[GET] How to Pay Zero Taxes, 2017: Your Guide to Every Tax Break the IRS Allows!

[feefiefohfum]

(01-10-2018 10:32 AM)Nancy857 Wrote:  

(01-08-2018 01:48 PM)Mrgwaps Wrote:  This is an important share! I will rep who ever ups the 2017/2018 for a week each time I log in.

I saw the other day that someone requested the 2018 version but no one needs that yet, do they? We are barely over one week into 2018; any taxes people file will be 2017 or older. You've got more than a year before you need the 2018 version.

While fling 2018 tax returns is nearly a year away, people would need to properly plan their expenses and investments to maximize the breaks they can claim. Say, a certain tax break can be claimed for expenses once a quarter up to $1K, one needs to tailor their spending patterns accordingly from the first quarter itself. Waiting till the tax filing time could mean many lost opportunities. Fore-warned is fore-armed!

Disclaimer: I'm not a tax advisor and the above is not legal advice. I've added this disclaimer because, last time I had offered my inputs on a taxation issue (on a mailing group), I was actually booed off of it (with questions like, what is your education? what makes you think you are even qualified to answer the question? and stuff) I had then opined based on my limited reading and understanding of the tax code as it was applicable to me. Irony is that my interpretation was later proved right :-)

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By "2018" tax returns, I mean the returns for income and expenses in tax year 2018 and not returns filing for 2017, which begins on Jan 29th 2018.

[Nancy857]

Those are good points for sure. However there may not be a 2018 version yet. I would recommend getting other years, including 2017 and using what they recommend and use them to "plan" 2018. If someone keeps good records then it won't be totally necessary to have the 2018 version now.

[feefiefohfum]

The 2018 version is already out (released in Dec 2017)

Code:

https://www.amazon.com/How-Pay-Zero-Taxes-2018/dp/1260115828

I agree that there are usually delta changes to the tax code every year (90%-95% of the rules remain the same). With Trumpy going Repeal this, Repeal that, ... this year could however throw up some surprises.

In addition to boosting the treasury, tax code is more of a state sponsored employment generation scheme followed by most countries :-)

Keep the tax laws simple, most are able to understand, no opportunities to "creatively interpret" the code. This means a bunch of people would need to look elsewhere to complicate lives of others.

Have the legislation written in such obfuscated manner that you need a PhD in literature to even go past the first page (and packed with content not even a mother would love), then you are able to generate employment for scores of people who "understand" the mumbo-jumbo and impart the results of their language nitpicking for a fee!

[Nancy857]

Personally, it wouldn't hurt my feelings if they simplified the tax code so much that we could turn in our taxes on a postcard. There are plenty of other things those bureaucrats can do for employment. feefiefohfum is right; there could be some changes made this year that would effect our 2018 taxes; getting the guide now is kind of jumping the gun, so to speak. Again, I think that we should worry about that guide at a later date. :)

[rhqman]

By any chance, is there anything similar for the UK?

[feefiefohfum]

(01-13-2018 06:31 PM)rhqman Wrote:  By any chance, is there anything similar for the UK?

Oi Guv'nor, Her Royal Majesty be keeping a keen eye on ye, who wish to lighten the burden carried by the taxman!

Found a book on Amazon (couldn't find an upload though) which goes through the entire tax life-cycle (and not just tax savings) -
The Daily Telegraph Tax Guide 2017: Understanding the Tax System, Completing Your Tax Return and Planning How to Become More Tax Efficient

Code:

https://www.amazon.co.uk/Daily-Telegraph-Guide-2017-Understanding/dp/0749479515/

The newer (2018) edition is out only by May .
The Daily Telegraph Tax Guide 2018: Understanding the Tax System, Completing Your Tax Return and Planning How to Become More Tax Efficient

Code:

https://www.amazon.co.uk/Daily-Telegraph-Guide-2018-Understanding/dp/0749483628/

In case you are planning to buy the book (intend to spend some quid to save some quid), then, as Nancy857 suggested, going for the 2017 edition would also save you some money.

There is also an EY tax guide (Ernst and Young Tax Guide 2017), but though it is listed on Amazon UK, seems to be regarding US taxation (ref. user comments)!

[olalavui]

Anybody have download link?