Book Description

West Federal Taxation: Individual Income Taxes, 2005 Edition continues to set the standard in introductory tax. Its Authors and editors stay on top of trends in both tax law and tax education, as a result, the 2005 Edition is thoroughly up-to-date, current in its thinking, and pedagogically advanced! No other text is as effective at helping users master the ever-changing Individual Tax Code. It provides accessible, comprehensive, and authoritative coverage of the relevant tax Code and regulations as they pertain to the individual taxpayer, as well as coverage of all major developments in federal taxation.It also adheres to the recommendations of the Accounting Education Change Commission (AECC) and the American Institute of Certified Public Accountants (AICPA). Visit the Product Website @ http://wft.swlearning.com ... Read more

Book Description

Now, you can minimize your clients' tax liability and avoid legal pitfalls, as well as maximize returns on successful transactions and be prepared for all of the potential benefits, with Structuring Venture Capital, Private Equity and Entrepreneurial Transactions.

Here at last is one-step-at-a-time, start-to-finish structural guidance for the following common business transactions:

- Venture capital financing,
- New business start-ups,
- Brains-and-money deals,
- Growth-equity investments,
- Leveraged and management buyouts,
- Industry consolidations,
- Troubled company workouts and reorganizations,
- Going public,
- Selling a business,
and Forming a private equity fund.

Guided by Jack S. Levin's dynamic, transaction-by-transaction approach, you'll make the tax, legal, and economic structuring consequences of every deal benefit your client every time.

In this extraordinary hands-on resource by the most sought-after authority in the field, you'll see exactly how to:

Distribute the tax burden in your client's favor;
Maximize returns on successful transactions;
Control future rights to exit a profitable investment
...and turn every transaction into a winning venture! ... Read more

Book Description

Ed Slott’s book The Retirement Savings Time Bomb . . . and How to Defuse It taughtAmericans how to protect their hard-earned cash from the IRS’s coffers. Now, "America’s IRAexpert" (Mutual Funds Magazine) returns with a bulletproof plan for ensuring your IRA’scontinued longevity, tax-favored, for generations.

In Parlay Your IRA, Ed Slott shows you how to make the most out of your retirement plan.Slott's three-step strategy cuts through the tax laws and provides simple, easy-to-followinstructions for managing your IRA and other retirement income. Learn what you can do to parlayit into a fortune during your lifetime, and what you must do now to ensure that yourbeneficiaries will have all the options available to capitalize on the opportunity you've created forthem to keep your money growing.

Packed with strategies, tips, answers to frequently asked questions Parlay Your IRA into aFamily Fortune offers real solutions to making the most of your retirement money.

Learn how to:
* Achieve unlimited tax-free income when you retire.
* Pass more assets on to loved ones and other beneficiaries
* Keep retirement assets in the family for decades, even generations, and pay minimal or notaxes
*Protect your retirement account from creditors, divorce, bankruptcy, lawsuits, or other problemsthat could expose it to loss
*Use a Roth IRA to build a tax-free fortune
* And much, much more
... Read more

Reviews (1)

Excellent strategic planning
Ed Slott has produced a gem of a book.His message is targeted to those of us who don't plan to use up our entire IRA savings account during our own lifetimes, but plan to leave some of those savings for our heirs. If you can make that money grow by investing wisely, Slott shows you the secret of making that money last (he calls it `stretching') for the lifetime of your beneficiary (and even longer).It really is possible to convert your IRA into a family fortune.

There are three important steps to take.The first is converting to a Roth IRA.The next is to carefully choose the correct beneficiary.It must be one person.More than one beneficiary is OK, but it's crucial to set up a new IRA account for each.Be certain that your beneficiaries understand the steps necessary to stretch their IRAs to last the lifetime of their heirs.

The third step involves hiring an IRA advisor.The laws are tricky and things must be done just right.Fortunately, Slott provides directions on just how to get started.Although I was reluctant to take this step, he points out the importance of hiring an IRA advisor and how to go about finding one who is competent.It's too important to trust just anyone.

By carefully reading this book and following the instructions, you can arrange for your savings to continue to compound - tax deferred - for years.

