Tax Strategies for Everyone

How to Slash Your Taxes and Build Wealth

Eric Freeman

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English

Km Press
08 April 2024

Finance & accounting; Property & real estate; Corporate tax; Personal tax; Trusts & estates taxation

Series: Strategies for Everyone

ARE YOU PAYING TOO MUCH IN TAXES?

Every year, millions of Americans pay more taxes than they should. Are you one of them? It’s time to stop overpaying and start taking control of your tax bill. In easy-to-understand language, Tax Strategies for Everyone shares expert secrets for minimizing taxes.

You’ll discover:

• The most common tax traps and how to avoid them

• How to use tax credits to lower your taxable income

• Why starting a part-time side business is a great way to lower your tax bill

• Tips for turning personal expenses into business deductions

• How you can transform your home into a tax shelter (and make millions tax-free by moving)

• What to do—and what not to do—if you’re audited by the IRS

• Smart ideas to boost retirement income—and pay zero taxes

• The best ways to transfer wealth to your loved ones without triggering income or estate taxes

Tax breaks aren’t just for the rich. Whether you’re an employee, a freelancer, or a business owner, there are plenty of tactics you can use to minimize

taxes legally and ethically. Packed with expert tips and tricks, Tax Strategies for Everyone will help you lower your tax bill so you can keep more of your

hard-earned money.

By: Eric Freeman
Imprint: Km Press
Dimensions: Height: 229mm, Width: 152mm, Spine: 12mm
ISBN: 9798989578108
Series: Strategies for Everyone
Pages: 232
Publication Date: 08 April 2024
Audience: General/trade , ELT Advanced
Format: Paperback
Publisher's Status: Active

INTRODUCTION: It Depends ix CHAPTER 1: Tax Savings Hide above the Line 1 CHAPTER 2: Navigating the Progressive Tax Maze 13 CHAPTER 3: How You Earn Aff ects How You Pay 25 CHAPTER 4: Passive Income: Tax Friend or Foe 39 CHAPTER 5: Getting the Credits You Deserve 57 CHAPTER 6: Look Before You Leap: Which Business Entity Is Right for You? 71 CHAPTER 7: Where Th ere’s a Will, Th ere’s a Write-Off 89 CHAPTER 8: Let the Government Pay for Your Lifestyle 101 CHAPTER 9: Meet Depreciation, Your New Best Friend 135 CHAPTER 10: It’s True: Th e Government Practically Pays You to Invest in Real Estate 145 CHAPTER 11: Don’t Rely on the Government to Retire 163 CHAPTER 12: Heir-ing on the Side of Generational Wealth 177 CHAPTER 13: Who Can You Trust? 185 LET’S WRAP UP THIS SNOOZEFEST 195 GLOSSARY 197 ACKNOWLEDGMENTS 205 INDEX 207 ABOUT THE AUTHOR 213

ERIC FREEMAN, CPA, MAcc, is a principal at BeachFleischman PLLC, a top 200 national public accounting firm, and serves as the firm’s Real Estate Practice Leader. Eric’s expertise is in partnership taxation and complex real estate transactions, including exchanges, mergers, consolidations, buy-outs, cost segregation studies, transaction formation, and qualified opportunity zone funds. Eric also has extensive knowledge in international taxation, hospitality, and high net worth. He has written several articles on real estate taxation that have been featured in The Trend Report, Phoenix Business Journal, and numerous other publications. Eric regularly contributes content to multiple YouTube channels, including his own channel, Eric Freeman CPA, and is featured regularly on various podcasts. He offers a unique perspective on real estate taxation from his personal experiences of owning and managing real estate investments, including single-family and multifamily homes, offices, industrial properties, and land. Eric is a graduate of the University of Arizona, where he received a Bachelor of Science in accounting and a Master of Accounting. When he’s not working, Eric enjoys snowboarding, poker, hiking, and off-roading.

Reviews for Tax Strategies for Everyone: How to Slash Your Taxes and Build Wealth

“Capitalism aims to benefi t society through self-interest. Th e US government designed our tax code on the same ideal: Reward taxpayers for providing value to society. Tax expert Eric Freeman off ers a refreshing and easy-to-understand path that preserves our self-interest as taxpayers with money-saving methods, while leveraging our government’s desire to serve the greater good. I highly recommend it!” —Dan J. Sanders, New York Times bestselling author and former COO of Sprouts Farmers Market “Tax Strategies for Everyone isn’t a textbook. It’s too well-writen, witty and engaging. Author and CPA Eric Freeman has produced a real estate wealth-building guide that is filled with practical advice and investment strategies that anyone can follow to start building their own real estate empire. Valuable advice indeed!” —GEORGE LARSEN, founder, Larsen Baker, LLC “Albert Einstein once said, ‘The hardest thing to understand in the world is the income tax,’ and there’s probably some truth to that. However, Eric Freeman does a nice job of breaking down complex concepts into explanations that the typical taxpayer can comprehend. Furthermore, Tax Strategies for Everyone doesn’t need to be read cover to cover; readers can pick and choose which chapters are relevant to them. Two thumbs up to this guide.” —THOMAS KLEIN, CPA, Distinguished Teaching Professor, University of Arizona “As a business owner, a critical part of success is keeping your costs low. Taxes are no exception. Eric Freeman found a way to simplify complex tax concepts with this easy-to-read book. Critical reading for any business owner!” —SAM FOX, founder, Fox Restaurant Concepts “Whether you’re an employee, retiree, self-employed, or business owner, Tax Strategies for Everyone makes the complex world of taxes understandable. By outlining the key principles and tenets of taxation, Eric Freeman provides the tips and insight you’ll need to make informed decisions, mitigate your tax burden, and leverage opportunities on your journey to financial success.” —ERIC MAJCHRZAK, CEO, public accounting firm BeachFleischman