Book Review - J.K. Lasser's Your Income Tax 2007: For Preparing Your 2006 Tax Return
Category Book Reviews
So this year I decided to venture back into do-it-yourself tax preparation. Armed with TurboTax and J.K. Lasser's Your Income Tax 2007: For Preparing Your 2006 Tax Return, things went really well. If there's anything you need to know about preparing your taxes, you'll be able to find it somewhere in these 800+ pages...
Contents:
Filing Basics: Filing Status
Reporting Your Income: Taxable Wages, Salary, and Other Compensation; Fringe Benefits; Dividend and Interest Income; Reporting Property Sales; Tax-Free Exchanges of Property; Retirement and Annuity Income; IRAs; Income From Rent and Royalties; Loss Restrictions - Passive Activities and At-Risk Limits; Other Income
Claiming Deductions: Deductions Allowed in Figuring Adjusted Gross Income; Claiming the Standard Deduction or Itemized Deductions; Charitable Contribution Deductions; Itemized Deduction for Interest Expenses; Deduction for Taxes; Medical and Dental Expense Deductions; Casualty and Theft Losses and Involuntary Conversions; Deducting Job Costs and Other Miscellaneous Expenses; Travel and Entertainment Expense Deduction; Personal Exemptions
Personal Tax Computations: Figuring Your Regular Income Tax Liability; Alternative Minimum Tax (AMT); Computing the "Kiddie Tax" for Children Under Age 18; Personal Tax Credits Reduce Your Tax Liability; Tax Withholdings; Estimated Tax Payments
Tax Planning: Tax Planning Overview; Tax Savings for Residence Sales; Tax Savings for Investors in Securities; Tax Savings for Investors in Real Estate; Tax Pointers for Investors in Mutual Funds; Educational Tax Benefits; Special Tax Rules for Senior Citizens; Members of the Armed Forces; How To Treat Foreign Earned Income; Planning Alimony and Marital Settlements; Household Employment Taxes ("Nanny Tax"); Gift and Estate Tax Planning
Business Tax Planning: Income or Loss From Your Business or Profession; Retirement Plans for Self-Employed; Claiming Depreciation Deductions; Deducting Car and Truck Expenses; Sales of Business Property; Figuring Self-Employment Tax
Filing Your Return And What Happens After You File: Filing Your Return; Filing Refund Claims, and Amended Returns; If the IRS Examines Your Return
Sample 2006 Tax Forms and Tables; Glossary; Index
Tax preparation isn't fun, and the thought of having to work through an 800 page book to do so isn't appealing. But the layout of the book makes it easy to focus on the areas where you need help. Each section has a number of example situations where you can see the rules as they pertain to a real-life scenario. There are also a number of sidebars (law alerts, planning reminders, cautions, etc.) that are extremely valuable in determining exactly how the legal interpretation of the tax situation plays out. I also appreciate the numerous legal case examples where the IRS ruled one way and the Tax Court overturned the decision. It makes it apparently that an IRS decision does not necessarily mean that you have no other recourse.
This would be a recommended book to have by your side if you're doing anything more than a short-form filing. It will answer the questions behind what or if something is deductible or not, as well as helping you get a head-start on next year's "festivities"...
So this year I decided to venture back into do-it-yourself tax preparation. Armed with TurboTax and J.K. Lasser's Your Income Tax 2007: For Preparing Your 2006 Tax Return, things went really well. If there's anything you need to know about preparing your taxes, you'll be able to find it somewhere in these 800+ pages...
Contents:
Filing Basics: Filing Status
Reporting Your Income: Taxable Wages, Salary, and Other Compensation; Fringe Benefits; Dividend and Interest Income; Reporting Property Sales; Tax-Free Exchanges of Property; Retirement and Annuity Income; IRAs; Income From Rent and Royalties; Loss Restrictions - Passive Activities and At-Risk Limits; Other Income
Claiming Deductions: Deductions Allowed in Figuring Adjusted Gross Income; Claiming the Standard Deduction or Itemized Deductions; Charitable Contribution Deductions; Itemized Deduction for Interest Expenses; Deduction for Taxes; Medical and Dental Expense Deductions; Casualty and Theft Losses and Involuntary Conversions; Deducting Job Costs and Other Miscellaneous Expenses; Travel and Entertainment Expense Deduction; Personal Exemptions
Personal Tax Computations: Figuring Your Regular Income Tax Liability; Alternative Minimum Tax (AMT); Computing the "Kiddie Tax" for Children Under Age 18; Personal Tax Credits Reduce Your Tax Liability; Tax Withholdings; Estimated Tax Payments
Tax Planning: Tax Planning Overview; Tax Savings for Residence Sales; Tax Savings for Investors in Securities; Tax Savings for Investors in Real Estate; Tax Pointers for Investors in Mutual Funds; Educational Tax Benefits; Special Tax Rules for Senior Citizens; Members of the Armed Forces; How To Treat Foreign Earned Income; Planning Alimony and Marital Settlements; Household Employment Taxes ("Nanny Tax"); Gift and Estate Tax Planning
Business Tax Planning: Income or Loss From Your Business or Profession; Retirement Plans for Self-Employed; Claiming Depreciation Deductions; Deducting Car and Truck Expenses; Sales of Business Property; Figuring Self-Employment Tax
Filing Your Return And What Happens After You File: Filing Your Return; Filing Refund Claims, and Amended Returns; If the IRS Examines Your Return
Sample 2006 Tax Forms and Tables; Glossary; Index
Tax preparation isn't fun, and the thought of having to work through an 800 page book to do so isn't appealing. But the layout of the book makes it easy to focus on the areas where you need help. Each section has a number of example situations where you can see the rules as they pertain to a real-life scenario. There are also a number of sidebars (law alerts, planning reminders, cautions, etc.) that are extremely valuable in determining exactly how the legal interpretation of the tax situation plays out. I also appreciate the numerous legal case examples where the IRS ruled one way and the Tax Court overturned the decision. It makes it apparently that an IRS decision does not necessarily mean that you have no other recourse.
This would be a recommended book to have by your side if you're doing anything more than a short-form filing. It will answer the questions behind what or if something is deductible or not, as well as helping you get a head-start on next year's "festivities"...
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