If I found one fault with the book, it's that it lacks advice on just how to get the money in your IRA account to grow at a satisfactory rate.These are not the 1990's and one cannot simply park money in the stock market and watch it increase in value daily.Fortunately, I recently came across another new book that fills the gap.CREATE YOUR OWN HEDGE FUND describes a method of investing that taught me how to hedge (reduce the risk of owning) a portfolio of index funds (ETFs).The book is a tutorial on how and why this method is suitable for most investors.

I recommend both books as a way to build your IRA account and make it last for generations.
... Read more

Book Description

In clear, simple language, The Real Estate Investor's Guide helps real estate professionals and property owners understand the complicated area of real estateinvestment tax law.Containing practical tax planning strategies, sample forms, and warnings about costly planning errors, this is a must-have reference formaking sound investment statagies.This guide also discusses taxation at the time of sale, like-kind exchange rules, real estate investment during troubled times, and applying the passive loss regulations. ... Read more

Reviews (3)

Required Reading for every real estate investor
This Third Edition is a great book for all real estate investors, whether yoa are an agent or not. In fact I think that is more valuable for the knowledgeable investor. The author is a CPA and real estate broker, who has written a marvelous book relating the Federal Tax code to real estate applications. There are chapters on Personal Residence Exclusion of $250,000/$500,000, Capital Gains, and Installment Sales. you will find detail in this book that is not present in any other tax book for real estate investors.

There are 4 chapters on the Section 1031 Like Kind exchange alone. There are also 4 chapters on the Passive Loss Rules. In addition there are other chapters on Home Mortgage Deduction, Depreciation, and the Home Office. The text is easy to read and very informative. There are lots of Tips throughout all the chapters advising the reader of good things to do as well as inadvisable tactics. Dealer Status is covered all too briefly in my opinion, as I would have liked to seen more on that subject. I would also have liked to seen more on corporations and there is no mention of Limited Liability Companies. But despite these shortcomings the book is excellent and covers the topics in good detail. This is obviously a dry subject and reading the manuals and guidelines can sometimes give one a headache. But with this book no aspirin is needed. This book is a must for any serious real estate investor, whether you do your taxes yourself or hire a professional. This book should be required reading before you get your real estate investor secret decoder ring.

Excellent details
This book is not meant to be read cover-to-cover. It would take a very patient and determined reader to go through every example and exception and tax detail. However, it is in these details that this book stands out. The language used is straightforward, the examples are well thought-out and realistic. Use the book more like a reference - go directly to the chapter related to your intended transaction; the chapters are quite self-contained.

I believe this book is a necessary addition to any real-estate investor's library. Spending 30 minutes reviewing the chapter related to your contemplated real-estate transaction will fill you with ideas for suitable tax strategies.

Practical and Understandable Tax Advice About Real Estate
This 3rd edition of Vern Hoven's book is an excellent reference for real estate brokers and agents. I have given it as a Christmas present to all my agents. I have also alerted a client to a potential tax problem his CPA overlooked, but I recognized as a result of reading this book.

I have used this tax guide as the main reference in writing a continuing education course on the subject of IRS section 1031 tax deferred exchanges. Vern does the most thorough job of covering this subject that I have read.

Vern covers the timing and consequence of most real estate transactions. He also covers personal tax consequences, such as "office-in-home" rules, which apply to real estate agents.

I recomemnd this book highly in all the real estate courses I teach and sometimes use it as a prize in classroom games. Whether you are a real estate investor or agent you should read this book and keep it near your desk. ... Read more

Book Description

The casebook provides detailed information on federal income taxation. The casebook provides the tools for fast, easy, on-point research. Part of the University Casebook Series®, it includes selected cases designed to illustrate the development of a body of law on a particular subject. Text and explanatory materials designed for law study accompany the cases. ... Read more

Book Description

This fast-paced book by Yale professors Michael Graetz and Ian Shapiro unravels the following mystery: How is it that the estate tax, which has been on the books continuously since 1916 and is paid by only the wealthiest two percent of Americans, was repealed in 2001 with broad bipartisan support? The mystery is all the more striking because the repeal was not done in the dead of night, like a congressional pay raise. It came at the end of a multiyear populist campaign launched by a few individuals, and was heralded by its supporters as a signal achievement for Americans who are committed to the work ethic and the American Dream.

