Amazon.com

Dispelling the myth that it takes big money to make big money, Motley Fool writer Jeff Fischer champions direct investing, showing how individual investors can build substantial wealth with relatively small outlays of cash. Starting with as little as $50, an investor can purchase stock directly from a company, thereby avoiding intermediary charges incurred by using a broker. Fischer then explains how money compounds so that even small monthly investments can become significant nest eggs. In a section titled "How Do I Become a Millionaire?" he lists several ways to do so: "Begin with $500, save $1,200 annually, or $100 a month, and earn 15% per year. In 33 years, you'll have over $1 million." Or "Begin broke, save $2,400 a year, or $200 monthly, earn the stock market's historic 11% annual return, and in 36 years you'll have more than one million clams." Fischer presents basic investing principles here--a little over time becomes a lot--but like a typical Fool, he does so in a lighthearted, easy-to-understand fashion. The bulk of the book (300-plus pages), however, focuses on listings for more than 1,000 direct-investment plans, including company contact information, investing schedules, minimum and maximum investment amounts, and miscellaneous selling info. (For example, Roslyn Bancorp Inc.: "Sells within 10 bus. days, by mail, at avg. price, for $10 + comm.") A good resource for the cash-light beginning investor. --Rob McDonald ... Read more

Reviews (13)

Helped me start saving!
Great book for a starting investor who wants to save money on brokerage fees! I had zero knowledge on DRIP's and DSP's. This book helped me get started setting up an account and in picking a company to invest in long-term. This is the best investing book I have ever read. Jeff Fischer's writing style is comprehensable and fun to read. I loved it!

Best direct investing book
I have purchased three direct investing books, and this one is by far the best... comprehensive and easy to follow... they arrange the info on investment plans in a clean format... don't worry about direct investment plans being too complicated... they're very easy and everyone should get involved with them... this is a good book for getting started.

They DId Not Hold Up In The Crash
They loved Enron at the peak. Their methods are questionable.

Excellent resource of information.
The first third of this book is detailed information about how to analyze stock numbers, ratios, etc. That's quite valuable information and key to developed a system of analysis to figure out the stocks in which you want to invest.

What surprised me was the *rest* of the book! They compiled a comprehensive list of hundreds and hundreds of companies which have dividend reinvestment and related plans. This made calling those companies for more info so easy! So easy to get started with investing my savings for the long term. BUY THIS -- you won't regret it.

Comprehensive and concise, too
This book covers everything to get started in the stock market with whatever money you have, and it's concise enough too that it doesn't waste your time with extra words. A very finely written book. The investment plan information in the appendix is nice to have in print. ... Read more

Amazon.com

Americans are infatuated with the stock market. The number of households that own stock has increased from around 20 percent in the early 1980s to over 40 percent today. The market offers the hope of quick wealth and early retirement, and just about everyone who is in the market is looking for an edge, from sources such as CNBC and Wall Street Week to the Beardstown Ladies and "The Motley Fool." So it should be no surprise the most successful investor of our time--Warren Buffett--has been the subject of dozens of books and magazine articles. The value of Buffett's company, Berkshire Hathaway, has increased from $18 per share in 1965 to over $70,000 per share today. The interest in Buffett has spawned an approach to investing called "Buffettology," which is the subject of a book by the same name written by Buffett's former daughter-in-law, Mary Buffett.

In Buffettology, Mary Buffett, with the help of David Clark, details Warren Buffett's approach to investing. It's a style of investing based on the work of Benjamin Graham and one that requires a quality that most investors lack--discipline. Mary Buffett writes, "As you read through this book you will come to see that having a business perspective on investing is more about discipline than philosophy.... In short, other people's follies, brought on by fear and greed, will offer you, the investor, the opportunity to take advantage of their mistakes and benefit from the discipline of committing capital to investment only when it makes sense from a business perspective.... You will find that almost everything that relates to business perspective investing is alien to Wall Street folklore.

Buffettology examines Buffett's methods for valuing companies and selecting stocks--it even encourages you to buy a calculator and work through the valuation formulas that Buffett uses when researching companies to buy. The book not only serves as a useful guide to understanding how Buffett invests, it's an excellent primer to investing in stocks, whether you plan to become a Buffettologist or not. Highly recommended. --Harry C. Edwards, Business editor ... Read more

Reviews (85)

Some possible clarifications
I liked reading Buffettology. I'm somewhat new to investing and found the principles of valuation enlightening. However, there are some necessary clarifications for the naive like me and others. First, I don't think the small time investor could ever even approach Buffett's record (not even a 15 % compounding rate of return). He's the only one in history to have achieved his remarkable rates of return over 30 odd years. Secondly, Buffett is not a mutual fund mananger but a business acquirer who applies the principles of value investing. It becomes easier to earn higher rates of return when you have the power to influence the direction of major management decisions. This is how he adds value for the shareholders and is one of the less discussed "ingredients" in Chef Buffetts arsenal. With these ideas in mind, the small time investor without the enormous capital required to acquire a major holding in a business could be undertaking high risk when building a concentrated portfolio. Therefore, a stock picking strategy may not work for us. So I would say that with the right perspective this book is valuable, but should be read with a cautious eye. I would like to hear from any small time investor who has succeeded(achieved a 15 % rate of return or higher over 15 years)using a concentrated portfolio and a value investing strategy.

a book with full of mistakes and stupility
i can't imagine anyone could misunderstand warren buffett and misled readers by that much, like a student from elementary school trying to explain what is the practical meaning of calculus.

don't follow it, instead, read the essays of warren buffett and you can tell the difference between truth and fake.

i would have given negative grad if there had such.

