The Trump Tax Cut: Your Personal Guide to the New Tax Law

The Trump Tax Cut: Your Personal Guide to the New Tax Law

by Eva Rosenberg EA

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Overview

President Trump’s tax cut reduced taxes by $5 trillion. Now The Trump Tax Cut shows how you can benefit from hundreds of deductions, loopholes and tax secrets. You’ll also read about the “Trump Tax Loophole” that can slash your personal taxes by an additional 20% instantly! That’s if you qualify — and many Americans do. Find more than 200 deductions, write-offs and legal loopholes, including:

  • The ALL-NEW change that will instantly help 70% of Americans! Chapter 1 explains how easy it is to cash in.
  • Buy a new car up to $40,000 and write it off immediately! See Chapter 2.
  • All NEW! Big changes for medical expenses!
  • 3 deductions that usually slip right past the IRS. This is Tip #1 for a reason!
  • Get the government to help pay your energy bill. Tip #30 is HUGE!
  • The most overlooked tax deduction — many accountants don’t even know Tip #5.
  • How you can still deduct the mortgage interest on TWO homes! Tip #12.
  • ALL NEW! Take $10,000 of distributions from 529s to help cover the cost of home schooling. Tip 184 is a godsend.
  • A better way to save for college. Tip #168 could help millions.
  • 13 tax no-nos that could trigger an audit. The full list and explanations are yours in chapter 12.
  • And 200+ more tips, loopholes and deductions!
  • PLUS: 5 Best States to Live in Under the New Law!

Newsmax says "If you want to pay zero taxes, get The Trump Tax Cut. It’s possible!"

Product Details

ISBN-13: 9781630061050
Publisher: Humanix Books
Publication date: 12/18/2018
Pages: 288
Sales rank: 112,399
Product dimensions: 5.90(w) x 8.90(h) x 0.70(d)

About the Author

Eva Rosenberg, BA, EA, (Northridge, CA) known as the Internet’s TaxMama®, publishes the popular TaxMama®.com website, cited by Consumer Reports magazine as a top tax advice site, and a LIFE Magazine Editors Pick. Dean of TaxMama®’s Online Enrolled Agent Review Course, Eva is training a new breed of tax professionals to pass the annual Internal Revenue Service license examinations. TaxMama®’s tax professionals learn to understand and serve small businesses and accounting firms. Find TaxMama’s® columns at MarketWatch.com and Equifax.com. Eva Rosenberg is regularly featured in publications as diverse as The Wall Street Journal and U.S. News & World Report to Rolling Stone and Women’s Day. TaxMama® is the author of Small Business Taxes Made Easy, named one of the best tax books of 2005 by Entrepreneur Magazine and silver medal winner of the 2011 Axiom Business Awards.

Table of Contents

1 The Tax Cuts and Jobs Act 1

2 Trump's Bold Tax Plan for Business 17

3 Homeownership: What's the Same and What's New 37

4 Tax Credits Around the House 57

5 Putting Your Home to Work 71

6 Auto Deductions 89

7 Medical Deductions 101

8 Charitable Deductions 115

9 Retirement Tax Issues for the Young at Heart 129

10 Long-Term Savings and Retirement Tax Issues for the Actually Young 153

11 Tax Savings for Education 165

12 Tax No-No's 177

13 Adjusting or Itemizing-What's the Difference? 199

14 The IRS Noticed Me! 211

A How to Get the Most Out of This Book 237

B Record-Keeping Tips and Tools That Help Maximize Deductions 243

C Should You Prepare Your Own Tax Return? 253

D Choosing a Tax Professional 265

E Five Best States to Live In 275

Index 277

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The Trump Tax Cut: Your Personal Guide to the New Tax Law 1 out of 5 based on 0 ratings. 1 reviews.
Anonymous 12 days ago
This book is so misleading and bias. This book may be helpful for people that are curious about the tax changes but it’s not beneficial in the preparation of taxes. The book starts of by saying there is a lot of loopholes that people are now allowed to benefit from. However, all the loopholes that benefit the middle class are no longer available. These new law changes are not loopholes. A few reasons this book is misleading: It states people are now allowed to use a 529 plan to pay for private education. You can do like-kind exchanges tax free. You benefit from a deduction when you buy a new “luxury” vehicle. There is a lower limitation for medical expenses, and People were not taking advantage of the sale tax for itemized deductions. And the list goes on. Yes, with the TCJA you are now allowed to use up to $10,000 of your 529 plan to pay for eligible education expenses not considered higher education. What people don’t realize is, 529 are tax deductible at the state level not federal. You have to make sure a distribution is not taxable in your state. There’s always been loop-holes around like-kind exchange. Except now you’re not allowed to do exchanges with used property. Vehicle deductions are only allowed as business expenses at the business level. Meaning, you can no longer deduct unreimbursed business expenses. Also if you forgo the bonus election for one asset, all assets placed in service that year also forgone. The whole medical deductions are so misleading. For the last 4 years the limitation has fluctuated from 7.5% to 10%. The book states the new tax cut has reduced the limitation to 7.5% of AGI, making this a big win for those itemizing. Yet, they fail to mention that the limitation will rise back to 10% next year. So where is this actual savings? Lastly, they mentioned this unused tax deduction. They mention people were unaware of the sales tax deduction. People could deduct their sales taxes and it’s been capped at $10,000 this year. A quick google search could quickly inform you about this “unused deduction”. You’re allowed to deduct either your state taxes or your sales tax. You’re not allowed to deduct both. Those who are eligible to itemize tend to use the state taxes, (state taxes withheld, real estate taxes, personal property tax) since it’s more beneficial. States that do not have state income taxes may use the sales tax. However, states like Florida and Texas do have a higher living cost so there property taxes may equal or exceed the $10,000 limit. They also fail to mention that foreign real estate taxes are no longer deductible. If you’re trying to learn about the tax changes I recommend reading the publications. At this point they’re free and accurate. If you’re naive and really want to know about all the good stuff then this is the book for you.