Graetz and Shapiro conducted wide-ranging interviews with the relevant players: members of congress, senators, staffers from the key committees and the Bush White House, civil servants, think tank and interest group representatives, and many others. The result is a unique portrait of American politics as viewed through the lens of the death tax repeal saga. Graetz and Shapiro brilliantly illuminate the repeal campaign's many fascinating and unexpected turns--particularly the odd end result whereby the repeal is slated to self-destruct a decade after its passage. They show that the stakes in this fight are exceedingly high; the very survival of the long standing American consensus on progressive taxation is being threatened.

Graetz and Shapiro's rich narrative reads more like a political drama than a conventional work of scholarship. Yet every page is suffused by their intimate knowledge of the history of the tax code, the transformation of American conservatism over the past three decades, and the wider political implications of battles over tax policy.

Reviews (4)

One of the best books on how Washington D.C. works today
Right off, let me say that this is one of the best books written about how politicians in Washington D.C. respond to certain constituents when promoting or opposing changes in the tax law.Before your eyes glaze over and you think that this book is for tax experts, I assure that it is not.The authors are wonderful writers and focus on the people behind the drive to repeal the inheritance tax.Thus, it is more about personalities, personal stories, and ideology and how these are used to enact changes in the tax code, than about taxes on inherited wealth per se.Graetz and Shapiro attempt to solve several "mysteries" in this book.First, how did a tax on inherited wealth, which existed for over 60 years and was seen as appropriate, come to be viewed by many Americans as unjust and immoral? Second, how did the diverse coalition attempting to abolish the inheritance tax maintain their cohesiveness when compromise counteroffers should have weakened it?Third, why were groups who favored maintaining the inheritance tax so ineffectual when responding to the abolitionists?Finally, what does the fight over the estate tax tell us about the future of progressive taxation, the idea that those with greater resources should pay higher tax rates?The story Graetz and Shapiro tell should give great comfort to those who want government at all levels to be as small and powerless as possible, and cause great concern to progressive, like myself, who wish to see government programs in service to the majority of working people, rather than in service to the wealthy and powerful.No matter which side of the ideological debate you are on, this book is a wonderful read and I highly recommend it.

Graetz and Shapiro's book is a must-read.
Graetz and Shapiro's book DEATH BY A THOUSAND CUTS is a must-read for anyone interested in national tax policy.Graetz and Shapiro write well and the story is fascinating and timely.

Required Reading for all Registered Voters
A friend gave me a copy of this book; and, therefore, I felt duty-bound to give it a try despite the fact that I never read books pertaining to politics.After struggling through the first few pages, I becaame facinated.It is not a book about estate taxes.Rather, it is a book about how our government works (or does not work).Every registered voter should be required to read it.

Excellent of the Conservative Playbook
This is an immensely readable, highly educational book.It details how conservatives went after one of the most progressive taxes in our system and successfully got it eliminated.It also details the power of the conservative ideas machinery and how it works in Washington to get what it wants.For those who care about how badly the system is broken -- how the concerns of the few trump the concerns of the many on daily basis in Washington -- this is an excellent book.And most importantly, it exposes how the conservatives are moving the tax system away from wealth to work -- away from the rich to the middle class.That should be a concern to most Americans.I highly recommend the book; most people will be surprised how enjoyable it is as a read. ... Read more

Reviews (20)

Give yourself a raise--courtesy of the government!
I have to admit, I was not aware of the great opportunities available courtesy of the U.S. Government untill I read this great book by C.W.Allen et all. This book is outstanding and one of the best books that I have ever read on corporations.

I also recommend Inc. Yourself by Judith McQuown, Own Your Own Corporation via the Rich Dad Advisor series and Form Your Own Corporation and Launch a Business in Any State by J.W.Dicks.

Let the government give you a tax free raise and protect your business.

An easy read. Easy to apply
As someone who is just starting out in business, I appreciated the easy to understand and easy to apply advice in this book. I also recommend The Rich Dad advisor series book by Garret Sutton as well as the exellent books by J.W.Dicks.

After talking with dozens of other successful business people and pouring over a hundred "How to incorporate" books, these are the best.

Wow- I had NO idea!
I have seen this book recommended by others, so my roomate bought it and I read it (he's not as motivated I guess!).
Ididn't expect this book to be too interesting; I thought it would be totally referential. And after reading "Own your own Corporation" which was amazingly DULL, I expected this to be equally dull.
INC and GROW RICH is a MUCH better book to read for this topic, and told in plain, simple english. If you are building a business, at some point, you need to decide on a business structure. I firmy believe that INC and GROW RICH will help you.

