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How To Pay Zero Taxes (Book Review)

A well rounded, detailed guide to tax planning strategies

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Cover of the book How to Pay Zero Taxes, 2014 edition (McGraw-Hill Education)

How to Pay Zero Taxes discusses the merits and drawbacks of a wide variety of tax reduction strategies. An excellent resource for people who are serious about their tax planning.

Copyright 2013 by the McGraw-Hill Education

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Jeff Schnepper's book How to Pay Zero Taxes is a comprehensive guide to tax deductions, tax credits and discusses the relevant tax planning strategies. As the subtitle says, this book covers "every tax break the IRS allows." Author Jeff Schnepper focuses exclusively on tax planning. Schnepper advocates a solid approach to tax planning: shift taxable income into non-taxable income, or shift taxable income to family members in a lower income tax bracket, increase your tax deductions, and increase your tax credits. Schnepper excels in the discussion of various tax shelters, and giving his opinions on which shelters are better, and which are to be avoided.

Schnepper has a knack for recounting news stories and tax-related quotations. This makes the book more enjoyable to read.

Structure and Features of How to Pay Zero Taxes

How to Pay Zero Taxes contains 20 chapters, three appendices, a table of contents and an index.

Throughout the book, Schnepper provides numerous charts and tables. Particularly noteworthy are a flow chart for determining how to calculate required minimum distributions from an individual retirement account, multiple-page tables comparing traditional and Roth IRAs and other retirement plan options, and another multiple-page chart showing the tax treatment of items shown on a HUD-1 closing escrow statement when buying real estate.

Schnepper organizes his material historically. So his discussion of a particular tax incentive will discuss how a particular tax incentive changed through various tax laws.

Limitations about the Book

This book is not designed to be used to help you prepare your tax return. You will not find line-by-line instructions or IRS forms.

Overall

Jeff Schnepper's book How to Pay Zero Taxes is focused on the ideal that it is "the legal right of taxpayers to decrease his taxes" (page 23). The book covers federal income tax breaks relevant to individuals, business owners, and investors. How to Pay Zero Taxes is recommended for anyone who wants to implement long-term tax strategies to reduce or eliminate their tax liabilities. Long-term strategies require careful planning, and Schnepper's historical and legal approach will show you the advantages and pitfalls of various tax strategies.
 

How to Pay Zero Taxes Publication Information

Full Title: How to Pay Zero Taxes
Author: Jeff A. Schnepper
Publisher: McGraw-Hill Education
Publication Date: November 2013
Pages: 864
Binding: Paperback
ISBN: 978-0-07-180781-4

The book is also available in electronic formats compatible with Kindle, Kobo, Nook and other e-readers (ISBN: 978-0-07-180782-1).

 

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