Income-tax

Tax This is an awesome book to help all of us average people know what rights we have when it comes to the IRS. After reading this book, I feel confident as to what rights I have and what I can do to protect myself in dealings with the IRS. The book is written in clear and concise way, so even I, who have little background in tax law, and understand. I was immediately able to put this information to use in my life. I also did a little checking and found a website that offers another of Scott's products--which I ordered and learned a tremendous amount from about how to begin lowering my tax liability starting TODAY! Go to [local website]and check it out! I highly recommend this book. Scott knows what he is talking about and he is able to communicate it very simply.

Tax This! An Insider's Guide to Standing Up to the IRS, is just that. It provides the insight of an insider that will help you stand up to the IRS in any situation. Little known facts and difficult to conceive strategies are revealed that will help any target of the IRS deal effectively with them or help prevent you from becoming their target. Author Scott Estill discloses all the rights, which are many, that citizens have when confronted with a problem involving the IRS. He gives an insider's look at the culture, attitudes, and seemingly out of control bureaucracy that prevails inside the IRS and prepares you to deal with the IRS at that level also. His information is backed up by references to the Internal Revenue Code, Congressional Law, and established judicial decisions. Tax This also provides clear examples of completed IRS forms, which are many and varied. Overall, this is an informative, easy read for someone like me with little knowledge of the IRS. It will hold your interest even if the IRS isn't breathing down your neck and may be invaluable if they are.

"Tax This" is a great resource for individuals, small businesses, and self-employed persons, like myself. From the general IRS and tax system information to the rules for dealing with an actual IRS audit, this book has all the information you'll need. The section on how to handle IRS Penalties and Notices and the the chapters on negotiating with the IRS were very informative and designed to save money. If you are currently involved in an IRS audit and want to know how to defend yorself or if you simply want to know some strategies for reducing your odds of being selected for an IRS audit this book is for you. I would recommend it for any taxpayer.

Mr. Lewis has given us an entertaining and educational book that provides insights and answers to gambling and tax liability issues. It was a quick read, written in an easily understandable format, and a valuable asset in preparing for tax time.

Every chapter had information that helped me with my tax return. Finally I have found an easy to read and understand book with a very helpful step by step approach.

As a future lawyer and avid gambler, I would advise both clients and friends to read this book before they purchase their boarding passes for the riverboat casinos. Mr. Lewis provides a simple plan that can save your winnings!

With all the controversies of variable annuities today, Michael does an excellent job of showing the appropriateness of the annuity. The book was written at the basic level for the investor, capturing an informative overview of the many different investment options such as stocks, bonds and mutual funds and how the annuity fits into the investor's overall investment strategy. I would highly recommend this book to all investors!

I've read many different points of view about the value of VAs -- this book explains them clearly. Lane's book shows how tax deferral wroks. He takes you step-by-step so you can see how all the parts relate and why. Read chapters 5 "Suitable Uses of VAs" and ch 18 "Analyzing the Payout" and you will know more than most advisors. Great book congrads.

Having been in this business for 5 years it's nice to find a refreshing look at the real uses of variable annuities and when they make the most sense. Michael is very enlightening in his approach to when a variable annuity makes sense and for whom. He also is very concise in his description of all the factors which contribute to determining the above. In an industry which is muddled with both the pros and cons of variable annuities this book is a straight shot to doing what is in the best interest of the client.

Christine Spalding
Critical Thinking
Professor Kevin J. Browne
November 29, 2002

Your Money Or Your Life

Sheldon Richman's argument is based on the moral issue of the income tax and why this tax should be abolished.

Richman presents us with facts and claims of how our government is flawed by forcing the American worker to give up a portion of his income, though no one actually consented. Along with surrendering a percentage of our earned income, we must allow them to have access to our personal financial records of the exact amount one earns. The tax enforcers accomplish this through lies and deceit. Both which preceded and followed the Sixteenth Amendment.

The American wage earner is "commandeered", says Richman, by this taxation, and if you do not, the government will institute a fine or even have you imprisoned. His conclusion is this is theft and unjust.

Richman's other basic argument's for abolishing the income tax is as follows:

1.The state demands a sum of our money, and refusing to give it up is punishable.
2.It is a voluntary system.
3.Repercussions for not volunteering.
4.It is wasteful.
5. It illustrates the corruption and out of control spending by the government.
6.Lawmakers need a never-ending flow of cash
7.The income tax is the only tax allowed that corrupts society.
8.The income tax is a blank check for the government.
9.The income tax makes you poorer.