Reduce taxes by 70% and protect your assets
Two of the biggest predators to business owners is taxes and lawsuits. What I learned from Inc. and Grow Rich was how to significantly reduce taxes (70% and more) and protect my assets.

Taxes are one of the biggest deterrents to wealth. The more you make, the more they (the government) wants to take. By use of the strategies in this book, you are armed with the right information tolegally reduce your taxes down to the absolute
minimum.

Once you establish yourself as a business, you immediately become a target. The information in Inc and Grow Rich will show you how to protect yourself.

Important points covered in the book

* Slash your taxes by 70%

* Tax deductible cars

* Tax deductible educational expences

* Tax deductible life, health and automobile insurance

* Tax deductible trips

* Tax Deductible food

* Tax deductible housing

* Protect your personal and business assets

* Don't pay probate costs

* Don't pay inheritance taxes

* Structure your financial affairs for wealth, not poverty

There is an interesting quote in the book that I would like to share:

"You simply need to learn how the rich get rich & do the same thing! What works for the rich will work for you too."

The book covers in detail the eight legal business structures:

I The Sole Proprietorship
II The General Partnership
III Limited PArtnerships
IV The Corporation
V "C" vs "S" Corporations
VI The Professional Corporation
VII Nonprofit or Not-for-profit corporations
VIII The Limited Liability Corporation

In the chapter called 'Building your Wealth" by C. W. Allen, we learn the four founding principles of getting and staying rich which are:

1) Get into business for yourself and incorporate your business
2) Spend first - tax later (by operating as a corporation)
3) Own nothing - control everything (All your assets protected)
4) Use the magic of compound interest (rule of 72)

The authors bring a varied and professional background and are uniquely qualified to present this information. C.W. Allen is a financial strategist and one of the nations foremost experts on the benefits of incorporating. Cheri S. Hill specializes in the practical, how to side of incorporating and is an established expert in incorporating. Diane Kennedy is a CPA as well as an owner, investor and real estate developer. She practices the advice she gives and shares her secrets, in particular how to reduce taxes. Ms. Kennedy is noted for "performing miracles" taking corporate taxes from the red and put them in the black. She has helped clients save 70% on taxes by proper use of the tax code. She also has information on how to pick a CPA that is right for you. Garrett Sutton is an attorney and an expert at asset protection. "Why work hard to accumulate assets when by doing so you become a target for frivolous litigation?" says Sutton and he addresses this question and others related to preserving family wealth and your hard earned assets.

Overall Inc and Grow Rich is a excellent book for all business people. Also recommend Own Your Own Corporation by Garrett Sutton, Retire Young Retire Rich by Kennedy and Robert Kiyosaki, The Traders Tax Survival Guide by Ted Tesser and Form a Corporation and Launch a Business in Any State by J.W.Dicks.

Easy to Read & Understand
As someone just starting out in business, I found the information easy to read and understand. It's a must for anyone thinking about going into business for themselves! ... Read more

Book Description

Concepts in Federal Taxation is designed for a more conceptual, less detailed approach to federal taxation of individuals and corporations in an introductory taxation course. This conceptual approach presents taxation as a small number of unifying concepts, stressing the overriding principles that apply to all specific tax rules and regulations. Concepts in Federal Taxation offers an excellent balance between tax concepts and the Internal Revenue Code and regulations, preparing users for a future in the business environment. ... Read more

Book Description

Income Tax Fundamentals has led the market for more than twenty years with concise, practical, and current coverage of individual income tax preparation. Whittenburg and Altus-Buller's text/workbook format presents material in easy-to-digest sections with self-checks, online quizzes and activities, multiple examples, and review problems. Income Tax Fundamentals is the perfect text for a hands-on approach to tax in many class settings, including four-year colleges, community colleges, or career schools. ... Read more

Book Description

This book takes an MBA style strategy perspective by considering the tax, accounting, and finance trade-offs involved in tax planning. Reflected in this revision are all changes in the tax code. Also covered: extensive analysis of technical tax rules applied to corporate mergers and acquisitions; explanation of accounting for income taxes; discussion on College Savings Plans (529s); up-to-date material on new tax rates on dividends and capital gains; and much more. For individuals furthering their personal or formal education of tax strategy, investment banking, corporate finance, strategy consulting, money management, or venture capital. ... Read more

Reviews (4)

Solid treatment of material
We used this book as the text for a masters level course in our masters of accouting program. Students responded well and appeared to enjoy the book. They found the treatment of the material to be at an apporpriate level, and they rated the book a five on a five point anonymous rating. The only suggestion they proferred was for some companion piece covering a few of the more currently used planning techniques.

