Taxes Books

I met this 80-year-old author today ("1/80th of a millenium"). He and his wife were sent to prison over this book, which also got them out of prison for contempt of court. They are celebrating their 50th wedding anniversary. Would your spose do that? Is she lying? They also use these techniques to win in traffic court, by objecting to peonage (defined as slavery in law dictionaries). He doesn't have all the answers, but his theory that the income tax only applies to federal govt employees is backed by letters from a Congressman, quoting the secret US tax code. Since the 16th Amendment to US Constitution was never ratified by the states, this backs up this author's observations of why the IRS scam works.

This is a basic book to read to understand the lowness, the badness of a plan to steal from the people of this country.Many people working for this unlawfu bureau really believe in what they are doing and believe they are doing the right thing. Very well detailed with ref.s and cases. If you read it and understand it, will you ever put your name on a 1040 again? You have to figure that one out.

Do you care to fully understand your rights and obligations to the U.S. Government as it pertains to the Internal Revenue Code? Read this book. Mr. Kowalik's in depth explanation of the evolution of the United States Tax Code is the best thus far written. Though it requires some dedication to comprehend, it is a valuable read. This book exposes the fraud instituted by the U.S. Government against it citizens better than any thus far published. This isn't simply about being a "tax cheat", you can hire and accountant or tax attorney to help you with that, and pay handsomely for the privilege. This is about the common individal being permitted to excersize their common right to exist and pursue the establishment and maintenance of that existance without harrassement by the various governments of these United States. Do we have a moral obligation to support our government? Of course. However, the United States Government has the duty and obligation to defend the U.S. Constitution and not merely, through tawdry political process, shirk that responibility and consequently diminish the greatness of the documents which makes us who we are. Read it.

This book was very direct and practical. I found the easy-to-follow tools, checklists, work programs, flow charts, forms to be very helpful. This book makes me feel much more confident to help my clients.

As a financial consultant with many clients who are going through or just been through a divorce, it is extremely important to have a reference book that provides complete information on all of the complex issues relating to this subject. This book does all of this and more. Not only do I intend to keep a copy in my office for reference, but I think this book provides such good information in easy to understand language that I intend to recommend it to my clients too. An excellent resource.

Nearly half this book is devoted to valuation of businesses for divorce purposes. If you or your spouse don't own a business, you may be better off with a different guide to divorce finance and taxes. Why spend money on book you'll only use half of?

This book is clearly designed for accountants and tax attorneys. While a layperson might find some of the checklists and so on helpful, there is also a lot of verbiage about sections of the tax code, and terminology a layperson would need to look up in the glossary. (Extra star for having a glossary, though!) I think there is a limit to how much a topic like this can be "simplified" --- it is irreducibly complex.

I was dismayed to see the number of editing errors in the book, especially given the high list price. Some of them are merely annoying, such as missing words or wrong word forms that make a sentence ungrammatical. However, some errors affect the content. In one paragraph about retirement plans, the first sentence was about "defined contribution plans"; the next sentence also started with "defined contribution plans" when it should have said "defined benefit plans". Someone who didn't already know better could be led astray by this error.

My advice: be forewarned that this book is highly technical, and buy it used unless you are a divorce professional who can write off the expense.

My rating: 3 stars, plus an extra star for the glossary

With all the recent changes, some of the info is already out of date.

J.K. Lasser's "1001 Deductions and Tax Breaks 2007" is a must for every taxpayer who is looking for a break to reduce their taxable income. The examples are clear and concise. Anyone can use the tax code for their benefit. "Rich or poor" doesn't make a difference.
It requires some reading and comparing of examples to ascertain if a specific example applies to you but especially for planning your next 1040 submission it is invaluable.
Our copy is marked with Post-ems, with dog-eared pages and goes with us when we visit our tax preparer to illustrate why we've kept a particular record and why according to the Code it is an allowable deduction.
Nash Black, author of "Taxes, Stumbling Blocks & Pitfalls for Authors 2007."