Richman presented clear and convincing arguments for his reasons to abolish the income tax. Richman also makes an interesting comparison of the government being like a mugger who "occasionally shines his victim's shoes", and a membership to a club has access to certain amenities only if the dues are paid, it not one is not allowed in, not arrested. By the same token, a property owner who is not "actively using the government's services" still owes the taxes.

This argument of why the income tax should be abolished by Richman is deductively strong. Mr. Richman used statistical evidence as well as causal arguments through out.

This book is one of the best written on the subject of abolishing the income tax.

As Americans, we have been taught that paying our fair share of income taxes is the American way and our patriotic duty. Nothing could be farther from the truth. In fact, the income tax is 100% against the American way and violates our very own Constitution.

This book exposes the complete history of the income tax, and its tyrannical, Gestapo like collection agency, the IRS. The IRS is the most feared organization American has ever known and they operate outside the bounds of the Constitution that is supposed to protect us from tyranny in government. What happened? Read this book to find out all of the sordid details.

Not only is this book a history lesson, but more importantly, it shows that we can survive without the income tax as we did for more than one hundred and fifty years before this form of communism was implemented into our lives.

If every American read this book, there would be a revolution by tomorrow morning.

Sheldon Richman's concise and informative book, Your Money Or Your Life, explains how the income tax is one of the greatest threats to the liberty of the American people ever devised. By making our employers surrogate federal tax collectors, most Americans don't feel the pain because they really don't know what they're losing. But even worse, as Richman points out, by having access to our paychecks, the government can tap into an almost limitless pool of money to expand its size and scope. We need to scrap the income tax and replace it with a tax on consumption.

What a delight it is to read a book that simplifies the areana of international taxation. The author has written a book that is easy to digest and actually makes the topic interesting with practical examples. This book is well worth the purchase price. Well done!

Without this book, I would have dropped the exceedingly onerous, frighteningly incomprehensible International Tax course I took in my LL.M. program. Here is the map of the labyrinth, brought to you by Archangel Isenbergh. Folks, this is the real deal, the Revelation.

Buy it, study it, enjoy it, and then pass it on to your kids.

I would definitely give this book its 5 deserved stars. I have a considerable collection of text books on the subject, and so far I have not read another so concise, easy to read and digest, entertained (the author constantly adds cracks to the story) and superbly written piece of work on US International Taxation. I definitely recommend this book regardless of whether you are in school or in practice. It comes short on very specific detail, but then again, there's when your larger books come in.

This book, without any doubt, is the best starting point around for those of us who are starting a home-based business. However, words of warning:
-This is a reference. Do not assume you know all there is to know to your particular situation only by reading it. There is no good substitute for an accountant to help you with your business taxes, if not on an on-going basis, at least in order to get you going the first time you do your biz taxes.
-Watch for past editions. I ran into the 4th edition, and given changes in tax legislation, it is unwise to base any decisions on outdated (tax) information. Make sure you always read the latest edition of this book.

This said, I highly recommend this book for any business owner starting his/her business from home. It will give you a very good perspective on what to expect, what things you can change/improve to take full (and legal) advantage of the benefits the tax legislation offers to small business owners.

"J.K. Lasser's Taxes Made Easy For Your Home-Based Business: The Ultimate Tax Handbook For the Self-Employed" by Gary W. Carter is a great book for home-based business owners and especially for those who operate as sole proprietors.

I found the first chapter, "Legislative, Administrative, and Judicial Authority" a bit slow and skipped most of it. (It's well-written and authoritative. I just don't care too much about the internal workings of the tax system).

Discussing the Supreme Court, Carter writes: "...the Supreme Court has complete discretion over whether it will hear a case. A party requests a hearing by Writ of Certiorari. If at least four members of the Court believe the issue is of sufficient importance to be heard by the Court it will grant the Writ (cert. Granted). Most often, however, it will deny jurisdiction (cert. Denied). ..."

But, it sounds like denied Writs aren't completely bad. Carter continues: "Furthermore, even when the Supreme Court steps in and handles a tax case, its decision often has the effect of muddling the issues rather than clarifying them, leaving us even more confused and bewildered. ... [Y]ou can see that the answers to tax questions often are not clear-cut. Sometimes, when the IRS says no, the courts say yes; or some courts say yes and other courts say maybe. Having an appreciation for this puts you at an advantage when dealing with the IRS. You should never submit to an IRS agent's adjustment of your returns unless it is backed up by appropriate authoritative support. The next section tells you how to find the various sources of authority."

Carter then shows us how to learn about tax law using online and other resources.

A good section of Chapter One for those facing an audit is "The Audit Process And Your Appeal Rights." But, if you aren't facing an audit, you can probably skip that section also.