Ex-Buffett on Buffett
Probably the best of the Buffett books. Mary isn't part of the Buffett gang anymore, so she doesn't have anything to protect, just plenty to tell.
Mary Buffett and David Clark spell out Buffett's methodology as well as anybody. But once you get into the meat of the book, you realize that Buffett had (and has) a lot of advantages over most other investors. That, in and of itself, doesn't take away from the genius behind the method, just that you aren't going to approximate his returns without a lot of luck.
Particularly interesting is that many of his "great" purchases were made either when the market had momentarily beaten down a good company, or when the market in general was on the ropes. Both situations recall the sage advice to "buy when blood is running in the streets." Sadly, most investors are usually loaded up with stocks (and paper losses) and without the wherewithal to buy more when these panics hit.
That's where Buffett's business strategy comes in. By investing heavily in insurance companies early and often, he's the beneficiary of a steady stream of cash, ready to be put to use whenever the opportunity presents itself.
The authors' advice to mimic Buffett in seeking out consumer "monopolies" with intangible assets is good; "an unregulated monopoly that the world hasn't recognized yet," as they say. However, thousands of Wall Street's brightest are hard at work all day and into the night looking for those same jewels. So you'll have plenty of competition.

Two problems arise from this type of book. The first is that the assumptions made about the expected growth of earnings/dividends over the course of the next 10 years can easily go astray. The business environment is changing rapidly. Long-range predictions haven't held up well recently (and frequently don't). The second problem is one of practicality. Do you actually have the resources and time to do the footwork that a Buffett or a Peter Lynch can do? If so, then maybe you'll be the next superstar. Otherwise, you'll have to find an easier way of going after that 20+% return year after year.

84 reviews...let me simplify
I am weeding out my investment book collection and thought I would read the reviews of the books I am donating to the local library. This is one.

I have owned this book since it was first published. At inception it does two things well. It teaches you how to use a TI business calculator to figure expected potential returns using growth factors and, it is fun to look at the author's analysis of some of Mr. Buffett's prior common stock investments.

Many years have passed. The rules have changed, and by his own admission, Mr. Buffet's strategy has changed.

While Mr. Buffett has stated that his favorite holding period is forever, the reality is he only holds WHOLE BUSINESSes forever, because he gets to allocate all of the CASH that the business doesn't need to reinvest.

The concept of future returns and intrinsic value is an academic exercise in what "ought to be". This book takes one method of future pricing by extrapolating estimated growth rates into the future and applying a 10 year average P/E. It makes no allowance for declines in ROE, future growth rates or true free cash flow. In essence, this is speculation, arithmetic style but, not unlike most major brokerage reports present.

If you are willing to sit down and think about it, stocks are paper and have no real value unless you can purchase a controlling interest or get a cash dividend that exceeds you opportunity cost plus a round-trip commission.

Don't believe me, look in Barron's on any week at the 144 filings. You and I are sold a 100 share position for x$ for our IRA yet the principals of the company we just "invested" in sold thousands of shares (via option grants) for tens of millions of dollars. A 100 shares of stock is worth only what someone else is willing to pay for it.

Anyway. This books value is teaching you how to use a TI calculator. The book is now 8 years old. The "efficient market" has absorbed the analysis and Mr. Buffett has bought entire companies so he can get all the cash. Focus on cash on cash returns in excess of the rate of inflation. Good luck. ...

It's good - but "The New Buffettology" surpasses it.
I have amassed a total of 7 Buffett-books to date.When i first read "Buffettology" a few years back,it immediately became my favourite - for it's simple explanation of the commonsense but unappreciated strategy that has made Buffett so successful.

However,i have only given it three stars,because althou it contains insightful thoughts in its own right,the authors subsequently went on to outdo themselves in THE NEW BUFFETTOLOGY. Not only did they explain his strategy even more potently(in my view),but whilst "Buffettology" was written before the stockmarket-bubble (of the late nineties) had burst,"The New Buffettology" was written afterwards - so you get the extra benefit of seeing how Warren played that post-bubble period,on top of the text's extra potency.