I bought this book along with "Taxes for Dummies2007", to get an idea of what to look for in the future for tax reductions.

This book gives a good, straight to the point overview of most tax deductions and important information regarding taxes. I am not familiar with tax terms and wording. I am more of a math person who is good at doing the calculations required. This book gave me ONLY what I need to know. No more, no less. Some people may like that (math people). Others may not (someone who wants to dig deep into the terms and understand it deeper).

This book is divided very efficiently. It is divided into chapters of related tax deductions. For example, their is a chapter/section just on income sources and what qualifies, what can be deducted, and what not. With each source it breaks it down to who can receive the deduction, what forms you may need, and other information you will need to know about.

This book broke it down to the quickest, simplest terms to understand what I needed to know. It may be a "guy" thing, but I liked the meat and bones approach on the "1001" as compared to the fluffed up Dummies explanations.

I am not sure how deep this book is compared to other books (seeing as I have a rather simple return), but it was an excellent book for me.

The New Tax Guide for Artists of Every Persuasion: Actors, Musicians, Singers and Other Showbiz Folk, Visual Artists and Writers, by Peter Jason Riley, CPA is an indespensible tool, that I'm glad and relieved to have found. This book isn't meant to be a substitute for the advice and skill of a professional accountant and it doesn't give you a step-by-step of how to fill out tax forms. You don't have to be a millionaire, it's okay if you still have a 9 to 5 job, and it's okay, if you're not on a national show or whatever, and it's okay if it's not a regular source of income... if you spend money while pursuing work in an arts-related field (whether it be headshots, guitars and picks, ballet shoes, paintbrushes, or faxes) and you can prove that you at least occasionally make or have the potential to make money from your art (sales of your work via CD, DVD, etc), pay from contracted jobs, etc), you owe it to yourself to explore the legitimate options which can relieve tax stress from your personal filings, or to help improve your efficiency if you're already claiming expenses for your art on your tax returns.

This book meant to give you a better idea of the nature of tax-related issues for working artists, to make it a little less daunting, to show you how to keep proper records in an efficient way, to reduce errors and penalties, reduce taxes on legitimate business expenses, and even to cut down the time and money you would spend with a tax advisor. Even if you can't afford to see a CPA for a current tax year, what you will learn from Mr. Riley's book will prove invaluable and eye-opening as to pointing out the considerations you should be aware of when doing your taxes yourself (but remember, it's probably always going to be better to have a pro look at it.).

Mr. Riley's book is essentially an update of the book "New Tax Guide for Performers, Writers, Directors, Designers, and Other Showbiz Folk", written by the late of R. Brenden Hanlon. Since Hanlon had been deceased for some time, it could not be updated with the information artists would need to stay current with tax laws. Mr. Riley contacted the publisher and worked with them to make a follow up to Mr. Hanlon's original, with the same goal - to help Entertainers and other artists to understand taxes better. As noted from Mr. Riley's longer title, the book strives and succeeds at being even more detailed, while accounting for the variety of artist types.

After a brief introduction, Riley provides two chapters that every reader is advised to dig into. These chapters cover what you need to know about Income - the different types, the basic forms involved, how self-employment taxes are calculated, estimating advance tax payments, and then all the different types of deductions you can make (from a percentage of your home expenses, if you work from home, to travel, equipment, start-up costs and more). Mr. Riley gives crucial tips such as what, how much, and when to write off certain items.

The next set of chapters are presented almost in a "Choose Your Own Adventure" manner. If you're a musician... read the musician chapter. If you're an writer... read the writer chapter. And so on. Each of those chapters address the specific considerations, rules and benefits as they apply to your specific profession, followed by links to Internet resources and a handy Expense checklist, as it applies to your work and which you can copy and use during the year. As the different deduction types are listed, with descriptions, Mr. Riley was also kind enough to note beside each one, what types of recordkeeping you should be prepared to have on hand to verify the amounts, should you be audited later.