Another section of Chapter One I found useful was "Letter Rulings," which discusses how taxpayers can ask the IRS in advance how certain transactions will be treated. (There is a fee for this service. The fee can be more than $5,000, but Carter tells us that for those with income under $150,000 the cost is only $500. And, for business owners asking about business-tax topics, the fee is also $500, if the company's annual revenue is $1 million or less.)

We learn that a letter ruling is actually a contract between the IRS and the taxpayer. So, getting a letter ruling is better than just asking the IRS for general about how something should be treated. And, Carter tells us that because a letter ruling is a contract between that particular taxpayer and the IRS, we shouldn't rely upon someone else's letter ruling to determine how our similar transaction will be treated.

So, if you have a question about how the IRS will treat a certain transaction that means a great deal to you, asking for a letter ruling will clarify the situation for you and provide certainty. You won't wind up at your Writ's end in the process.

Chapter Three introduces the reader to the basic business structures: Sole Proprietorships, Partnerships, LLC's, C-Corporations, and S-Corporations. Various advantages and disadvantages of each business structure are discussed, along with options for retirement plans and information about dealing with health insurance.

A large section of the book discusses the home office deduction and home-specific expenses. For example, deductions for daycare providers are covered as are the rules for being able to claim a deduction for the use of your home.

One chapter covers IRS form 8829, "Expenses For Business Use of Your Home" in detail and another chapter covers automobile deductions.

Chapter 12 works a comprehensive example, showing a sole proprietor's tax returns, including the IRS Form 1040, Schedule A, Schedule C (the heart of a sole proprietorship business), Schedule SE (for Self-Employment tax), Form 4562 "Depreciation and Amortization," and Form 8829.

The chapter "Other Common Business Deductions" covers deducting meals, entertainment, computer software, magazine subscriptions, and books.

For example, we learn that the Section 179 deduction (which allows a taxpayer to write-off as a current year expense the cost of certain assets that are normally depreciated over a number of years) doesn't apply to software, because Section 179 only applies to tangible property, and software is intangible.

Carter writes: "If you purchase books for business or investment purposes having only short term value (a tax guide like this one, for example), you can deduct their entire cost in the year of purchase. Books of a more lasting value are seven-year property for depreciation purposes. ... Because books are tangible personal property, they qualify for the Section 179 election if they are purchased for business purposes...make the Section 179 election by putting them in Part I of Form 4562..."

Carter gives a great quote from lawyer and writer John Grisham: "It's a game. We [tax lawyers] teach the rich how to play it so they can stay rich-and the IRS keeps changing the rules so we can keep getting rich teaching them."

If you want to learn how to play the small business tax game, "J.K. Lasser's Taxes Made Easy For Your Home-Based Business: The Ultimate Tax Handbook for the Self-Employed" is an excellent resource. Don't feel you must read this book cover-to-cover. Just jump around finding the stuff that's specific to your own situation.

Peter Hupalo, Author of "Thinking Like An Entrepreneur" & "How To Start And Run Your Own Corporation: S-Corporations For Small Business Owners."

Offers numerous ways to save money on taxes for home-based businesses by educating on deductible expenses, types of accounting methods, how to manage record-keeping, and the latest tax laws to name a few. Lots of examples make the book easy to understand. A real eye-opener.

This is the most wonderfully complete and comprehensible tax preparation guidebook on the market, and I buy the new edition every year. It never fails help me with the tortures of tax season. My favorite features are the wide margins that allow me to make notes in the book as I go. I also like the 'Caution' and 'Law Alert' notes in the margins pertinent to the matter being discussed. These clarify confusing issues (particularly about deductions) and make the tax code a mite more comprehensible. Other good features are the complete tax tables in the back of the book, a planning section, and a set of tax forms, although I personally don't use them as I traditionally use TurboTax.

My one minor critique is that sometimes an entry will refer you to a website to find the ultimate answer to a question. This is very rare, but does occasionally happen, for instance in this year's edition I needed some information on per diem reimbursement rates, and they weren't in the book, which was a mere annoyance, but at least the book told me where to get the information.

As tax preparation software becomes more all encompassing I use this book a little bit less every year, but at some point it always bails me out without fail. I highly recommend this book to anyone, especially people with moderately complex returns or small business owners filing Schedule C.

This is my constant companion as I prepare my taxes. The information and explanations are clear and easy to read. If your return is at all complicated, you will get temendous benefit from this book.

This book consistently provides the necessary tool for preparaing a tax return and is also a great all around tax planning book.
Among the most useful features are the examples that put often complicated rules in to action and provide a template and the internal references that direct you to sections in the book that are relevant to the subject matter being discussed. It is helpful for both novice and expert.

