Taxes Books

If you own a business, you have to have this book. It explains everything from employee compensation to the home office deduction. What's great is I find myself referring to it on a regular basis for both simple questions (can I deduct this?) to complex questions (depreciation expense).

I would recommend this book to anyone with a business.

If you own a business, you have to have this book. It explains everything from employee compensation to the home office deduction. What's great is I find myself referring to it on a regular basis for both simple questions (can I deduct this?) to complex questions (depreciation expense).

I would recommend this book to anyone with a business

This is a very basic book that unearths nothing we don't already know. Wow, a SEP-IRA is deductible? And so is health insurance and advertising? C'mon... give me something I can use!

There is nothing in this book that can't be found for free at a number of sites. In fact, Quicken.com may be more detailed, and its free.

Unless you were born 2 days ago, and started a business yesterday, this book will reveal very little.

Though several years from its published date, I found this publication to be most helful in cutting through confusion of a complicated subject.

This is a good book to help prepare someone with an estate plan before consulting a lawyer. Depending on your situation, it might be easier to use this book and some estate planning software instead of paying a lot of money for an attorney. I think the key here is that this book will help motivate people to TAKE CARE OF YOUR ESTATE! After you read some of the stories that occur when people fail to do this you will be glad you have purchased this book. It certainly is not a substitute for an attorney, but it will help make the layperson ask those critcal questions as to what should be done with their estate after they are deceased. It talks about avoiding estate taxes, setting up partnerships, trusts, financial planning, life insurance, and gives some referrals to professionals in each one of these fields.

I used to use Lassers all the time to help me do my taxes. However since Tax programs have been out I have used them. I thought it time to review some of the basics myself. I trust Lasser's guides.

Although Stiglitz makes it extremely readable and more elegant in his Economics of the Public Sector, I found it more effective to learn the subject due to the deeper treatment of the models and theories.

Perhaps slightly lacking on the theoretical side (but I guess this was Prof Rosen's objective), this book offers a broad yet detailed overview of public economics. Many parts are in narrative style making for a pleasantly clear read.
Certainly a good and clear text for an exposition on the topic, especially if complemented/expanded on by a good lecturer.

This book is not as challenging as Stiglitz, and the author does not have Stiglitz's dazzling facility with economic theory. But Rosen is properly less trusting of the political process, gives greater scope to political and ethical philosophy, is open to a wider range of ideas and has more references than Stiglitz, is less prone to rush to judgement, and is less beholden to the Clintonista viewpoint. This is the better book upon which to ground a sound understanding of public economics. Compare Rosen with Stiglitz on the Coase Theorem, the Flat Tax, the economic role of the stock market, and Social Security reform. Too bad Rosen's fairness cannot be combined with Stiglitz's brilliance.

Jacques Kinau is an economic specialist operating from the Institute for Research in Washington. His specialty is tax policy and his latest work, "Start Your Own Tax-Exempt Think Tank" is both an instructive guide as to how the powerful became much more so at the distinct expense of the middle class as well as how to correct these appalling disadvantages through self-help.

Early in the book Kinau provides information on tax refunds received by America's leading corporations in the Institute on Taxation and Economic Policy Report's "Corporate Income Taxes in the 1990s" which furnishes grist to make the blood of middle class taxpayers boil. For instance, in 1998 Pepsico, Pfizer, and MCI WorldCom all received whopping tax refunds to put them in negative territory where the tax collector was concerned.

If you want to talk about specific numbers, Kinau has them. For instance, Lyondell Chemical finished 1998 with a minus 55 percent rate. Texaco and Chevron also received lavish windfalls as the oil giants ended in negative territory at 37.2 and 26.4 percent respectively in the tax rate department.

The message embraced by Kinau is easily summarized in one succinct sentence: "Stop subsidizing wealthy individuals and tax-dodging corporations." Since the Reagan era income wage earners are paying a substantially increased share of the total U.S. tax burden. What we have seen from so-called public officials in Washington is a buddy plan for the wealthy. Leading corporations fund campaigns and their ardent lobbyists on Capitol Hill promptly collect on benefits and services received. This dangerous trend toward socialism for the rich has substantially increased under the Cheney-Bush Administration. As has been noted, George W. Bush is a huge corporation operating under the guise of a single individual.