So yes,"Buffettology" is good,but it is surpassed by "THE NEW BUFFETTOLOGY". ... Read more

Book Description

Anyone who gives clothing or household objects to charities and itemizes their tax return can benefit from ItsDeductible™ - the only book available that determines the fair-market value of commonly donated items. It is updated annually, with 75 percent of the valuations changed for this year's edition. Although millions of people deduct such donations on their returns, most underestimate the value of their items. With categories for clothing, jewelry, baby supplies, toys, small appliances, tools, sporting goods, and more, this "comprehensive and detailed" workbook (The Wall Street Journal) will increase the user's tax savings by an average of $500. In addition to assessing noncash donations, readers can also easily track monetary and property donations, out-of-pocket expenses, and mileage expenses incurred while driving on behalf of a charity. ... Read more

Reviews (15)

Great information for new business owners
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

TaxMama Says Buy This
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 Must Have Guide Book
A lot of words are not necessary to tell you that Jan Zobel's Minding Her Own Business is the book for you IF you are thinking of starting your own HOME-BASED business, you are already in business, struggling with what you can and cannot deduct AND you are confused about all the tax information available. This book is geared more to the sole proprietor than to a corporation, LLC or partnership. Ms. Zobel writes in a simplied language that any novice can understand and appreciate. The tax forms section takes the guess work out of what forms to file. It would be extremely helpful if Ms. Zobel published a 4th edition that would include updates for 2004 and 2005 tax filing.

Really glad I found this before April 15
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.

A Fairly Good Introduction To Business Taxes
Jan Zobel is an enrolled agent with the IRS and has prepared over 6,000 tax returns. Her book, "Minding Her Own Business: The Self-Employed Woman's Guide to Taxes and Recordkeeping" draws upon her experience to help people new to small business get a basic understanding of recordkeeping, accounting, and taxation issues that affect small business.

The book covers setting up a receipts sheet and a disbursement schedule. "Minding Her Own Business" is written mainly for sole proprietors. The book is much like a "Small-Time Operator" for women.

If you wonder what expenses are deductible or how to minimize the chances of an IRS audit, the book has excellent chapters. One hint from Zobel's experience is "The More you break down your expense categories, the less chance of being audited." The advice is solid.

There is also an excellent discussion of the difference between independent contractors and employees. (this info is widely available free online) And, another great chapter discusses (with worked-out example) of how to make your quarterly estimated tax payments.

The only weakness of "Minding Her Own Business" is that it only teaches single-entry bookkeeping and not the more robust double-entry accounting. (And, there are many good introductions to basic recordkeeping for business owners) Yet, the simplified single-entry accounting is still preferred by many small business owners. Also, given Zobel's vast experience, I would like to see a chapter devoted to S-Corporation taxes and a more thorough discussion of financial statements.

Overall, if you are new to taxes and recordkeeping, I recommend this book.

Peter Hupalo, Author of "Thinking Like An Entrepreneur." ... Read more

Book Description

The taxation of income, gifts, and inheritances produces intra-family linkages down through generational lines. It is this "tax circle" from birth to death that makes family tax strategizing so important. This book provides three basic tax-saving strategies. One strategy focuses on the primary filer in a family situation, such as a single parent or both parents when filing jointly. The second strategy focuses on multiple filings in order to maximize the number of tax returns filed. The greater the number of tax returns filed, the more diluted the total family tax becomes. The final strategy focuses on gratuitous transfers-gifts and inheritances-from grandparents and other elderly members in a family and preparing returns as dependents-in-fact. This book dissects the anatomical parts of a parental tax return in order to achieve greater tax savings. ... Read more

Book Description

101 Tax Saving Ideas - Fifth Edition outlines the surest ways to reduce taxes in the areas of Investments, Deductions, Education, Divorce, and Small Business and Retirement Planning.This newest edition includes information on the new rules for minimum distributions from IRAs and retirement plans.It has an expanded section on education planning, including Qualified State Tuition Plans.It includes recent tax law changes and proposed legislation to give you an idea of what Congress has done and plans to do.In addition, it is designed to help anyone develop a workable "Tax Action Plan" on their own or with an adviser.This informative book offers valuable tips with clear examples for reducing your taxes.Expert advice.Easy to read and infomative.Year-round guide to reducing your income tax. ... Read more

Reviews (4)

Easy-To-Understand Language
Many tax books are written over the average American's heads. But that is not the cause with 101 Tax Saving Ideas. The author go to great lengths to make sure each tip is easy to understand and beneficial. Each tip is geared towards helping middle-class families, small home businesses, and retired folks save money on their year-end taxes. I especially liked the examples to better explain the tips.

Year-Round Guide to Reducing Your Income Tax
Randy Gardner, LLM, CPA, is a professor of taxation at the University of Missouri and Julie Welch, CPA, is the Director of the Tax Services at Meara, King & Company.

Randy Gardner and Julie Welch keep their tax guide up to date and they cover everything from family tax planning to working with your tax adviser. They highlight recent law changes and discuss proposed tax legislation for the future.

Examples of Tax Tips:

Have your refund deposited directly into your savings account. Just add your bank's routing number to your federal tax return.

Don't overpay your taxes throughout the year to receive a large refund. It's better to lower your withholding and invest the cash throughout the year.

What will this book do for you?

Reduce your taxes
Help you understand tax law
Show you how to take advantage of tax planning opportunities

Interesting sections that were very helpful include:

Nontaxable Income - you don't have to pay takes on a number of items including government payments, purchase discounts, benefits from your employer and personal gifts and life insurance proceeds.

