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Lower Your Taxes - BIG TIME! 2019-2020 summary
Brief summary
Lower Your Taxes - BIG TIME! 2019-2020 by Sandy Botkin is a comprehensive guide to maximizing your tax deductions and implementing effective tax strategies to reduce your tax bill. It provides valuable tips and advice for individuals and small business owners.
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Table of Contents
Lower Your Taxes - BIG TIME! 2019-2020
Summary of key ideas
Understanding the Tax System
In Lower Your Taxes - BIG TIME! 2019-2020 by Sandy Botkin, we begin by understanding the tax system. Botkin, a former IRS attorney, explains that the tax code is a series of incentives designed to encourage certain behaviors. He emphasizes that the tax code is not a punishment, but rather a tool to help you keep more of your hard-earned money.
Botkin introduces the concept of the 'tax loop hole' and explains that these are not illegal, but rather incentives put in place by the government to encourage certain behaviors. He encourages readers to take advantage of these incentives to lower their taxes.
Maximizing Deductions and Credits
Next, Botkin delves into the various deductions and credits available to taxpayers. He explains that deductions reduce your taxable income, while credits reduce your tax liability dollar for dollar. He provides a comprehensive list of deductions and credits available to individuals and small business owners, and offers strategies to maximize these benefits.
Botkin also discusses the importance of proper record-keeping and documentation. He emphasizes that the burden of proof is on the taxpayer, and without proper documentation, deductions and credits can be disallowed by the IRS. He provides practical tips on how to maintain accurate records to support your tax claims.
Business Tax Strategies
For small business owners, Botkin provides a wealth of tax-saving strategies. He explains the benefits of incorporating your business, setting up retirement plans, and hiring family members. He also discusses the home office deduction, vehicle deductions, and other business-related expenses that can be deducted from your taxes.
Botkin also covers the tax implications of different business structures, such as sole proprietorships, partnerships, and S-corporations. He explains the advantages and disadvantages of each structure from a tax perspective, helping readers make informed decisions about their business entities.
Investment and Real Estate Tax Strategies
When it comes to investments and real estate, Botkin provides valuable tax-saving strategies. He explains the tax benefits of different investment vehicles, such as retirement accounts, 529 plans, and health savings accounts. He also discusses the tax implications of different types of investment income, such as dividends, interest, and capital gains.
For real estate investors, Botkin explains the tax advantages of owning rental properties, including depreciation, deductions for expenses, and 1031 exchanges. He also covers the tax implications of selling real estate, including capital gains and the home sale exclusion.
Year-Round Tax Planning
Botkin emphasizes the importance of year-round tax planning. He encourages readers to make tax-saving decisions throughout the year, rather than waiting until tax season. He provides a list of tax-saving actions that can be taken at different times of the year, helping readers stay proactive in their tax planning.
In conclusion, Lower Your Taxes - BIG TIME! 2019-2020 by Sandy Botkin is a comprehensive guide to understanding and minimizing your tax liability. Whether you're an individual taxpayer, small business owner, or real estate investor, Botkin provides valuable strategies to help you keep more of your money and pay less to the government.
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What is Lower Your Taxes - BIG TIME! 2019-2020 about?
Lower Your Taxes - BIG TIME! 2019-2020 by Sandy Botkin is a comprehensive guide to maximizing your tax deductions and minimizing your tax bill. It provides practical tips and strategies for individuals and small business owners, covering topics such as retirement accounts, home office deductions, education expenses, and more. With clear explanations and real-life examples, this book empowers readers to take control of their taxes and keep more of their hard-earned money.
Lower Your Taxes - BIG TIME! 2019-2020 Review
Lower Your Taxes - BIG TIME! 2019-2020 is a comprehensive guide that helps readers navigate the complex world of taxes and make the most of deductions and credits. Here's why this book is worth reading:
- Offering practical strategies and tips, it empowers readers to maximize their tax savings and keep more money in their pockets.
- With its up-to-date information on tax laws and regulations, the book ensures that readers stay informed and make informed financial decisions.
- Written in a clear and accessible manner, the book avoids jargon and makes the topic of taxes engaging and comprehensible, ensuring that readers don't find it boring.
Who should read Lower Your Taxes - BIG TIME! 2019-2020?
- Individuals who want to legally minimize their tax burden
- Small business owners looking for tax-saving strategies
- People who want to understand the tax code and make informed financial decisions
Categories with Lower Your Taxes - BIG TIME! 2019-2020
Book summaries like Lower Your Taxes - BIG TIME! 2019-2020
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Lower Your Taxes - BIG TIME! 2019-2020 FAQs
What is the main message of Lower Your Taxes - BIG TIME! 2019-2020?
The main message of Lower Your Taxes - BIG TIME! 2019-2020 is to help readers reduce their tax burden and maximize their deductions legally.
How long does it take to read Lower Your Taxes - BIG TIME! 2019-2020?
The reading time for Lower Your Taxes - BIG TIME! 2019-2020 varies depending on the reader's speed, but it typically takes several hours. The Blinkist summary can be read in just 15 minutes.
Is Lower Your Taxes - BIG TIME! 2019-2020 a good book? Is it worth reading?
Lower Your Taxes - BIG TIME! 2019-2020 is worth reading as it provides valuable insights and strategies to significantly reduce taxes while staying within the confines of the law.
Who is the author of Lower Your Taxes - BIG TIME! 2019-2020?
Sandy Botkin is the author of Lower Your Taxes - BIG TIME! 2019-2020.
What to read after Lower Your Taxes - BIG TIME! 2019-2020?
If you're wondering what to read next after Lower Your Taxes - BIG TIME! 2019-2020, here are some recommendations we suggest:
- Basic Economics by Thomas Sowell
- The Ascent of Money by Niall Ferguson
- Think and Grow Rich by Napoleon Hill
- The 4-Hour Workweek by Tim Ferriss
- Rich Dad, Poor Dad by Robert T. Kiyosaki
- Secrets of the Millionaire Mind by T. Harv Eker
- The Richest Man in Babylon by George S. Clason
- Business Adventures by John Brooks
- The Most Important Thing by Howard Marks
- More Money Than God by Sebastian Mallaby