The author provides a game plan for Americans tired of making up vast differences pocketed in "tax relief" for the nation's leading corporations. Noting that speakers on right wing advocacy group Fox News come from various think tanks in which tax benefits are received by those propagating the "greed is good" syndrome, he advocates that exploited taxpayers develop an effective game plan of their own to combat blatant exploitation for the benefit of the rich.

Kinau recommends that frustrated American taxpayers start their own tax-exempt think tanks. He sees the benefits as twofold, economic reimbursement in the face of financing corporate largesse at a discriminatory level and turning the tables on the propagandists by using the newly created think tanks as platforms espousing tax justice at long last.

The nuts and bolts aspects of how to start such a think tank are covered in meticulous detail in "Start Your Own Tax-Exempt Think Tank" as government forms are reprinted, along with instructions on how to answer questions relating to the start up process.

The message presented in this book is refreshingly straightforward. The Institute for Public Research identifies the problem squarely in one pungent paragraph:

"President Bush's team of economic advisors drawn from top universities, corporations, and conservative policy think tanks are driving down the road toward privatizing Social Security and reforming the tax system. America's middle income taxpayers are scampering for new ways to avoid becoming road kill."

Think of that term, so brief and powerful - "road kill." This is tragically what is happening as the nation's debt gallops toward the perilous $8 trillion mark with no end in sight as corporations reek a harvest and lobbyists gloat while an increasing number of Americans fight to avoid being "road kill" victims of corporate greed running amok.

What troubles me most about this book is that Kinau is giving the message that since certain individuals and groups with money are abusing the purposes of charitable organizations, everyone else should get in on the action too, at least until Congress decides to take action. I say two wrongs don't make a right.

There is a line in the disclaimer in the beginning of the book that states "A tax-exempt nonprofit think tank (TENT) is not just a tax shelter." Actually a tax-exempt nonprofit is not a tax shelter at all and it is not appropriate to use it as one.

Kinau starts out with a chapter detailing all of the tax loopholes used by corporations to dodge paying their fair of taxes. And what he writes is true. But he uses it to put you in the frame of mind that you can get even by starting your own nonprofit and using it to shelter your income.

In certain circumstances, forming such an entity might be of benefit to an individual. For instance, if you are already heavily involved in charitable, educational, or policy research type activities, moving those activities into a 501(c)(3) organization might well be advantageous. On the other hand, just making a large donation and volunteering your time to your favorite charity might be just as beneficial.

The problem with shifting income into a nonprofit is that the income no longer belongs to you. It belongs to the nonprofit and can ONLY be used for charitable purposes. Yes, it can pay you a salary. But then you have to pay taxes on the salary, so where is the benefit? Yes, it can pay for travel related to "policy research." This does not mean it can pay for your cruise to the Bahamas, your ski trip to Colorado, or a vacation in Hawaii.

Kinau talks about the complexities of administering a large for-profit corporation. This he compares to the relative simplicity of administering a small nonprofit think-tank. Apples and oranges. A small for-profit corp is only slightly more complex than a small nonprofit. If you are talking about setting up benefit plans and retirement plans, the differences get even smaller.

Kinau gives three examples of people who have formed their own "think-tank" nonprofit organizations. The first two seem questionable. First is "Wendy," a corporate employee who moonlights as a financial consultant to small businesses. She decides to form a nonprofit organization and shift her consulting income into the nonprofit. According to "Wendy," "Slight modifications to my financial consulting business side job converted the core business charter into a nonprofit endeavor encompassing the study of policies by test cases to maximize financial efficiency of small businesses."

Kinau observes: "Wendy altered her short letters of agreement for corporations and individuals into "grant agreements" rather than business contracts..." She also changed the premise of each job into a case study to be benchmarked, rather than a straight consulting job for pay. By making transactions with individuals and small business people more attractive through tax deductibility, she picks up an additional $5,000 in yearly business."

The problem here is that the businesses that hire her nonprofit to conduct these "case studies" appear to be receiving a benefit that is more than incidental. This means that the "grant" money that they pay to her nonprofit will not likely be tax deductible at all. However, it might be tax free income to the nonprofit. Then there is the problem of how to get the money out of the nonprofit into Wendy's pocket where she can use it to buy groceries. Can't do it without being taxed, although there is the possiblity of non-taxable fringe benefits pulling some of the money out tax-free. She could have done that with a small for-profit corp.