Great Text For a Complex Subject
As another reviewer states, the material for this book was used in the Taxes & Business Strategy class at both the University of Chicago and Stanford's business schools. Compared to other texts on this subject, it is actually readable and, more importantly, understandable to a non-tax professional. The are an abundance of examples that you can apply directly to situations which arise in real world situations. The 2nd edition has been updated to reflect most recent changes in the tax law.

The book is a must for anybody in investment banking, law, private equity, and other fields where a tax plays a large role in determining the outcome and structure of deals, compensation, etc.

A good text
Excerpts of the text are used in the Taxes and Business Strategy course at the University of Chicago Graduate School of Business. Scholes and Wolfson have provided an excellent, multi-perspective framework for thinking about tax issues and how taxes can impact the value of a transaction. Unfortunately, S&W have been making too much money in the private sector to update this book so some of the details in the book regarding tax laws are dated.

A must for anyone with significant tax exposure
Having taken Wolfson's class at Stanford Business School, I can attest to the value of this book. Prof. Wolfson & Myron Scholes present the implications of certain taxation issues in an extremely clearheaded fashion. ... Read more

Book Description

"Robert Moeller offers an informative perspective on the impact of Sarbanes-Oxley legislation. Those who work in the internal audit function should find great interest in the role they can play in Sarbanes-Oxley compliance."
–Therese Webb
Managing Director, Sarbanes-Oxley national practice
Parson Consulting

"Sarbanes-Oxley and the New Internal Auditing Rules represents an independent summary of this important new legislation. There is no question that the audit model needs to evolve, and this book provides the background to cultivate new audit approaches and governance thinking."
–Michael P. Cangemi
President and CEO, Aigner Group, Inc.
Editor in Chief, IS CONTROL Journal ... Read more

Reviews (1)

Comprehensive and clear
This book is essential reading for anyone involved in internal audits per Sarbanes-Oxley, including auditing professionals and senior management whose business or technical domains are affected (i.e., all senior managers).

The focus is on auditing from the practitioner's point of view, and Chapter 2 shines because it summarizes SOA and how it affects internal audit as a function and as a practice. This material encompasses relationships with external auditors and with the audit committee, which are important parts of SOA. A further tie to the audit committee is given in detail in Chapter 3.

Chapter 5, 'COSO, Section 404, and Control Self-Assessments' is the heart of this book in many respects. However, as an IT consultant I found Chapters 6, 7 and 9 more aligned to what I do - and the reason why I cited the audience of this book as wider than auditing practitioners. For example, the inclusion of CobiT (Control Objectives for IT) in Chapter 6, Disaster Recovery and Continuity Planning (Chapter 7) and Enterprise Risk Management, Privacy, and Other Legislative Initiatives (Chapter 9) are directly or indirectly related to IT, and the information I gleaned from those chapters helped to place SOA within the context of my profession's support requirements and IT auditing. I was also surprised and gratified to find ITIL best practices, which is an international standard for IT infrastructure management, including service delivery and service support. Again, this information shows how far reaching SOA is, and the need for all managers to fully understand their roles and how SOA will affect the way they operate and manage their functional areas.

Of course, for professional auditors, the chapters on Internal Audit Fraud Detection and Prevention (8), Rules and Procedures for Internal Auditors Worldwide (10), and Continuous Assurance Auditing Future Directions (11) round out this comprehensive book. As a non-practitioner I found it to be clearly written and, in many respects, enlightening. The breadth of topics and the depth into which they are delved is impressive. ... Read more

Book Description

Combining the number one Individual tax text with the number one Corporations text, West Federal Taxation: Comprehensive Volume, 2005 Edition, is a true winner. An edited version of the first two WFT textbooks, this book offers a thorough and balanced treatment of relevant tax Code and regulations as applied to individuals and corporations. Ideal for undergraduate or graduate levels, this text works for either a one-semester course in which an instructor wants to integrate coverage of individual and corporate taxation, or for a two-semester sequence in which the use of only one book is desired. ... Read more

Book Description

Strategies from an IRS insider for slashing taxes, maximizing legal deductions, avoiding audits, and more

Through his years as an IRS tax attorney, Sandy Botkin discovered that most Americans could legally­­ and dramatically­­ cut their tax bills by establishing themselves as independent contractors or businesspersons. In Lower Your Taxes--­­Big Time!, Botkin explains how, outlining a straightforward program for writing off everything from family vacations to movies and plays, and receiving a subsidy of $5,000 or more from the IRS each and every year.

