How to Pay Zero Taxes, 2004

Rating:
Summary: Reference
Review: It may work for a reference, but detailed answers cannot be found inside. I found it lacking in questions I needed answered.

Rating:
Summary: Reference
Review: It may work for a reference, but detailed answers cannot be found inside. I found it lacking in questions I needed answered.

Rating:
Summary: Great for Long-Term Tax Planning
Review: Recommended for anyone who wants to implement long-term tax strategies to reduce or eliminate their tax liabilities. Long-term strategies require careful planning, and Schnepper's historical and legal approach will show you the advantages and pitfalls of various tax strategies.

Pros:
Comprehensive guide to tax deductions and tax credits. As the subtitle says, this book covers "every tax break the IRS allows." Author Jeff Schnepper focuses exclusively on tax planning. This book is not to be used to help you prepare your tax return. You will not find line-by-line instructions or IRS forms. Schnepper advocates a solid approach to tax planning: shift taxable income into non-taxable income, or shift taxable income to family members in a lower income tax bracket, increase your tax deductions, and increase your tax credits. Schnepper excels in the discussion of various tax shelters, and giving his opinions on which shelters are better, and which are to be avoided. Chapters 7 and 8 on various tax shelters are the best chapters in the book. Excellent binding.

Cons:
Schnepper organizes his material historically. So his discussion of a particular tax item will proceed through various tax laws, noting changes in the law or various tax court cases. The current information will always be towards the end of a particular section. The author does not clearly distinguish between tax credits available to individuals and those available only to businesses. Also, since this is not a tax preparation book, the author does not tell you which tax forms and lines to use to claim the various deductions and credits.

Very Minor Problems:
No book, however comprehensive, can include everything. An excellent tax-saving strategy for investors is investing in qualified small business stock, the so-called Section 1244 stock. Schnepper does not discuss this strategy. The preface reads like one long junk mail. When it comes to taxes, leave hype and promotion behind, and focus on the ins-and-outs of how to save money on your taxes.

Rating:
Summary: How to Pay Zero Taxes by Schnepper
Review: This is an excellent reference on the workings of the current
tax system. The author provides easy to read explanations with
sample forms and computations. He covers important tax shelters,
Court rulings, the child care credit, savings vehicles and
much much more. The book is a goldmine for taxpayers interested
in the fine points of the tax code and the implementation of it.