Tags: tax | deductions | list | federal

The Most Lucrative List of Tax Deductions for 2012

Friday, 06 Jan 2012 02:24 PM

By Ted Goldenberg

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It’s that time of year again . . . tax season.

And if you are like most, sifting through 365 days of potential tax deductions, receipts, and forms is a dreaded nightmare. One that often results in you getting the short end of the stick, owing Uncle Sam even more of your hard earned money than you had originally planned.

But according to one national accounting firm, Jackson Hewitt Tax Services, you really can turn “tax time” into “party time.” All you have to do is focus on the IRS’s hated list of tax deductions and lucrative refund checks to be had, instead of the painstaking, hair-pulling process of filing.

Editors Note: Get a List of the Best Federal Tax Deductions in a Free Copy of “How to Pay Zero Taxes. Go Here.

Debra Dowd, the chief marketing officer at Jackson Hewitt, told The New York Times their goal is to take the dreariness out of the tax season and make it, well, fun… the type of fun that only lucrative federal tax deductions can provide.

Dowd said. “Nobody’s really taken that step back and said, ‘If you’re getting a refund, is there something happy associated with it?’

Well, that’s IF you are getting a refund from your list of tax deductions.

And shockingly, those who are getting the very best federal tax deductions are . . . well, the wealthy. In fact, 46.9 percent of those making over $250,000 are maximizing hidden federal tax deductions in the 70,320 page IRS tax code to pay absolutely ZERO in taxes.

How are they doing it? Well, they are using Ivy League tax accountants that leverage the IRS’s hated list of tax deductions most don’t know about.

Editor’s Note: Grab a copy of these Ivy League federal tax deductions with a free copy of McGraw Hill’s new book, “How to Pay Zero Taxes.”

Aaron DeHoog, Newsmax’s Financial Publisher, is taking special initiatives to show people the federal tax deductions that are available to help them pay zero taxes.

“I know it sounds crazy, but if you know where to look, there are incredible savings and secret tax deductions to be had and yes, they are all completely legal,” DeHoog said. “So many people put off filing their returns because they think they owe, but what they don’t realize is they are missing out on some of the best federal tax deductions. It only takes a few minutes to find thousands of extra dollars that are being handing over to the IRS.”

However, for most it takes more than just a few minutes to find these tax deductions.

According to the IRS, the average taxpayer needs about 23 hours to file a simple Form 1040.

And get this, Microsoft’s MSN MONEY tax expert, Jeff Schnepper, says Americans spend 7.6 billion hours each year trying to find these lucrative tax deductions and comply with the tax code.

“That’s more hours than are used to build every car, van, truck and airplane manufactured in America,” Schnepper said.

Editors Note: File your taxes in minutes using this hated list of tax deductions

Thankfully, there have been new ways to reduce the amount of time it takes to go through your list of tax deductions and file your paperwork.

For example, online tax help services like Turbo Tax are making it easier and faster to identify your federal tax deductions and file your return.

Doug Kelly, an industry analyst with IbisWorld, estimates that more than half of all Americans have used tax preparation software.

“This industry exists because tax returns are complicated enough and the penalties that exist because of inaccuracies are high enough that people turn to professionals to help them with their tax prep services,” Kelly told the Times.

Kelly estimates that the tax preparation industry has grown to $8.9 billion in the United States in 2011.

So now that you know where to find a complete list of federal tax deductions that makes it possible to pay zero taxes, what are you waiting for? Order your refund check today!

Editor’s Note: Newsmax is giving away 10,000 Free copies of Jeff Schnepper’s book “How to Pay Zero Taxes” that has the most comprehensive and powerful list of tax deductions. Simply go here now to claim your complimentary copy.

© 2014 Moneynews. All rights reserved.

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