From tips for launching a business to strategies for audit-proofing a return, Lower Your Taxes­­--Big Time! is a gold mine of information for every frustrated taxpayer. Tax-cutting strategies include:

• How, why, and when to incorporate
• Fail-safe methods for deducting a home office and family car
• Simple but essential record-keeping tips
• Tax advantages of being a consultant,independent contractor, or independent businessperson

Reviews (20)

Excellent
The main idea behind all books like this is that you MUST start some kind of business (part time, at home, whatever) to take advantage of some amazing tax laws. Making that first move is probably the hardest step for most people. Don't expect a motivational pep talk here. Think of it like this: What would you give for a 10% raise? 20%? 30%? You can save that much in taxes if you take the small step of creating a business.

Once you are ready to take that step, this book is wonderful. Other books talk about the same stuff, but this one is easy to read, well organized, and best of all, the author cites everything to the IRS code or case law. That is important since many financial gurus (think Rich Dad series) give advice that is plainly wrong or sometimes even illegal. This book is 100% legit.

I was concerned when I heard the author was associated with Tony Robbins, but Mr. Botkin makes no attempt to sell or promote any product in this book.

Read this book, save lots of money. Good luck.

Interesting book with a very different approach
I would have given it 4 and 1/2 stars but that wasn't an option. The only reason that I didn't give it 5 stars was that the book deals with small and home bases business issues and for real estate owners and investors. I am retired and thus, could only benefit from the real estate discussion.However, I did have a business before retirement.

I got this book after reading a great review in the Orlando Sentinal.This book would have saved me a bundle had I known about this information many years ago. It is cleverly written and has a lot of good information that I myself never heard from my accountant. I especially liked all the examples and tips that I found really useful in understanding the tax planning sections I also liked the elaborations, which provided some nice insights into why Congress passed various laws or on what to do about certain laws,with a great deal of clarity and specificity.

One very unsual feature that I found in this book that I never read in any other book was all the information that was provided on how to "audit proof" each and every tax planning strategy. I have used the J.K. Lasser guide in preparing my taxes, and I have never seen as much specific information on how to IRS bullet proof each deduction as Mr. Botkin provides.

Many financial books I read are rather shallow and lack a lot of the details necessary to implement what they are suggesting. Also, there seems to be a trend in financial and real estate books to serve as a giant advertisement for consulting services or for other books. This was NOT the problem in this book,which was frankly very refreshing.

Even as a retired person, I did, however, find the real estate section to be very useful. It will save me a bundle on some real estate mistakes that I didn't know about all these years.

Some reviewer noted that this book doesn't show you how to plan for the various tax laws. He must not have read the same book that I read because this book has a lot of specificity on what to do with each applicable law.

In short: I have given a copy of this book to my son and daughter. That should tell you what I think of the book.

You MUST read this book to get all you can for your family!
We all work too hard for our money to let ignorance of available tax reduction strategies keep us from our money. I thought this book would be boring and dry as most tax books are, but I was blown away by Mr. Botkin's style and delivery. The material is laid out extremely well and everything is immediately "actionable" to let you begin taking advantage of existing laws and structure. There are loads of provisions to your advantage in the tax codes, but it is your responsibility to take off the blinders of ignorance.

I have purchased a copy of this book for my lawyers and accountants and my key team as an invaluable resource. I recommend this book over every other tax strategy and tax saving book I have ever read!

To all bogus reviewers such as "Be Careful"
To the person who reviewed my book as "Be careful" I don't know if you are a person with a competing book, have some sort of "ax to grind" or just dumb; however, NO WHERE in my book do I advocate setting up a home based business solely for tax benefits. The book is designed for people who specifically have a bona fide small business operated with an honest expectation of profit. In fact, had you taken the time to read my book, you would have seen that I get into this in great detail in Chapter 8, "How to Shield Yourself From The IRS Weapon of Classifying Your Business As a Hobby." See pages 109- through 130 and specifically mentioning what you note on the top three paragraphs of page 122. Also, just for the record, over the years, I have had numerous attorneys, accountants and even IRS agents comment on the depth of my business vs. hobby discussion.