Deducting Moving Expenses when you have to move because of a new job.

Pros and Cons of Renting Versus Owning A Home

If you have a small business, there are many sections that will be very useful and will give you ideas for how to save money on your taxes. Other areas of interest include, divorce, retirement, investments, education planning and tax credits.

~TheRebeccaReview.com

Superb advice
We found this book loaded with great tax savings tips. Especially important are discussions of tax-savvy investments, and how to minimize your taxes looking ahead to next year.
This easy-to-read and hard-to-put-down book is a must for investment adivsors and tax preparers alike. It belongs on your professional reading list. Overall, an outstanding value.

Offers year-round insights in financial planning
Now in a sixth edition fully updated to include coverage of all aspects of the new federal tax laws, 101 Tax Saving Ideas is an expertly written, solid, detailed, reliable guide filled from cover to cover with tips, tricks, and techniques for reducing one's annual taxable income. From taking advantage of itemized deductions, investments, exemptions, fringe benefit plans and more, 101 Tax Saving Ideas is a first-rate contender written for non-specialist general readers of all levels of experience with the IRS reports and forms. Reading 101 Tax Saving Ideas offers year-round insights in financial planning - it's never too early or too late to start thinking about next year's taxes! ... Read more

Reviews (3)

A well written book for beginners.
The author writes very well, but all too often the advice is a little thin. I liked his approach to handling money but for real practical advice I found another book more useful: "How To Invest $50 to $5,000" by Dunnan. However, both make excellent presents for young and/or inexperienced investors and savers.

Intelligent advice for thoughtful investors.
Lowell's writing voice is engaging, intelligent, and refreshingly free of finance jargon. This is a primer for people who have more on their minds than their mutual fund returns. One of the very few books of this genre I could actually relate to, as someone with a healthy skepticism towards the American dream of riches and retirement. Written uncondescendingly and with attention to the often ignored but important issues of investors' social responsibilities, and if it is in fact possible to do well and do good at the same time. One of the few books of this genre that doesn't alienate me.

okay..
I liked it, and it was helpful, except it wasn't geared to COMPLETE beginers who have had zero experience to investing... I would have liked there to be a section telling you exactly what all the numbers (like in a wall st. journal) mean, and how they relate to a company... The glossary was very thin... ... Read more

Book Description

As Jeff Schnepper says, “Estate taxes are voluntary. You only pay them if you haven’t planned in advance.” Modeled on the best-selling How to Pay Zero Taxes, this book shows how to limit, and possibly even omit costly estate-tax burdens—and covers subjects as broad as living wills, family limited partnerships, private annuities, GRITS, GRATS, GRUNTS, flower bonds, and more.

Reflecting all tax law changes as of January 2000, this helpful guide pinpoints hundreds of perfectly legal deductions, credits, and exemptions. It covers the subject from the basics to the fine points, featuring Q&As for novices, detailed reviews of relevant legal documents, the latest anti-tax “super strategies,” and more—all in Schnepper’s classic legal-guerrilla style. ... Read more

Book Description

In 1984, the Board of Directors of Vancouver City Savings determined to take steps to secure their dominant position in the British Columbia and Canadian credit union movement.

As Chief Executive Officer at the time, I felt it was propitious that Fraser Smith had targeted VanCity to champion his unique financial strategy for mortgage owners in Canada. The Smith Manoeuvre, as it was to become known, was simple and elegant. We attracted many new customers over the years by virtue of our support of the program.

My question back then still stands today - "Why isn't every Canadian making his mortgage tax deductible?" Perhaps the publishing of "The Smith Manoeuvre" will make it happen.

Larry Bell
Vancouver, B.C. ... Read more

Reviews (1)

Excellent resource for anyone working in performing arts
Written in a breezy, easy-to-understand style, this book is a must for anyone--actor or otherwise--who works in the performing arts field. The author understands the unique nature of their jobs and how it relates to taxes, deductions, etc. It will save you money in the long run. The only problem I have is that it only comes out every two years. ... Read more

Book Description

A step-by-step guide, with sample forms and letters, to show youhow to legally UNvolunteer from paying taxes plus supportivedocumentation. ... Read more

Reviews (17)

A Great Aid...Right on Target!!!
An Excellent book! This book accurately exposes the IRS. After years of study, research and helping American Citizens "unvolunteer" out of the tax system, I was excited to come across a book so well written and easy to understand. The author has done a great job of bringing all the facts together in an understandable way. Even though I have been using these same methods and know they work, it was encouraging to see the same conclusions from an independent source. I will recommend it to all my clients.

Meredith Convicted
Just a word to the wise. Lynne Meredith was convicted of Failure to file income taxes, and other charges in Federal District Court in Los Angeles in May 2004.

This book was part of the trial evidence that convicted her.