The second example is a man "Bill" who is an activist. And he waits tables at a restaurant for a living. Since he is already an activist and probably donates a good bit of money and lots of time to charitable causes, Bill is probably a very good candidate for a personal "think tank." But Kinau lists one of Bill's strategies as asking restaurant diners he serves to contribute to his nonprofit in lieu of giving him a tip. Thus his otherwise taxable tip income is converted to a tax deduction for the customer, and tax-free income to the nonprofit. Only one problem with this: Tips are taxable because they are payment for services received. In other words, had the diners not been served by Bill, they wouldn't have made a "donation." The IRS would recharacterize the "donations" as tips and then allow Bill a charitable deduction for donating the tips to his charity (if he itemizes).

Maybe Bill is real and maybe he is actually doing this and getting away with it, because, let's face it, when it comes to nonprofits the IRS is out-to-lunch. It's like some of my tax clients say to me, "Why can't I deduct my business suits? My previous CPA used to deduct them?" I tell them "Look, you can deduct ANYTHING on your tax return...until the IRS catches you."

Kinau does provide some information here that would surprise a lot of people. Yes, performing research and publishing studies on public policy does qualify as a tax-exempt activity. The definition of "charitable" is very broad.

Tax-exempt charitable organization's should be formed for doing good for society, not for sheltering income. If you need to shelter some income from business activities, a for-profit corporation works just fine for most people.

Another thing Kinau glosses over is how difficult it can be to get other people to donate to your personal charity, especially if they think you are just using the money to enhance your own lifestyle. I've help many small charities get their tax-exempt status, and fundraising isn't easy.

One of the things that makes it harder for legitimate charities to raise donations is that there are enough charities out there abusing the rules and creating bad press. It just makes it tougher for the real charities.

If you are thinking of starting a charity, I'd recommend reading "A Legal Guide to Starting and Managing A Nonprofit Organization" by Bruce R. Hopkins. It is written in a way that is easy to read and is technically accurate. I believe there is also a "Nonprofits for Dummies" book as well that I've flipped through and found it to be very good.

Kinau's book tells you just enough to get you into trouble. I don't mean to say it has NO useful info. The sections on filling out Form 1023 and Form 990 are instructive, but now outdated. Also, Kinau shows how to fill out Form 990-EZ and indicates that it is a 2 page form. He neglects to tell you that a 501(c)(3) is also required to fill out "Schedule A" which is about 7 additional pages and includes the public support test and lobbying questions. But I guess that's why he has a full page disclaimer.

I hesitate to give overly critical reviews of books since I respect the amount of work that goes into a book. But I suggest you look elsewhere for advice on forming your nonprofit, and for advice on using the corporate form for reducing your tax burden.

In Start Your Own Tax-Exempt Think Tank, serial entrepreneur and nonprofit think tank expert Jacques Kinau clearly lays out the benefits to be lawfully gained by establishing a "Think Tank" -- an organization that doesn't not have to produce any tangible product, but can nevertheless qualify for (to the lay reader) some astonishing financial benefits with respect to contemporary American tax laws. Kinau reveals how existing and planned tax law changes push more of America's total tax burden onto middle income taxpayers and wage earners, and how extremely profitable corporations dodge tax responsibilities the rest of us must endure through their creation of foundations. An informed and informative "how to" guide, Start Your Own Tax-Exempt Think Tank will enable anyone to establish a Tax Exempt Nonprofit Think Tank which can deliver to ordinary people the huge benefits typically the reserved province of high-rolling corporate executives. By following the instructions and resources provided by Kinau, anyone can incorporate their own tax exempt nonprofit think tank within in their own state in only a few weeks, and secure an IRS tax exemption within three months. If you are tired of being the cash cow for corporate America and their congressional allies, then give a serious reading to Start Your Own Tax-Exempt Think Tank.

One of the better written tax textbooks. Will actually NOT put you to sleep when you read it. Easy to understand examples.

I am using this book in my Federal tax accounting class. I have more about taxes from this book than I have ever in my whole life. Great tax examples and many resources to solve each problem.

This book was difficult to read, often wandering off on a tangent. I know the subject of taxes can be difficult but this text made topics that I was already familiar with seem confusing again. Each chapter has several examples, many of which were helpful. But many were also not clearly explained and a few made me wonder if the paragraph was truely finished. If you have a choice, pick up some tax software and a quickfinder guide to go with this class.