After you've read the chapter of your profession, there are closing chapters for all readers. These cover how to set up your business properly (from a legal standpoint), how the audit process works, how to keep great records to verify your claims in the event of an audit, and your rights as a taxpayer. It also covers how to choose a tax advisor, and how to plan the timing of deductions, as well as your retirement.
It's capped off with an Appendix filled with more expense report spreadsheets you can use for your recordkeeping, and even a handy mileage reference sheet, for those of you who tour or otherwise commute to different cities by automotive transportation. I first learned of Peter Jason Riley from his awesome Website, which is also listed in the book. Like the book, Riley's Website has different sections addressed to different entertainer types... but you can actually download the spreadsheets in Excel format, already preformatted so that you can just enter in the numbers from your receipts, W-2s, 1099s, etc, and the calculations will already be done for you... you then just print that out, and take that and your receipts to your tax preparer... and you should be good to go.

The only thing the book is truly missing from being even more valuable is an index page. There is a table of contents, which is helpful, but in cases where you might want to reference something specific, such as the specific forms/schedules that you would be making the deductions on, or a certain term, you may have to painstakingly re-read a chapter to find the info that you need. Not to be nit-picky... as it certainly would be a lot of work (and extra pages) for a book on a complex topic, but the problem is just that in most sections of the book, there are no paragraph breaks, making it more difficult to spot some passages that you might be looking to reference.

The version I have reviewed is the First Limelight Edition, published in January 2002. I needed the book in a hurry, and the newer edition wasn't in stock at the time I ordered, so I went with the older one. But I did find this book to be so helpful and am still learning a good deal from it about a month and a half after purchase, that I do still plan on buying the updated version.

All in all, I think this book would make a great companion to any books that do address how to actually approach filling out forms, or even to help you along if you're using a service or software like TurboTax or something similar.

The New Tax Guide For Artists Of Every Persuasion: Actors, Directors, Musicians, Singers, And Other Show Biz Folk, Visual Arts And Writers is an essential, core reference for anyone who makes their living in any aspect or field of the performing arts, the visual arts, or the literary arts. Succinct, accessible, superbly presented information is enhanced with a listing of useful IRS publications, descriptions of the most relevant IRS forms, and blank spread sheets for recording earned income and keeping a monthly travel expense diary. If any part of your taxable income is derived from the arts, then The New Tax Guide For Artists Of Every Persuasion is an invaluable reference for you -- even if you have already engaged the services of public accountants and financial managers to assist you.

Though the author is clearly well informed about tax strategies, this book doesn't sufficiently address the needs of fine artists. The book seems to make the assumption that careers in the fine arts are straightforward. The book includes sections for specific disciplines, but those are not very in-depth. I did not get much more information from this book than I got from a general tax guide.

I'm sure it will be beneficial to someone because it has a lot of information, but I wasn't that someone this time around. I didn't learn anything new from this book.

Any business large or small which would venture into Internet realms should have Online Operator: it covers all the basics of internet business and transactions, from local and federal tax laws and domain names to online copyrights, international laws and exporting, fraud, and home-based Net businesses. Outstanding.

Bear Kamoroff, CPA, is the author of the phenomenally successful Small Time Operator : How to Start Your Own Business, Keep Your Books, Pay Your Taxes, and Stay Out of Trouble. During the past 30+ years, it has been updated and revised 25 times!

Online Operator applies Kamoroff's ability to make accounting easy-to-understand and fun to read. He explains in detail both business and accounting as they apply to the Internet. He shows you how to start your Internet business, discusses e-commerce, describes the law you must know, covers intellectual property, gets into international commerce and discusses your home business.

Bernard (Bear) Kamoroff is a CPA, University of California business instructor and author of seven books on business.

As a publisher, author of 28 Books, 109 revised editions, six translations and over 500 magazine articles as well as a consultant to the book publishing industry, I find keeping track of business is one of the most important things I do.

Do not go into e-commerce with out this book.

--Dan Poynter, The Self-Publishing Manual.

