Download Complete Idiot's Guide to Tax-Free Investing by Grace W. Weinstein PDF

By Grace W. Weinstein

A person who does not are looking to give up the lion's percentage of profits and source of revenue to Uncle Sam-- people with or with out 401(k) and pensions, the self-employed and employee bees, householders and renters... the record is going on and on.

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The states with the lowest per capita tax burden were West Virginia ($6,801), Mississippi ($6,925), and Montana ($7,199). Put another way, as I mentioned earlier, the national Tax Freedom Day was May 3 in 2000. The average resident of the United States worked until May 3 just to pay taxes. But the Tax Foundation notes that the residents of Connecticut and New York had to work until May 22 to pay their federal and state taxes. The Least You Need to Know ➤ Middle-income taxpayers reap some special benefits under our graduated federal income tax system.

Many expenses associated with home ownership are sheltered from federal income taxes. If your state or city have income taxes, the same expenses may be deductible on these tax returns as well. 30 Chapter 3 ➤ The Roof Over Your Head Uncle Sam Shares the Costs Tax policy is often social policy. The powers-that-be in Washington believe that homeowners are stable citizens, so the tax code confers tax benefits to encourage people to buy homes. Here’s a handy-dandy list of home-related tax deductions: ➤ Mortgage interest ➤ Closing costs ➤ Property taxes ➤ Interest on a home equity loan or line of credit ➤ Casualty losses Each of these items can create a tax shelter for your hard-earned dollars.

A field audit is conducted at your home or place of business, or sometimes at your accountant’s office. This type of audit is more serious and is more likely to dig into more details of your financial affairs. 11 Part 1 ➤ More for You, Less for Uncle Sam Most audits don’t lead to additional tax. Often there is no action at all. Sometimes the taxpayer actually receives a refund. In any case, the worst outcome of an audit is additional taxes due, with interest and possibly penalties. Unless you are guilty of fraud, as in deliberate underreporting of income, you won’t go to jail.

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