Sandy Botkin - Lower Your Taxes--BIG TIME! 2023-2024

Copyright 2023 by Sandy Botkin. All rights reserved. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher.

ISBN: 978-1-26-504672-9
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This chapter explains why everyone who is employed should have some kind of business, preferably a home-based business. If you dont have one, you are losing thousands each year.

How to deduct your meals during business and sales presentationsand audit-proof all these deductions. You will learn some IRS inside secrets and find out about the great $75 exception to keeping receipts, as well as exceptions for entertaining employees and for employee parties. You will be having twice as much fun if you know its deductible!

This chapter deals with how to deduct your travel and vacation expenses. It will put thousands of dollars in your pocket.

How would you like to completely deduct the equivalent of your kids college education, room and board at college, and their weddings? You can, with income shifting. This chapter also deals with a great tax planning technique called the gift-sale technique and the Botkin Trust, which allows a double deduction for equipmentand has been approved in numerous Supreme Court cases. I love this chapter!

Learn the five methods of IRS-bulletproofing your automobile deductions. This is a must if you use your car for business. With the passage of the Tax Cuts and Jobs law for 2018 and thereafter, certain vehicles can become big winners that can save you hundreds of thousands of dollars over your business career.

This chapter explains how to convert your home into a tax-deductible money machine, using little-known audit-proofing strategies. One of my students told me that this chapter reduced her taxable income by $100,000. This chapter also covers the methods used to get around the property tax and debt limits imposed by the latest changes in tax law.

What do you do when you get a letter from the IRS inviting you in for a chat? This chapter covers what your chances are of being audited, your audit rights, how to reduce your chances of being audited, what to do if you dont have the money to pay the IRS, and much more. This is a great chapter and you should read it carefully.

This chapter illustrates the practical steps necessary to withstand any hobby attack by the IRS. I have been so successful with clients who have used this information that many accountants have asked me for copies of this book because of this chapter alone. If you are running a business out of your home, this chapter could save you a bundle and prevent lots of IRS problems. This problem becomes particularly acute as a result of the new tax reform law. Every small business and home based business will need to both understand and apply the tips found in this chapter.

Heres a great overview of the pros and cons of incorporating vs. being a sole proprietor or being a limited liability company. In addition, with the new tax rate changes for corporations introduced in the 2017 Tax Cuts and Jobs Act, many small businesses will need to reevaluate the entity used to run their business.

Many well-known wealthy personalities (and many con artists) incorporate in Nevada. You will learn exactly why. This has been a well-kept secretuntil now!

This technique works especially well for Middle America businesses.

This chapter explains what should and what should not be transferred to a corporation. It also covers a crucial topic that has killed many businesses: dealing with co-owners and partners. Finally, if you terminate your corporation at a loss, it explains a method that will give you an ordinary loss rather than a less-valuable capital loss.

This chapter deals with most of the wonderful tax-free fringe benefits that you can have in almost any small business that are not covered in other chapters. I will discuss such perks as payment for parking, transportation, exercise equipment, employee achievement awards, and much more.