I normally don't respond to reviews since I don't mind criticism of my book. In fact, I encourage it if it is fair so that I can make changes to future editions. However, you are way off the mark, and I, therefore, felt that you this needed a response.! I should note that I am always trying to give the best information in my material. If mistakes occur or if you feel that I can present it in a better manner, please send your suggestions to my email at trisem@aol.com. Send it to the attention of Sandy Botkin

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

Book Description

If you own rental property, you should be taking advantage of the many tax write-offs available. Every Landlord's Tax Deduction Guide gives residential landlords the plain-English guide they need to save money on taxes -- without the services of a high-priced accounting firm.

This book explains how to maximize your deductions. Find out how to:

*fill out IRS Schedule E *take real estate tax credits *figure out if an expense is a repair (deductible) or an improvement (depreciable) *maximize your depreciation deductions *deduct losses arising from real estate ownership *keep proper tax records *deduct home office, travel, casualty losses and much more

Every Landlord's Tax Deduction Guide is comprehensive yet easy to read, jam packed with interesting and relevant examples. ... Read more

Book Description

* Written in layman's terms, this all-you-need-to-know text focuses on the most important aspect of contract administration
* Covers many legal issues related to construction law and provides essential background material about fundamentals
* Examples of filled out documents help clarify the key points ... Read more

Reviews (1)

Focus on taxes and accounting concepts
I loved this book and it helps me move toward my goal of obtaining my Master's of Accounting. Although some of the concepts are very in depth, you can basically follow the author's direction and what he is trying to say. A great book for Accounting majors. ... Read more

Book Description

Praise for The First edition

"Here’s my advice: first, design a trading strategy that gives you an edge in the markets; second, trade your strategy with precision and steadfastness; third, study The Trader’s Tax Solution and apply Tesser’s principles to your taxes and financial planning. If you’re a trader or investor who wants to keep the maximum possible amount of the money you’ve earned, your copy of The Trader’s Tax Solution will be worth its weight in stock certificates!"
–Thomas A. Bierovic, Manager
Strategy Testing & Development, Omega Research, Inc.

"I have heeded Ted Tesser’s advice for many years. His background, knowledge, and experience have been invaluable in saving me an enormous amount of money over the years. This book is my bible for financial and tax strategies."
–Bill M. Williams, PhD, CTA
Professional trader and President, The Profitunity Trading Group

"Taxes can be the largest single expense for a successful trader. Ted Tesser draws on his experience as both a CPA and successful trader to show you how to minimize this expense. This book is clearly written, practical, and comprehensive. Deserves a place on every trader’s bookshelf."
–Sheldon Knight, President, K-Data, Inc.

"Ted Tesser is one of the nation’s foremost experts on investment taxation. In this definitive guide to reducing and even eliminating whole classes of tax exposure, Ted presents a wealth of solid tax strategies that investors and traders will find indispensable."
–Nelson Freeburg, Editor, Formula Research

"Ordinarily a ho-hum subject, Tesser has made reading about taxes for traders enjoyable. This book is not only a fun read, it is an invaluable reference. The Trader’s Tax Solution contains everything a trader needs to know about taxes."
–Sunny J. Harris, President, Sunny Harris & Associates, Inc.
Author, Trading 101: How to Trade Like a Pro,
Trading 102: Getting Down to Business, and Electronic Day Trading 101 ... Read more

Reviews (1)

The tittle is somewhat misleading
The publisher is definitely an expert in marketing books. The book gives you a first impression that it provides you with "New" solutions to save you money. Well, I think that is a stretch at best. (That's why 3 stars.)

After reading the book, (BTW, I bought it nearly one year ago) I realized it doesn't provide detailed solutions that might help us do-it-yourself folks to prepare tax returns, if, for instance, you're a Security trader.

The book, however, is a very good start where one may find a quite complete education on tax and estate planning, and where one may find further info. It provides many real life court cases, involving tax filings, with comments. The author does have extensive knowledge and experience in the field. But, in general, the author insists that you find a lawyer or competent accountant to do the tax returns. That's why this is not a "how-to" book. For instance, it doesn't tell me how to complete Form 3115 line by line, rather it explains the purpose of the Form and the key points one must know about the Form.