An Excellent Piece of Work
I have bought this book and the sequel "How to Cook a Vulture". They are MUST readings for anyone desiring to remove themselves from coerced servitude. I cannot speak highly enough about these two books. I wish I could afford to buy a pair of these books for every American. How much would you be willing to pay for your freedom? If you're still paying income taxes, social security and medicare deductions.... you're still in bondage. There is nothing patriotic or honorable about paying illegal and decietful taxes.... it's just Stupidity with a capital "S". Did you know you cannot submit a Form 1040 without waiving your 5th amendment Constitutional rights? That's extremely serious. You need to get yourself educated... Fast.

Based on good stuff, but outdated
If you want to know how to get out of the system, this gives basics from years ago but it's not thorough and it's not current. Guideline only, but keep reading from other authors.

America WAKE UP!
This is an extremely vital book for all Americans. I only wish I had read Lynne's book before April 15th. If you are one of the millions of Americans who will file a 1040 this year, I implore you to read this book first. The truth will certainly set you free. ... Read more

Book Description

"Robinson walks the reader through almost every conceivable scenario that could result in a lower tax bill."
—Ilyce Glink, Tribune Media Services

The 2005 Edition of J.K. Lasser's Homeowner's Tax Breaks reveals a multitude of both well-known and little-known tax-saving ideas that will allow you to put substantial dollars back in your pocket. In fact, it's packed with the largest in-print collection of tax-planning ideas for homeowners.

Filled with in-depth insights and practical advice, the 2005 Edition of J.K. Lasser's Homeowner's Tax Breaks will help you:

• Legitimately take deductions for your household when you have a home office
• Make your credit card and car loan interest deductible
• Qualify to exclude up to $250,000 of gains on the sale of your home—$500,000 if you're married
• Cope with a depressed housing market by getting deductions for renting your home before you sell it
• Create tax-free income from renovating your home and selling it at a profit
• Receive charitable deductions for your home while you still live in it
• Make your home a retirement nest egg that generates tax-free income by trading down or using it for a reverse mortgage
• Eliminate estate tax on your principal residence by utilizing a personal residence trust

Reviews (2)

It's As Good As Money in the Bank
As a CPA and former teacher of accounting at the graduate school level, I can tell you that if you own or are selling real estate, Gerald Robinson's new book is almost as good as winning the lottery. In fact, the odds of realizing a big pay-off from this book are much better than the odds of hitting the lottery.

While books on taxation can be among the most boring ever written, Mr. Robinson avoids that trap.He writes in plain english, explaining complex strategies at a level almost everyone can understand.

For example, if you are selling your primary residence that you've owned for many years, or you've moved to more expensive homes a number of times during your working career, this is as good as discovering an unexpected bonanza in your bank account.The three strategies for avoiding capital gains tax when yous sell a residence and realize a gain of more than $500,000 (it is far more common than you think, and comes as a shock to many sellers) are unknown to most people, including some tax accountants.This one chapter is worth the cost of the book many times over.

The book is clearly written, is well organized, and I highly recommend it.The reader will feel much more confident the next time he/she is a party to a real estate transaction, including the renting of vacation property.

A Friend Indeed
Having recently sold a vacation house on Martha's Vineyard, it was fortutious to find a copy of Gerald Robinson's new book "Homeowner's Tax Breaks" at my local Borders.

Well writen, clearly writen and, best of all, superbly organized, Robinson's book covers all the bases of the complex game of home ownership. Were that most books of this type provided as much useful advise for passage through the dense U.S. tax codes that apply to buying and selling of one's home. ... Read more

Book Description

How to Beat the I.R.S. at Its Own Game: Strategies to Avoid-and Fight-an AuditBy Amir D. AczelSecond edition. "The I.R.S. as well as taxpayers can learn something from this book."-the Wall Street JournalISBN: 1-56858-048-7 ... Read more

Reviews (2)

Valuable rules for avoiding an IRS audit
Amir Aczel is a professor of statistics whom the IRS treated badly during an unnecessary and unjustified audit. For example, the IRS auditor repeatedly telephoned Aczel at his home before dawn, depriving Aczel, his wife and small baby of sleep. Wanting to avoid such a nasty experience in the future, Aczel used his statistical skills to detect the rules that the IRS uses to choose taxpayers to audit.

He used a super computer to compare thousands of audited income tax returns with thousands of other returns which were not audited. The result is this fascinating book. It explains 14 rules for avoiding an IRS audit.

How to beat the IRS at its Own Game
This book is invaluable...I won my audit because of the tips I learned from this book. ... Read more

Book Description

Wielding his widely recognized powers of explanation, Paul Krugman lays bare the hidden facts behind the $2 trillion tax cut.

With huge budget surpluses just ahead, the question of whether to cut taxes has shifted to when? and by how much? With Fuzzy Math, Paul Krugman dissects the Bush tax proposal and shows us who wins, who loses, and how quickly the tax cuts will consume the surplus. Always the equal-opportunity critic when it comes to faulty economics, Krugman also tucks into the Democratic alternatives to the Bush plan.