For most individuals, the book recommends creating a Limited Liability Company (LLC) and then discusses some of the benefits that can be had if BOTH the LLC and Mark-to-Market (MTM) accounting are used. Note that it may not be possible for some less active traders to justify the use of the second of those.

This is a repetitious book and I would have prefered a different way of organizing the information. For example, the basic strategy and benefits could have been easily explained in the first chapter and subsequent chapters could be used to list all the caveats or alternatives.

Nevertheless this is a book I would definitely buy again.

This book is full of useful information and strategies for active traders and investors. However, it is poorly written. The author repeats himself often, while omitting important information that I guess he assumes the reader knows (for example that the mark to market election can only be changed once chosen with the specific consent of the IRS). Sections and subheadings are poorly organized. Often the author writes something like: "we recommend X for the following reasons" and no reasons follow. The book desperately needs editing. If you are prepared to put up with this and have a good understanding of the basics of the tax code as they apply to investing already then this book is very worthwhile reading. I am just starting Ted Tesser's book on taxes for traders. It is a MUCH better read. I have yet to see if it is as useful.

If you are an active trader, this book MUST find its way into your hands. It covers every issue necessary to help you in filing your taxes with trader status. If you can file as a trader, a whole new world of business expense deductions will be open to you. I found that this book answered every question I had, along with some I hadn't even thought of yet.

If you are familiar with author Robert Green's Green Company website, you know how much information and detail he has to share. And if you've read the many pages on his website or his articles in "Active Trader" magazine, then you know how Mr. Green is able to take the otherwise complicated and confusing (and sometimes boring) subject of taxation and present it in a way that almost anyone can follow.

You will find chapters dedicated to important topics such as entity selection and formation for traders, mark-to-market accounting, retirement planning, and tax planning, along with several examples of IRS forms filled out for various types of traders. Mr. Green recommends simple, legal, and proven techniques for reducing the number one cost of traders -- taxes. And he doesn't use risky "tax avoidance" or "multiple-entity" schemes.

This book was written just a few months ago, so it is very up-to-date. In addition, the book promises to publish free updates on Mr. Green's website. So while the tax code may constantly change, this book should always be current.

I don't think this book should be thought of as a replacement for a qualified tax professional familiar with the needs of traders, although I suppose some folks may be able to file their taxes correctly with this book's help. The tax law is just too complicated and the rules are constantly changing from court decisions and lawmakers in Washington. But this book will help you run your trading like business in a way that will allow you to maintain trader status and make life easier at tax time.

I have read every book and website I could find on the subject of trader taxation and entity formation. This book, "The Tax Guide for Traders", is the best yet. I highly recommend it.

The book discusses issues that should be considered before filing as a trader. It also discusses factors that traders should consider before electing mark-to-market accounting. The guidance here is consistent with what I've read and heard from other credible sources.

A chapter is devoted to choosing the form of entity--single member Limited Liability Company, sole proprietor, etc. The book mentions several times that a tax professional should be consulted before selecting a form of entity for the trading business. This point cannot be overemphasized.

Another chapter includes the author's recommendations for establishing retirement plans that traders who have established a business entity may find useful. The book also discusses allowable deductions for traders.

The chapter on proprietary trading discusses considerations when trading a firm's capital instead of your own, and what to consider before associating with a firm as an employee or independent contractor.

For the most part, the book uses examples to illustrate key points effectively. The chapter on IRS audits includes a couple of cases studies--an audit of a part-time trader and an audit of an unprofitable trader. Illustrative Schedule Cs (Profit or Loss from Business)--for a sole proprietor and an LLC--are presented and discussed in some detail. The chapter on futures and commodities trading seemed to lack the level of detail that was present in other parts of the book, although it does provide a good overview of the relevant issues. As for taxation of equity, index, and ETF option trades, the book does not offer any guidance at all in this area.

The author is a CPA, and CEO of an accounting firm that provides services to traders and investors. This edition of the book was published in late 2004. Readers are invited to log on to the accounting firm's web site to get updates on issues that were not included in the print edition when it went to press. The web site also has links to journal articles published by the author that will be of interest to active traders.