The number of issues covered in the book may be more than what one needs to know. All in all, it is a very good text for those who care to know more about their money and taxes, and the nasty surprises that IRS has in store for the unprepared. ... Read more

Book Description

Loopholes of the Rich helps Americans from all walks of life use the same tax loopholes that the wealthy use to lower their tax bill. With this handy guide, you wont need an accountant to find quick and easy ways to pay less. And theres nothing unethical about these tax loopholes. In fact, the government wants you to take advantage of them! These tax-reducing tactics and strategies can give you the freedom to save for your familys future or for your own financial independence. Plus, youll find a handy checklist of more than 300 business deductions, real-life tax strategy examples, useful sample forms, explanations of IRS codes and rules, and much more. ... Read more

Reviews (40)

Read it and weep
This book makes a lot of assumptions.It assumes that the reader is EXTREMELY well versed in corporate tax advantages.It assumes that the reader already owns a corporation.It assumes that the book will be read with a dictionary of financial terms close at hand.(It should be.The book is poorly written, with key terms lacking adequate defenition.)I support the Rich Dad series.It is a great way for a beginner to get their feet wet.This book assumes that the reader can already swim!Even the seasoned incorporator would probably not be pleased with this book.Tell you what, if you are considering buying this book, save yourself some money and just send me ten bucks.I'll then call you (on my own dime) and summarize the book for you.Oh, what the heck, I'll do it now, for free...surround yourself with a competent team of advisors.

Too much fluff & bad advice on MLMs
First on the fluff:

Ted and Ellen "story" adds about 40 pages of fluff just to give you a narrative of introducing time elements and slides detailing the pictures she is telling.40 extra pages for this purpose is bad.Save the 40 pages and we'd have a thinner, more "manual" approach.

Now on the MLMs:

What she doesn't tell you:

a) 98% of MLM participants fail (e.g., lose money)
b) Some of the people "telling you you can't do it" might be right!

She goes into the whole spiel about how if they haven't tried it, don't listen to them.Well, take it from every person whose been victimized by MLMs....they DO NOT WORK!

c) All the examples in the appendix of people she's helped use "MLM Opportunity".She purposely uses "opportunity" when sane people would say "Scheme".

Now then, other than those 2 issues, it's a fine review of business structures: S-Corp, C-Corp, Limited and General Partnerships, and Sole Props (to a degree LLCs as well). But you can search google.com and find this all out.

C-Corp: don't hold assets as personal suits can get at C-Corp assets...so she wants you to make the C-Corp a limited partner in a partnership....this is all over the internet..you don't need the book for that.

Be fair to yourself...try looking up MLM or Multi Level Marketing on the internet before buying this book.

mandatory for anyone who works for themselves
7 months ago, i graduated from college. two months ago, i was presented a business proposal. i was inches away from rejecting it, so i could find a "career" working for someone else. but thanks to this book, i am focusing on working for myself.

this book goes beyond common sense. i think i have great common sense, but this book is about strategy, which you don't learn from the public school system, your parents, even most of your college courses.

there are very detailed, interactive plans layed out in the book. there are financial sheets you can fill out to find where you are today, and where you want to be in the future. there are a list of questions to ask potential advisors. each chapter even summarizes itself, so if you're skeptical, scan the summaries at your local book store before you buy.

if you work part-time as an avon lady, you need this book. if you work in multi-level marketing, or opened a coffee shop, you need this book. this book is for anyone who spend at least 4-6 hours a week developing "self-employed" income.

Don't waste money unecessarily ontaxes
This is a great book for simplifying our understanding about taxes.I enjoyed it very much, got some great ideas.I also enjoyed More Wealth without Risk by Charles Givens when it was released.

Not only the rich pay less in taxes!
I am continually amused when I hear people say that only the Rich get the tax breaks and the poor and the middle class have to "pick up the slack."The fact is, if you are paying too much in taxes, whose fault is it? In this outstanding work, Lechter and Kiyosaki lay out numerous strategies to substantially reduce your taxes. And by the way, reducing taxes is not only morally and ethically right, it is also smart.The biggest expence we pay is taxes. Use this book to plug up the dike on excess tax spending.Other books I recommend are More Wealth Without Risk, Brilliant Deductions and How to Pay Zero Taxes in 2003. ... Read more