Busy Tax Consultant - The Best Books Reviews!

This Executor's Guide provides a comprehensive overview of the responsibilities involved in settling a deceased person's estate or trust. It outlines the initial steps following a death, such as arranging funeral services and securing assets. The book details the process of identifying and managing assets, paying debts and taxes, and distributing property to beneficiaries, whether through probate or trust administration. Furthermore, it addresses specific scenarios like handling life insurance, retirement funds, and the care of minor children. The guide also offers advice on understanding wills and navigating potential legal complexities, aiming to equip executors and trustees with the knowledge to fulfill their duties effectively.

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These excerpts from Principles of Taxation for Business and Investment Planning introduce fundamental tax concepts relevant to business and personal financial decisions. The authors emphasize understanding the tax implications of transactions for effective wealth maximization, downplaying intricate compliance details in favor of broader relevance. The text covers various aspects of taxation, including income tax for individuals and corporations, different tax types and rate structures, and the dynamic nature of tax law. It explores tax planning strategies, the importance of net present value, and legal doctrines used to challenge tax avoidance. Furthermore, the material addresses tax research methodologies and the determination of taxable income from business operations, asset dispositions, and nontaxable exchanges, while also considering different business entity structures and multijurisdictional taxation.

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This comprehensive legal textbook, "International Taxation in a Nutshell," serves as an introductory guide to the intricacies of U.S. international tax law, focusing on its application to cross-border business and investment activities. It systematically examines key areas such as source rules for income, the taxation of foreign taxpayers in the U.S. and U.S. taxpayers abroad, and the crucial role of income tax treaties in modifying domestic law. The text further explores complex topics including the foreign tax credit, transfer pricing methodologies, and anti-avoidance measures like those addressing base erosion and profit shifting (BEPS). Ultimately, it provides a foundational understanding of the legal principles and challenges inherent in the U.S. taxation of international transactions.

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J.K. Lasser's Small Business Taxes 2008 serves as a comprehensive guide for small business owners navigating the complexities of federal income taxes. It clarifies various aspects, including tax assistance resources offered by the SBA and IRS, the impact of deductions and credits on taxable income, and the tax implications of different business structures like sole proprietorships, partnerships, and LLCs. The text details how to report business income and losses, handle expenses such as travel, entertainment, employee compensation, and depreciation, and understand key tax concepts like accounting methods, recordkeeping, and potential audits. Furthermore, it explores retirement plan options, discusses strategies for tax planning, and outlines employer responsibilities for payroll and other taxes, aiming to empower small business owners to manage their tax obligations effectively.

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This source, "The Triumph of Injustice," by Emmanuel Saez and Gabriel Zucman, dissects how the U.S. tax system has shifted from a progressive structure after the New Deal to one resembling a flat tax that is regressive at the very top, benefiting the wealthiest Americans despite their booming incomes. The authors argue this "triumph of injustice" occurred through increased tax avoidance, government inaction, and the slashing of tax rates for the rich under the pretense of global competition. The book explores the historical evolution of American taxation, revealing a past with significantly higher taxes on the wealthy and analyzes the causes and consequences of rising inequality linked to these tax changes. Ultimately, it proposes policy reforms, including wealth and national income taxes, to create a more equitable system and adequately fund public goods.

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This Hoover Institution Press publication by Thomas Sowell critically examines the concept of the "trickle-down theory" and the characterization of "tax cuts for the rich." Sowell argues that the "trickle-down theory" is a caricature created by opponents of tax rate reductions and lacks historical basis in economic thought. He contends that proponents of tax cuts, like Andrew Mellon, John F. Kennedy, and Ronald Reagan, actually focused on how lower rates could stimulate economic activity and increase overall tax revenue by incentivizing investment. Sowell provides historical evidence from the 1920s and later periods, suggesting that reducing high tax rates led to increased output, employment, and even higher tax revenues from the wealthy, directly contradicting the "trickle-down" narrative. The author concludes that debates over tax policy have often involved misrepresentations of the arguments for tax rate cuts and a failure to acknowledge the actual economic outcomes.

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"The Childfree Guide to Life and Money" offers financial advice specifically tailored for individuals and couples without children, challenging conventional financial planning assumptions centered on raising families. This guide encourages readers to define their own life goals before financial ones, promoting concepts like Financial Independence, Live Early (FILE) over traditional retirement planning. It addresses topics relevant to the childfree lifestyle, such as setting boundaries in caregiving for elderly parents, estate planning without descendants, and navigating a financial landscape often biased towards parenthood. The book emphasizes creating a personalized financial plan free from societal expectations, allowing childfree individuals to prioritize their passions and unique circumstances. It covers essential financial areas like budgeting, debt management, investing, insurance, and tax planning, all through the lens of a childfree perspective. Ultimately, the book empowers those without children to build a fulfilling life and manage their finances in a way that aligns with their chosen path.

This guide, Tax Savvy for Small Business, aims to provide a comprehensive understanding of tax strategies for small business owners, covering topics from basic deductions and record-keeping to more complex issues like business structures, fringe benefits, retirement plans, and handling IRS audits. Authored by tax attorneys, the book explains federal tax laws and offers guidance on navigating various aspects of small business taxation, including different business entities like sole proprietorships, partnerships, LLCs, and corporations. It emphasizes the importance of accurate record-keeping and understanding deductible expenses while also addressing potential pitfalls such as IRS audits and common tax errors. Furthermore, the resource touches upon state and local taxes, and provides information on selling or closing a business, and dealing with situations where taxes cannot be paid.

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Stephen Fishman's "Every Landlord’s Tax Deduction Guide" offers comprehensive guidance for residential rental property owners on navigating federal income tax laws. The book focuses on maximizing tax deductions, covering topics such as rental income, operating expenses, depreciation, and potential losses. It explains various IRS rules and regulations, including those related to repairs versus improvements, home office deductions, and passive loss limitations. Furthermore, the guide addresses different aspects of rental property ownership that affect taxation, such as business versus investor status and the implications of hiring workers. The text aims to equip landlords with the knowledge to understand their tax obligations and legally reduce their tax liability.

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This 2008 NOLO guide offers professionals comprehensive information on tax deductions and business entity choices. It explains various deductible business expenses, including travel, home office, and vehicle costs, while also covering long-term asset depreciation and amortization. The book further details different business structures like sole proprietorships, partnerships, LLCs, and corporations, along with their respective tax treatments and liability implications. Additionally, it addresses employment tax rules when hiring staff or family, and provides guidance on retirement plans, health insurance options, and record-keeping practices to navigate tax obligations effectively.

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