This book is a no nonsense break through on understanding the mind boggling world of annuities of all kinds. The book is timely since this topic is now going to be of high interest given aging baby boomers. The book is well organized and an easy read. There is an unfortunate typo problem on the critical titling rules chart that left me searching elsewhere for the necessary answers. I recommend this chart be fixed before the book is republished.

Annuities For Dummies by Kerry Pechter is a very readable guide to annuities that makes sense of a very complicated insurance product (and what insurance products are NOT complicated?) Pechter guides the reader through a brief history of annuities to a broad view of how they work, and on to specific facts about the various kinds of annuities available. The only slight criticism is that his presentation is a bit overly favorable toward annuities, bolstered by selective statistical examples, like the one on p. 21. Hypothetical retiree "Smith" was over-invested in bonds and cash, which do not provide protection against inflation. That is partly why hypothetical retiree "Jones" with his annuity and stocks did better. Was it the annuity or the stocks that made the difference? The logic behind the example is undoubtedly that without an annuity, Smith would want very secure investments, hence, bonds and cash. All in all, the book will help any reader make better choices regarding annuities. And it's a fun read!

Blowfish Live in the Sea was not especially one of the greater books that Paula Fox has written. Although descriptive and interesting, the book didn't really go anywhere... there was a simple plot: Ben's dad was a drunk, but he was still Ben's father. So, Carrie and Ben went all the way to Boston to meet a drunk liar... yet, somehow, they all enjoyed themselves.

Blowfish Live in the Sea is definitely one of the best books that I have ever read. Paula Fox does such a good job of describing the characters that you think that you completely know them by the time you are through. I could not put this book down. The setting and atmosphere seemed so real that I could not help but wallow in the problems of each of the melancholy characters for a while. It also offers a very real picture of what life was like back in the seventies (sixties?) for a teenage girl and her older step-brother. This book is very rare and hard-to-find, so if you can get your hands on it, go ahead and read! The mystery of the strange blowfish will haunt you forever!! (Excellent ending, I might add.)

GO READ BLOWFISH LIVE IN THE SEA.

There are very few books available that provide guidance on the complexities of moving from Canada to the USA. This is the best book that I have read on this topic so far. I found it well organized, informative, and easy to read despite the breadth and complexity of the topic. The personal anecdotes help to give confidence that the Mr. Wruk is authoritative in this field. The only down side is that, even after reading the book, you still need to hire the services of someone like the author in order to make plans specific to your own circumstances.

This book give a very good overview of some (all?) of the tax and financial issues facing Canadian in America. However I had hoped it may give some more concrete advice and specifics, and falls short at that point. At any stage that seems to be getting to specifics the authors merely refer the reader to an accountant. While I appreciate they want to protect themselves and that each situation is different they could have provided some slightly more specific examples.

Before I had even finished skimming "The Complete Idiot's Guide to Tax Breaks and Deductions" I found it was so useful I sent an email to a friend who was starting a small business and suggested she buy it.

Lita Epstein has put a TON of useful information in a small package that is well organized for finding answers to your questions.

Kirk Lindstrom
"Investing - Personal Finance" @ [...]

Epstein has an ambitious goal: to produce a tax book that lives beyond April 15th as a handy guide to tax planning. Epstein is only partially successful. Information on various tax credits has been made less useful by numerous changes in the tax code. Her information on the tax aspects of divorce and running a business are much more useful and perennial.

Epstein is challenged by the same problems that plague all tax books: an ever-changing tax code. Nonetheless, the basics of tax planning aren't going to change anytime soon, and so Epstein's book is a good place to start for information on personal exemptions, standard and itemized deductions, tax credits for children and education, tax planning and retirement, taxes and divorce, and various business expenses. Excellent binding (hasn't fallen apart yet, despite constant reference), excellent page layout, and helpful index.

It was a little hard to follow the categories, but this book answered every question I had about tax deductions.(And, I had a LOT of them.) It's impossible to rely completely on an accountant when it comes to deductions because there can be hundreds of potential write-offs. This book educated me and helped me find things that I would have overlooked.(and, saved me money!)

If you're looking for an overall review of the tax laws and certain exemptions, this book is good. Since filling out my taxes, I've discovered it's not perfectly clear about which forms you need, but helpful. (I only missed one form of six.) BUT, if you're looking for a book that gets down to the nitty-gritty on tax deductions that you can take, covering one's you didn't know existed -- keep looking. This book is pretty basic. I will admit, it did help me with my first time of doing LOTS of paperwork.