I was somewhat bothered by the Introduction to the book, where the author appears to take a dim view of other tax professionals who serve trader/clients or want to get into the business of serving them. We are told, for example, that unless your local CPA or tax attorney handles "dozens" of traders, they probably will come up short in their advice to you." Dozens? Oh, come on now.

That said, I believe the book is a good starting point for active traders who are considering making a business out of it. With this information at hand, you should be able to ask good questions of your local CPA. He or she should be able to put you on the right path or, if appropriate, refer you to another tax professional with experience in this area.

This is an extraordinary story about a once-in-a-lifetime experience. Buy this book today and soak up the joy and courage of a free people claiming their right to raise their voices in protest.

Phil Valentine was Tennessee's Paul Revere. Not only was he there, right in the middle of the action, he was rallying the citizens of Tennessee to claim their rightful place in government.

This is one amazing, inspiring story. GET THIS BOOK.

I work in the state tax area, so I enjoyed the historical accounts of tax revolts. I also enjoyed hearing about the TN legislature's political moves used in trying to get a personal income tax passed. No surprise that the writing style is rather self-aggrandizing (Mr. Valentine is a talk-show radio host.)

I listen to Mr. Phil Valentine Monday through Friday, here in middle Tennessee. I and my family were at these Capitol Tax Revolt Rallies in Nashville. I urge you to grab the opportunity to become inspired toward "rebellion against an overbearing, bloated, arrogant and abusive government" by reading this book. Mr. Valentine is eloquent and, yet, easy to follow.

Come on! I'll meet you all at the town square!

I read the parts of this book that related to me...mutual funds,etc. Then I browsed through other parts. The examples make each point clear and are often humorous. There are lots of ways to keep taxes much lower through planning ahead of time. This book makes it fun to make those plans.

The value of this books lies in the author's frequent assertion that you are not 'avoiding taxes' or 'cheating the IRS'... because there are PLENTY of tax breaks written into the tax code that are legal and only have to be asked for; so ask! Many are best used by small businesses which are incorporated, but others apply to everyone. He has many travel deduction strategies which make most of a trip deductible.

This is an excellent book on real estate taxation.
I read the 18th edition published in 2004. If you do buy this book, make sure that you get the latest edition as tax laws are constantly changing. You likely will need to check the author's website.

A few critiques:
* There were some minor typographical errors
* Examples that had been written in earlier editions should have been updated for the latest version. For example, Reed argues that you should expect a 20% annual return on your money as a real estate investor and justifys this in part by contrasting investing in real estae with investing in notes where he says that first mortgages yield a 10% annual return. In 2004, first mortgages would yield closer to a 5% annual return.
* There is not a uniform style to the chapters. They often feel like a collection of distinct articles that were loosely grouped together into a book. For example, one chapter is written in the form of questions and answers.
* Did not cover owning real estate in IRAs. There are currently apparently effective ways to own real estate from within a retirement plan. This book did not cover this topic at all.

On balance I am very happy with this book and it's sensible approach to real estate and taxation.

I can not imagine not having John T. Reeds books, especially this one, on my bookshelf. I constantly refer to this book whenever I am reviewing my investment strategies for my properties. I have found his philosophy extremely clear & concise. I appreciate his material so much because it stands out far above many other Real Estate books by "so-called" gurus who are basically pedalling snake oil to the general public. He gives purposeful & useful information. I own 5 of his books and have always found them to be a worthy investment.

This book is so helpful and wonderful. I bought two and gave one to my daughter who has just gotten married and she loved it too. A must-read for people to need to get straight with their financial planning!

This book completely lives up to it's 24 hours expectation. After reading it, I feel as though I know exactly what to do with my financial plans. This book has intelligent information with quite a touch of humor to go along with it. I think everyone planning for their future whether they are old or young should definitely read this book. Take it from me, it is incredibly helpful!