This little book packs a big wallop. Together with major media appearances, it puts Krugman's wisdom and steely-eyed analysis firmly at the center of the debate about how to spend upwards of $2 trillion. It may very well change the course of history. ... Read more

Reviews (11)

Highly recommended
I recommend this book to anyone, even though the tax cuts Paul Krugman argues against have already come. Krugman, who is a New York Time od-ed writer and also a policy professor at Princeton, presents clear reasons why the Bush tax cuts are not a good idea.

Conservatives will find the book biased, which it is since Krugman is pretty democratic. Although conservatives might be able to argue the political philosophy of progressive versus regressive taxes, they will find it very difficult to challenge the numbers that Krugman presents. The end conclusion is that Bush has used "fuzzy math" to propose a tax cut and that the money is just not there for such a huge cut. Krugman is right.

Even though the cuts have already come, this book is a great (and quick) read because it gives a clear explanation of social security, medicare, and other issues related to the national budget. Clear, concise, and easy to understand.

This is important. Everybody should read this book.
This book needs to be read by every voting American, even those who support the Bush tax cut. Author Paul Krugman clearly explains the economic and political environments in which this tax plan takes place and concludes, first, that the tax cut is not only a bad idea but might have serious consequences as the Social Security/Medicare system becomes strapped and second, that "at every stage of the debate Bush and his people have tried to obscure what they were really proposing."
"Fuzzy Math" is a book written for intelligent lay people. I personally read it in two sittings (it's only 122 short pages), then, thinking that I must have missed smething, went back and read it again. It turns out I missed nothing. Krugman breaks down complex economic concepts and explains them with great lucidity and a little bit of wit. It's really an easy read.
Krugman begins by explaining how Bush arrived at his tax cut as the centerpiece of his campaign, first as an antidote to Steve Forbes' "Flat Tax" crusade and second, to secure the support of the far right elements of the Republican Party. He then describes the efficacy of tax cuts as an economic tool, particularly as they might be used to stimulate a sluggish economy (never an issue for Bush until the economy suddenly turned sour). He concludes that this is best left to the Federal Reserve Board's manipulation of interest rates. He further compares "demand side" tax reductions, aimed primarily at consumers, with "supply side" cuts which are directed toward potential producers and demonstrates that despite the Reagan rhetoric, the economic recovery of the early '80's was demand side driven and that a real supply side expansion occurred during the late '90's happened despite Bill Clinton's upper bracket tax increase.
Nexy Krugman explains the Federal Budget, beginning with where the money goes and then where it comes from. He explains that we've gone from being a "military state" to a "retirement state". He admittedly caricatures that, based on federal spending "the federal government has become a large retirement community that does some military stuff and a bit of humanitarian stuff on the side". He also explains that our national retirement program is not fully funded (as is a private pension plan). Instead the current group of retirees is living off the contributions of the current group of workers and that enormous problems will begin when the number of retirees begins to swell as the number of workers begins to shrink (about 2011). This is aleo why privatization of Social Security/Medicare is a bad idea: it will simply pull the rug out from under the feet of the current group of retirees. He discusses the origins of the recent budget surplus andhow it was tied to the recent economic boom.
He then breaks down the Bush tax cut, explaining who gets what. Using figures from the Center on Budget and Policy Priorities and Citizens for Tax Justice (stats from conservative think tanks are unavailable) he concludes that about 40% of American families will get nothing or very little while the top 1% will collect about 45% of the benefits. He analyzes the Treasury Department's statistics in light of this data and exposes the hucksterism involved in the official Bush line. Unfortunately this is the only piont at which Krugman cites sources although he uses statistics elsewhere in this book. More citations would have given the book a little more authority.
Finally he proposes an alternative, a "smaller, faster, cheaper, better" cut that will get money into the hands of consumers faster and will be "front loaded" (benefits sooner) as opposed to Bush's "back loaded" (most benefits arrive much later) and so will have an immediate effect on the economy.
Krugman concludes with a swipe at the "utter dishonesty of the sales campaign".
There is no reason why every American citizen should not read this book. It explains what's going on in the tax debate and does so clearly and simply. In fact, bookshelves in any participatory democracy should be full of books like this.

One of Krugman's best -- brief and informative
Every policy-maker and voter should read this book. After months of Krugman's anti-tac-cut NY Times Op-Eds, I was sick of hearing about this debate. But "Fuzzy Math" literally changed my mind in one night. It is not only a guide to the Bush tax cut but also a layman's guide to general tax policy, tax law, the federal budget, and distributional issues. Not only that, but Krugman provides a novel theory (at least to me) on why anti-big-government ideologues prefer tax cuts for the rich disproportionately over tax cuts for the bottom 99%. Krugman also exposes many statistical and other tricks that policy-makers play on the public in order to promote their programs. In short, this book does so much so thoroughly, and I am amazed that Krugman fit it all into so few pages.

