Synopses & Reviews
Taxes For Dummies 2005 cuts that down to size and helps you discover how the tax system works and how to legally make it work for you.
Legally is a key word. Written by Eric Tyson, MBA, financial counselor, syndicated columnist, and bestselling author, and David J. Silverman, EA, tax advisor, it shows you how, through careful planning, you can minimize your taxes and still sleep at night. Organized and indexed so you can find what you need and ignore the rest, there is practical information about:
- Recent changes even experienced filers need to know about
- Tax return preparation—using resources, software, digital filing, and/or getting professional help
- Graduating from the shoebox system to organized recordkeeping
- The basics—filing status, exemptions, when to file, and more
- The most common forms and schedules, including 1040EZ, 1040A, 1040, and Schedules A, B, C, D, E, and F (explained step-by-step and line-by-line)
- Income and adjustments to it
- Estimated taxes
That’s the information most people desperately need on April 14th. But the most valuable information is on tax planning—not tax filing. No matter what bracket you’re in, this is the part you shouldn’t ignore. It includes guidelines and advice on:
- Reducing taxes with retirement planning
- Small business tax planning
- Investment and taxes, including some types of tax-favored investments to avoid
- Real estate taxes, including information on buying a home, getting a mortgage, and selling a home
- Kids and taxes, including a caution about education savings accounts
- Estate planning (after all, with your new tax expertise, you may someday have an estate)
Just in case, there’s also information on correcting mistakes (yours or the IRS’s) and avoiding or surviving the dreaded audit. With Taxes for Dummies 2005, you’re prepared. It’s one of the least-taxing ways to get the information you need to file and to minimize your taxes.
Synopsis
The perfect book for the first time, last minute, and first time online filer
Completely revised for tax year 2004, Taxes For Dummies 2005 is the only tax guide on the market that walks readers line by line through the most common tax forms, including the dreaded Schedule D. Filled with helpful tips and strategies for getting through the process of filing income tax returns accurately and on time, this book is aimed at individuals who want to do their own taxes without hiring a preparer. Financial expert and bestselling For Dummies author Eric Tyson teams up with tax experts David Silverman and Margaret Munro to answer the most frequently asked tax questions in plain English, taking the mystery and frustration out of the filing process. They also explain the process for tax audits and provide strategies for planning ahead for the 2005 tax season. This easy-to-use guide helps readers understand all the tax law changes for the 2004 tax year. Taxes For Dummies 2005 also includes complete line-by-line analyses that are particularly useful for people using tax preparation software such as TurboTax. In addition, this new edition also includes filing advice for those with special lifestyle needs, such as military families, the self-employed, divorced individuals paying child support, and working students.
Eric Tyson is a nationally recognized personal finance counselor, as well as the author of Personal Finance For Dummies (0-7645-2590-5), Investing For Dummies (0-7645-2431-3), and Mutual Funds For Dummies (0-7645-5329-1). David J. Silverman (New York, NY) has more than a quarter-century of experience as an enrolled agent who helps clients with their tax prepartions and can representthem if audited. He is the author of Battling the IRS.
Synopsis
Completely revised for tax year 2004, "Taxes For Dummies 2005" walks readers line by line through the most common tax forms, including the dreaded Schedule D. Filled with helpful tips and strategies for getting through the process of filing income tax returns accurately and on time, this book is aimed at individuals who want to do their own taxes without hiring a preparer.
Synopsis
Helps you make the most of credits and deductions
The user-friendly guide that saves you money this year and every year
Avoid your annual headache with this straightforward book that demystifies forms, minimizes errors, and answers your most important tax questions. Fully updated for tax-year 2004, this handy, helpful guide covers all the year's tax code changes and offers proven, professional advice on keeping more of what you earn.
Discover how to
- Itemize your deductions
- Negotiate with the IRS
- Fix your own mistakes and IRS mistakes
- Deal with real estate taxes
- Make tax-wise personal finance decisions
- Get answers from your tax advisor
About the Author
Eric Tyson, MBA, is the author of For Dummies guides to personal finance and investing, including the million-copy bestseller Personal Finance For Dummies. David J. Silverman, EA, and Margaret Atkins Munro, EA, are tax advisors who also write about tax issues.
Table of Contents
Introduction.
Part I: Getting Ready to File.
Chapter 1: Understanding the U.S. Tax System.
Chapter 2: Tax Return Preparation Options and Tools.
Chapter 3: Getting and Staying Organized.
Chapter 4: No Form Fits All (Or, What Kind of Taxpayer Are You?).
Part II: Tackling the Various Forms.
Chapter 5: Easy Filing: 1040EZ and 1040A.
Chapter 6: Form 1040: Income Stuff.
Chapter 7: Form 1040, Part II: Adjustments to Income Stuff.
Chapter 8: The Rest of the 1040.
Part III: Filling Out Schedules and Other Forms.
Chapter 9: Itemized Deductions: Schedule A.
Chapter 10: Interest and Dividend Income: Schedule B (1040), Schedule 1 (1040A).
Chapter 11: Business Tax Schedules: C, C-EZ, and F.
Chapter 12: Capital Gains and Losses: Schedule D.
Chapter 13: Supplemental Income and Loss: Schedule E.
Chapter 14: Giving Credits Where Credits Are Due.
Chapter 15: Other Schedules and Forms to File.
Part IV: Audits and Errors: Dealing with the IRS.
Chapter 16: The Dreaded Envelope I: IRS Notices.
Chapter 17: The Dreaded Envelope II: Audits.
Chapter 18: Fixing Mistakes the IRS Makes.
Chapter 19: Fixing Your Own Mistakes.
Part V: Year-Round Tax Planning.
Chapter 20: Tax-Wise Personal Finance Decisions.
Chapter 21: Reducing Taxes with Retirement Accounts.
Chapter 22: Small Businesses and Tax Planning.
Chapter 23: Your Investments and Taxes.
Chapter 24: Real Estate and Taxes.
Chapter 25: Kids and Taxes.
Chapter 26: Estate Planning.
Part VI: The Part of Tens.
Chapter 27: Ten Tips for Reducing Your Chances of Being Audited.
Chapter 28: Ten (or So) Often-Overlooked Tax-Reduction Opportunities.
Chapter 29: Ten Interview Questions for Tax Advisors.
Part VII: Appendixes.
Appendix A: Important IRS Info.
Appendix B: Glossary.
Index.