acknowledgments
Introduction
Part I: The Foundation
Chapter 1: The Tax Code Demystified
The Tax Code—Boiled Down
The Key Components of the Tax Formula
Chapter 2: Key Components Defined
Income
Deductions (Adjustments to Income) and AGI
Deductions (Standard or Itemized)
Exemptions
Taxable Income
Income Tax, Tax Brackets, and Marginal Rates vs. Effective Tax Rates
The Alternative Minimum Tax (AMT)
Credits (Non-Refundable)
Other Taxes
Credits (Refundable)
The Calculation Is Complete
Chapter 3: Income
Ordinary Income
Tax-Exempt Income (No Tax)
Preferred Income (Lower Than Normal Tax Rates)
Deferred Income (Eventually Taxed, but Not Currently)
Potentially or Partially Taxed Income (Including Social Security)
Penalized Income (Higher Than Normal Tax Rates)
Earned and Unearned Income
Passive Income
Unleash the Power of Warren Buffet’s “Secret”
Chapter 4: Dependents and Filing Status
Chapter 5: The Tax Code Is Rigged
These Three Things
Phase-Outs: The Devil in Disguise
Turn It on Its Head
Part II: Ordinary Income
Chapter 6: Employment Income
Claim Employee Business Expenses
Expenses That Can Be Claimed and How to Claim Them
Deduct Insurance Premiums Pre-Tax
Defer or Postpone Income
Chapter 7: Retirement Income
Social Security Income
Pensions and Annuities
Retirement Accounts (the Non-Roth Variety) and Required Minimum Distributions
Chapter 8: Other Sources of Ordinary Income
State Tax Refunds
Alimony
Debt Forgiveness
Gambling Winnings and Losses
Royalties
Awards for Legal Damages
Unemployment Income
Bartering (Trading)
Chapter 9: Tax-Free “Unordinary” Income from Non-Investment Sources
Gifts and Inheritance
Scholarships and Grants
Insurance Proceeds
Lawsuit Proceeds
Part III: Investment Income and Deductions
Chapter 10: Tax-Free Investment Income
State and Municipal Bond Interest
Roth Retirement Accounts
Home Ownership
Chapter 11: Taxable Investment Income
Capital Gains Income
Dividend Income
Interest Income
Mutual Funds: Mutually Confusing Taxation
Limited Partnerships and REITs
Chapter 12: Deductions from Investment Income
Investment Interest
Withdrawal Penalties
Foreign Tax Credit
Miscellaneous Deductions
Professional Trader Status
Chapter 13: Education Investment Strategies
529 Plans and Qualified Tuition Programs
Coverdell Educational Savings Accounts
Education Savings Bonds
IRAs and Roth IRAs
A Word of Caution (and Coordination)
Gifting Appreciated Items
Chapter 14: Retirement Investment Strategies—The Basics
Tax-Deductible Contributions
Tax-Deferred Growth
Types of Deductible Plans Available
Penalties for Early Withdrawals
A More Subtle Penalty
Retirement Savings Contribution Credit
Chapter 15: Retirement Investment Strategies—Alternatives
Self-Directed IRA Accounts
The Secret of Health Savings Accounts
Deferred Compensation and Defined Benefit Plans (Pensions)
Livestock, Agriculture, and Land
Part IV: Business Income and Deductions
Chapter 16: Business Taxation
Income and Expense Recognition
Losses and Hobby Rules
Chapter 17: Business Use of the Home
First Things First
Determining Whether Your “Business Use” Qualifies for the BUH Deduction
Which Expenses You Can Deduct
Claiming the BUH Deduction
Your BUH Deduction May Be Limited
Warning I: The BUH Deduction May Haunt You Later
Warning II: The BUH Deduction Will Increase Your Chances of an Audit
Chapter 18: Travel Expenses
Mileage and Vehicle Expenses
Record Keeping and Audit Risk
Travel Away from Home
Chapter 19: Meals, Entertainment, and Gifts
Meals
Entertainment
Gifts
Chapter 20: Employee Benefits
Fringe Benefits
Educational Assistance Programs
Medical Expenses and Health Insurance
Chapter 21: Employing Family Members
Employing Children
Employing Your Spouse
Employing Your Parents
Chapter 22: Depreciation
What Depreciation Is and How It Works
Bonus Depreciation
The Section 179 Deduction
What Happens When You Sell a Depreciated Item
Part V: Real Estate Income and Deductions
Chapter 23: Real Estate Losses
Treatment of Passive Losses
Active Participation Rules
The Real Estate Professional Designation
Chapter 24: Real Estate Income and Deductions
Rent Recognition Rules
Allowable Expenses
Repairs vs. Improvements
Depreciation
Travel
Self-Renting
Chapter 25: Second Homes and Vacation Rentals
Tax-Free Income and Home Swapping
Personal Use vs. Fair Market Rents
Pro-rated Deductions
Part VI: Personal Expenses, Deductions, and Credits
Chapter 26: Medical and Dental Expenses
Itemized Medical Deductions
Health Savings Accounts (HSAs)
Health Care Coverage Tax and Credit
Qualified Medical Expenses
Chapter 27: Your Residence
The Mortgage Interest Deduction
The Property Tax Deduction
Credits Related to Energy Efficiency
Deductions for Home Improvements for the Disabled
Home Sale Exemption from Capital Gains
Foreclosures and Short Sales
Chapter 28: Your Children
The Child Tax Credit (Non-Refundable)
The Additional Child Tax Credit (Refundable)
The Child Care Credit
The Adoption Credit
Chapter 29: Charitable Contributions
Gifts of Money
Non-Money Gifts
Gifts of Service
Gifts of Appreciated Assets—the Best Way to Give (from a Tax Perspective)
Maximizing the Tax Benefit of Your Gifts
Chapter 30: Education Expenses
The Tuition and Fees Deduction
Education as a Business Deduction
The American Opportunity Credit
The Lifetime Learning Credit
The Student Loan Interest Deduction
Student Loan Debt Forgiveness
Part VII: Other Important Things to Know
Chapter 31: The Alternative Minimum Tax
Chapter 32: Penalties and Interest
Failure to File Penalty
Failure to Pay Penalty
Underpayment of Estimated Tax Penalty
Interest
Early Withdrawal from Retirement Accounts
Unqualified Withdrawal from a Health Savings Account (HSA)
Excess Contribution to Retirement Accounts
Penalty Abatement
Chapter 33: Do It Yourself, or Hire a Professional?
The Limits of the Harvest
Enjoying Your Harvest’s Bounty
Chapter 34: Tax Implications of Health Care Reform
The Effect on Individuals
The Effect on Businesses
The Effect on Health Insurance Plans
Index
Search in book...
Toggle Font Controls
Playlists
Add To
Create new playlist
Name your new playlist
Playlist description (optional)
Cancel
Create playlist
Sign In
Email address
Password
Forgot Password?
Create account
Login
or
Continue with Facebook
Continue with Google
Sign Up
Full Name
Email address
Confirm Email Address
Password
Login
Create account
or
Continue with Facebook
Continue with Google
Prev
Previous Chapter
Tax Insight: For Tax Year 2012
Next
Next Chapter
Tax Insight: For Tax Year 2012
Add Highlight
No Comment
..................Content has been hidden....................
You can't read the all page of ebook, please click
here
login for view all page.
Day Mode
Cloud Mode
Night Mode
Reset