Bush, Krugman, and the Market
by Steven Piraino. You are probably familiar with the recently passed Bush tax bill. You may also be familiar with Paul Krugman of Princeton University (formerly of M.I.T.), whose "New Keynesian" musings appear regularly on The New York Times editorial page. Recently, Krugman published his own critique of the Bush tax cut in a short, popular book entitled Fuzzy Math. To the author's credit, this book is brief, well-organized and tightly argued. Instead of aggressively pushing his own left-of-center political views onto the reader, Krugman spends most of the book exposing inconsistencies in the Bush administration's tax-cut sales pitch. He summarizes his own conclusions rather nicely: "Bush and his people . . . are radically understating the cost of their plan while overstating the money available to pay that cost. They have pretended that a plan that mainly cuts taxes for the extremely well off is basically a middle-class tax cut . . . And they have falsely sold the plan as an appropriate answer to a short run economic slowdown, when it is almost perfectly designed not to deal with that sort of problem." Much of this book is difficult to criticize on its own terms, as all of Krugman's claims have some merit. The Bush tax cut probably is less progressive and more "costly" than the Bush administration would have us believe. And, if anything, Krugman is not skeptical enough about the antirecessionary merits of using a tax cut to put money into consumers' pockets. This does not mean, however, that there is not a legitimate case for reducing taxes. As Krugman himself says, ". . . there is a case for tax cuts . . . though it is not the case the Bush administration is making." Unfortunately, the "legitimate case" that Krugman makes (and rejects) is weak and incomplete. The "correct" case for tax cuts, Krugman argues, is that tax cuts are a way to "induce people to work harder, save more, and take bigger risks." He then goes on to dismiss this case on the grounds that these benefits are unlikely to be dramatic. While superficially plausible, this analysis obscures the very essence of taxation and its costs. It is true that heavy taxation causes a variety of behavioral distortions, such as discouraging work, innovation, and investment. However, these distortions are not the costs of taxation, as Krugman suggests. They are the means that individuals employ to reduce the costs of taxation as much as possible. Furthermore, taxes are not costly because they reduce production; taxes are costly because they force individuals to consume a mix of goods that is less desirable from the standpoint of their own subjective preferences. This happens for two reasons. First, individuals behave differently in order to avoid paying a certain tax. As a result, goods that are taxed are underproduced. It is irrelevant whether or not the resulting mix of goods involves less labor, risk-taking, and investment than the mix of goods that would be produced on the free market. The important point is that the new mix is inferior to the old mix in relation to individual wants. Second, taxes transfer the command over resources from the private sector to the public sector. This is costly from the standpoint of individual wants. In the private sector, waste is minimized through the discipline of profits and losses. In the public sector, however, politicians acquire resources based on their ability to speak in public, smear opponents, and reward well-organized pressure groups. As a result, the spending projects financed by taxation generally bear little, if any, relation to the desires of consumers. Value-productive private ventures are starved of capital so that a whole host of useless or nearly useless "public goods" can be (over)produced. Consider, for example, the state of Massachusetts's infamous Big Dig transportation project (now running some $12 billion over budget), or the interstate highway splurge of the 1950s, or the pork-laden federal space program. Private investors would never pony up the extravagant sums that were necessary to fund these dubious projects, yet the list of public boondoggles goes on and on. Krugman's book makes essentially no attempt to defend politics as a means of resource allocation, making only the blithe assertion that "it's a value judgment, but I don't accept the idea that our government is too big and should be made much smaller." Krugman has the right to his own value judgments, but economics does have something positive to say about the market system-and that is that all parties necessarily benefit from the rights to voluntary exchange and association. This system stands in sharp contrast with the current political system, wherein resources are allocated with almost boundless disregard for consumers' wants. Whatever else can be said for such a system, the science of economics offers little or nothing to recommend it. If the Bush tax cuts bring us miles, yards, or even inches further from this system, a sound understanding of economics clearly strengthens, not weakens, their appeal.

Somewhat Naive for such a Genius
Paul Krugman is undoubtedly an exceptionally intelligent man. His points are clear, concise and well developed. In fact, virtually everything he writes is entirely correct. Strangely, however, Mr. Krugman seems surprised by the fact that Mr. Bush would market an across the board income tax cut as being for "all Americans". He's a politician for God's sake. Mr. Gore, Mr. Clinton and every other left-leaning politician in the history of the world have done the exact same thing, often much more egregiously. Any across the board tax cut will disproportionately benefit the largest taxpayers. A simple statement, and one Mr. Krugman clearly understands. Krugman's alarmist tone on this point strikes me as overly naive. Maybe a payroll tax reduction would be more "equitable", but that idea wasn't even on the table until very late. Moreover, the idea of Democrats running around trumpeting a payroll tax reduction as the best alternative is comical.