As a new business owner, I found this book to be extremely helpful. I've always found taxes to be a difficult subject but this book helped me to understand some things I'd always wondered about (i.e. how to make quarterly estimated payments, what to do if you can't pay your taxes, what happens in an audit). There's lots about what is deductible and what proof you need to have. I think it would also be a good book for new male business owners to read

After working with small businesses and taxes for over 20 years, I've come to the conclusion that the fastest way throw money away is to start a business - without knowing how to do your books.

About half of my tax practice involves working with new clients who have gotten into trouble with IRS because: 1) Once they started a business, they didn't know how to figure out their tax returns. 2) They got into trouble with payroll taxes - by not filing them, or not paying them, or thinking they didn't have employees 3) Their business did well, but when it came time to pay the taxes on their successful business, there was no money.

Well, I don't want to see more people in trouble. So, ever since I discovered Jan's book, I have been telling my readers and clients to buy it.

They LOVE the book (and not just the women, either). Jan puts information in terms YOU will understand.

And with all of her years of experience, she knows just what kind of problems real people run up against. So there are lots of practical tools and tips to help you succeed, not just to keep your taxes in line.

And let me tell you, the price of Jan's book is much less than a three-hour consultation with me! (or any tax pro)

A friend recommended this book to me because I just started my own computer consulting business last year and I also was paid as an independent contractor. At first I wasn't going to get it because the title made it seem like it was directed to women. But I looked through my friend's copy and realized I wanted my own. The examples used in the book are all women's names but otherwise there's nothing that's just for women. It's really clearly written and has a lot of information about deductions and estimated tax payments -- the two areas I was the most unsure of. Also, the tax forms that need to be filed are shown and, although I'm using Turbo Tax to do my return, I was able to compare those forms to what came out of Turbo Tax so that I know (or at least am pretty sure!)that I've done everything right. I think this book will really save me hundreds of dollars in accounting and tax prep fees.

Sandy has finally done it! This is the only simple and easy to understand Tax Strategy Planning book in America. Sandy has taken a very dry subject and brought it to life in a way that teaches and entertains at the same time. Sandy also backs up all of his strategies with laws, court cases, IRS rulling, etc. This is a must read for ANYONE who is a business owner, self-employed, sub contractor, home based business owner etc. We feel that this information is so vital that we give this book to all of our clients. Sandy is helping Americans keep more of what they make, and teaching people to use the strategies of the rich. I recommend this book to anyone who is a business owner.

My husband and I read and re-read this book several times and we were amazed at the wealth of information for the average small business owner that is contained between the covers.His humorous anecdotes throughout the book make for easy and pleasurable reading Not only did Sandy Botkin make this a very informative book but he showed us how to implement legally many of his very worthwhile tax saving ideas. We recomend this book highly. Elaine Payson

I bought this book based on the reviews and they were right. I loved it - it's straightforward, easy to read, and really has great advice! To note - this book is all about lowering your taxes by having your own business. If you're not interested in this option, this book isn't for you. My mom liked it so much I gave her my copy and I'm online to buy myself another. Highly recommend!

Normally I pass by the business books on my way to the science books but this one caught my eye. I was skeptical but he convinced me.

It's a tax on consumption that is not flat like a sales tax. Every year you would fill out a form as you do now. Poor and many middle class people spend all they earn so they would end out much as now. Rich come in two types,
(1) those who luxuriate and (2) those who build businesses (and jobs!). They would come out very differently!

The idea is that you spend what you earn plus what you borrow minus what you save. Financial institutions would report borrowing and saving on forms like W-2 so you would compute your consumption from that plus earnings.

He wasn't very clear (anyway, I wasn't) about the example of buying a house. I believe on a $270,000 house you would be effectively spending $10,000/year for 27 years and this expenditure could be taxed at a progressive rate. There would be no capital gains taxes (because they are mostly inflation taxes).

Every American pays taxes in one form or another, but not many of us understand its broader social policy implications. I read this book and it gave me a working understanding of how the dry old tax system affects broader human behavior: How tax affects how each of us saves, spends and invests. Ultimately, the tax system is about what values we as a society want to promote. Here, McCaffery explains how the tax system is wrong-headed by encouraging spending and discouraging saving and challenges us to rethink age-old liberal assumption regarding taxing income, rather than consumption. While a consumption tax is not a new idea and McCaffery certainly is not the architect of it, McCaffery does a good job of synthesizing the literature on taxes and challenges us to rethink the values behind our current tax code.

Mr. McCaffery's analysis is superb. This is a must-read for anyone who thinks their income tax is too high or that the tax system is in desperate need of a major change (that's just about everybody- isn't it).