101 Tax Loopholes for the Middle Class: A Tax Accountant's Guide to Hidden Tax-Saving Strategies [Paperback]

Sean Smith (Author)

Book Description

Publication Date: January 5, 1998

The most common complaint of middle-income taxpayers is that the tax system favors the rich. Sean M. Smith, an experienced tax accountant, knows better. In this easy-to-use handbook, he presents everything taxpayers need to know to get the tax breaks they have earned.

In a clear, clutter-free format organized by tax-savings goals and including examples, planning pointers, and checklists, 101 Tax Loopholes for the Middle Class outlines specific, legal tax avoidance and deferral strategies, spelling out loopholes for a variety of tax circumstances. Smith offers valuable tips for every stage of life, from withholding and estimated tax loopholes to maximize a paycheck, to retirement plan and estate planning loopholes to maximize future returns. Homeowners and investors, wage earners and the self-employed, small-business owners and part-time staffers can all pocket a profit with these little-known techniques. Smith even includes tricks of the trade for surviving an IRS audit.

Up-to-date, with 1997 tax law changes, 101 Tax Loopholes for the Middle Class won't make paying taxes fun, but it can literally make the experience more rewarding.

Editorial Reviews

From Booklist

Smith is a tax accountant with 15 years of experience and a contributing editor to Tax Reduction Report, one of a number of newsletters published by the National Institute of Business Management. He proclaims that "tax breaks are not just for the rich." Despite the negative connotations of the term loophole, the tax code is filled with tax-saving opportunities often overlooked by the average taxpayer, and Smith has mined the provisions of the code to find those that the middle class is most likely to take advantage of. Among the 101 such opportunities identified by Smith are 8 that are totally new as a result of last year's taxpayer relief act. Smith clearly and concisely lists each potential savings and then identifies who may be eligible for it. He provides an example of how the "tax break" can be used and includes planning pointers and a checklist for implementing each tactic. Smith targets families and homeowners with at least a quarter of his tips, while almost half are aimed at small-business owners or the self-employed. David Rouse

From the Inside Flap

The most common complaint of middle-income taxpayers is that the tax system favors the rich. Sean M. Smith, an experienced tax accountant, knows better. In this easy-to-use handbook, he presents everything taxpayers need to know to get the tax breaks they have earned.

In a clear, clutter-free format organized by tax-savings goals and including examples, planning pointers, and checklists, 101 Tax Loopholes for the Middle Class outlines specific, legal tax avoidance and deferral strategies, spelling out loopholes for a variety of tax circumstances. Smith offers valuable tips for every stage of life, from withholding and estimated tax loopholes to maximize a paycheck, to retirement plan and estate planning loopholes to maximize future returns. Homeowners and investors, wage earners and the self-employed, small-business owners and part-time staffers can all pocket a profit with these little-known techniques. Smith even includes tricks of the trade for surviving an IRS audit.

Up-to-date, with 1997 tax law changes, 101 Tax Loopholes for the Middle Class won't make paying taxes fun, but it can literally make the experience more rewarding.

Product Details

• Paperback: 352 pages
• Publisher: Broadway; 1 edition (January 5, 1998)
• Language: English
• ISBN-10: 0767901495
• ISBN-13: 978-0767901499
• Product Dimensions: 8 x 5.4 x 1 inches
• Shipping Weight: 11.2 ounces
• Average Customer Review: 4.5 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #145,855 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

6 of 7 people found the following review helpful:

4.0 out of 5 stars Change your point of view, January 4, 1999

By A Customer

This review is from: 101 Tax Loopholes for the Middle Class: A Tax Accountant's Guide to Hidden Tax-Saving Strategies (Paperback)

The value of this books lies in the author's frequent assertion that you are not 'avoiding taxes' or 'cheating the IRS'... because there are PLENTY of tax breaks written into the tax code that are legal and only have to be asked for; so ask! Many are best used by small businesses which are incorporated, but others apply to everyone. He has many travel deduction strategies which make most of a trip deductible.

5 of 7 people found the following review helpful:

5.0 out of 5 stars Fun, wicked book about how to legally reduce your taxes!, February 5, 1998

By A Customer

This review is from: 101 Tax Loopholes for the Middle Class: A Tax Accountant's Guide to Hidden Tax-Saving Strategies (Paperback)

I read the parts of this book that related to me...mutual funds,etc. Then I browsed through other parts. The examples make each point clear and are often humorous. There are lots of ways to keep taxes much lower through planning ahead of time. This book makes it fun to make those plans.