More fundamental, however, is the underlying debate about the wisdom (or ability) of running budget surpluses. Mr. Greenspan has always maintained that if the question is tax cuts or spending, he prefers tax cuts. Being from Washington, DC, I can say fairly confidently that the United States Congress is virtually incapable of restraint when budgetary constraints are lifted. Not because they are bad people, but rather because they have every incentive to favor largely wasteful (and ultimately intractable) spending programs (perhaps Mr. Krugman disagrees with the term "wasteful"). Admittedly Mr. Bush is at least slightly disingenuous, but a deep understanding of political realities will often lead to the adoption of signficantly better economic policies. For all of Krugman's brilliance (and he is one of the smartest people on the planet), the level of his naivite is borderline shocking. Or maybe he's just being a little disingenuous too. ... Read more

Book Description

The Most Trusted Name in Tax Helps Small Business Owners Maximize Their Bottom Line

If you’re a small business owner, you probably have an idea of how taxes can affect your business. But unless you’re a tax expert, you might not realize all the ways a small business can benefit from both new and current tax laws. Let small business and tax expert Barbara Weltman show you–as a small business owner–how to maximize deductions and reduce your payments to the minimum.

J.K. Lasser’s Small Business Taxes, Sixth Edition gives you a complete rundown of small business tax planning in plain English, helping you take advantage of every tax break you’re entitled to. Focusing on strategies that help you use deductions, credits, and other benefits to save during tax time, this comprehensive guide is all you need to keep up with Uncle Sam. The invaluable advice in this book will show you how your actions in business today can affect your bottom line from a tax perspective tomorrow.

In this volume, you’ll find:

• Detailed coverage of new tax laws and IRS rules
• Comprehensive information on each deductible expense, including dollar limits and record-keeping requirements
• Clear instructions on where to report income and claim deductions on your tax forms
• Sample forms and checklists to help you prepare for tax time
• Planning strategies that can help you run a tax-smart business all year long
• New in this edition: help with employment taxes, state taxes, and a guide to information returns you may need to file

Reviews (2)

Translates the rules into language you can understand.
I have used this book for years to keep me current on the tax laws that are important to small business owners. The numerous law changes that have occurred over the past three years have been difficult to keep pace with but Ms. Weltman's book has been revised to include these changes. It is organized in a logical manner and includes good examples that help illustrate the way the law is applied by the IRS.
I am also a fan of her newsletter and website. Both excellent sources of good tips and necessary reminders.

Good reference for small businesses
This is a very good book for those responsible for small business accounting. I originally gave it only 2 stars because my copy of this book was missing 32 pages (pages 401-432). However, when I emailed the publisher, they quickly sent me a complete copy and I am now very happy. I have purchased a variety of small business accounting books over the years but this is the first one that adequately dealt with accounting issues related to taxes. There were several issues that I needed clarification and this book covered all of them. ... Read more

Reviews (1)

So Helpful. A complicated subject - easy to read.
Would recommend that everyone read this book. I never understood estate planning until now. This book has been so helpful. Thanks. ... Read more

Reviews (1)

Clear and Useful Advice
I purchased this book several years ago after I purchased a 10-unit apartment building which I subsequently managed myself. I also do my own taxes. I found the book to be in invaluable resource guide. The ONLY book of it's kind (I probably have 20 on my shelf). Holmes shares his experience with IRS audits of property owners. He knows the tax code inside and out and the best ways a property owner can utilize it to their advantage (legally and above board, no slick marketing, just examples of what works).

Holmes skips the hype that almost every real estate investing book seems to love pitching. He has invested in real estate himself and has done taxes for hundreds of customers. He shares specific information about each form, how the IRS views the information (ie tips on avoiding an audit) and gives very detailed examples of Schedule E, Depreciation calculation, vacation homes and other topics.

There's an excellent section on 1031 exchange which I'm re-reading. He answers questions about state taxation issues and gives a detailed example of how California's aggressive tax stance on property sold within it's borders can be avoided by using a 1031 exchange into another state. This chapter gives a step by step calculation of how to calculate the deferred capital gain in an exchange, something I looked for on the web to no avail. It's also not in the IRC.

This book continues to provide me with answers I can't seem to locate anywhere else. A must purchase for small rental real estate property owners. ... Read more

Book Description

In a system that was not designed for same-sex couples or persons with a same-sex orientation, this book will help homosexuals identify financial planning issues common to society in general, and to the gay community specifically, and teach them to foresee life events likely to affect their financial status, and successfully develop financial strategies that navigate their finances around these events.Features include:c Overcoming homophobia in your own financial and legal dealingsc Property rights, and wills and estate planningc Investment strategiesc Discretionary income, budgeting and managing debtc How to protect your finances and legal relationshipsc Profiles of financial professionals who are gay/gay friendlyPeter M. Berkery, the Director of New Product Development for CCH, Inc., is the author of Personal Financial Planning for Gays and Lesbians and The 1993 Tax Act: How the New Legislation Can Pay Off for You, and a regular contributor to Accounting Today and GLORadio.Greg A. Diggins, a CPA, CFP and writes for Journal of Personal Financial Planning and The Accreditation Council for Accountancy and Taxation. ... Read more

Book Description

This tax guide details how to take advantage of the tax-deferring opportunities that arise when making exchanges-the swapping of property items or property interests between owners and others where very little money changes hands. Detailed are section 1031 exchanges, partial 1031 exchanges, and multiparty 1031 exchanges. While addressing real property exchanges, this guide also covers divorce situations, involuntary conversions, and exchanges of certain stock and other tangible items for businesses and farms. ... Read more