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Tuesday, January 7, 2020

Book Reviewed: How to Pay Zero Taxes, 2020-2021: Your Guide to Every Tax Break the IRS Allows, by Jeff Schnepper

Helpful guide for your 2019 tax return

Tax guides are generally voluminous, this one with 928 pages is big and covers all aspects of 2019 tax return and IRS updates. The IRS 1040 instruction book and the supplement guides goes only so far but does not discuss specific cases where your situation could be unique.

This comprehensive guide is well organized by subject matter and clearly explained. IRS eligibility requirements for claiming the benefits are discussed in detail and you can make the most informed decisions possible. Deductions and credits are key in using IRS code in your favor. This book gives you the straightforward information to save on personal income tax returns. For example, in section 167 on page 529, the author argues in favor of dividends over long-term capital gains, especially for seniors based a good tax strategy. Another section that interested me personally is section 106: The Transportation Expense deductions on page 365 that describes the circumstance in which you can deduct daily transportation expenses from your income.

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