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  • Book on Taxes

    Any recommendations on books on taxes? I'd like to get a better handle on my tax situation and may try to do my own taxes next year. Thanks.

  • #2
    Mike Piper who is a guest speaker at the WCI conference has a short one that I have read.  You can download it from his site the Oblivious Investor.

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    • #3
      Phil DeMuth's "Overtaxed Investor"

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      • #4
        I like to recommend this one, somewhat facetiously:

        https://www.amazon.com/Selected-Federal-Taxation-Statutes-Regulations/dp/1683288076/

         

        Many previous WCI articles are helpful for a general idea.

         

         

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        • #5




          Any recommendations on books on taxes? I’d like to get a better handle on my tax situation and may try to do my own taxes next year. Thanks.
          Click to expand...


          I'd suggest you just start doing them. Either on paper, or more easlily, get TurboTax and enter everything you have. If you re-create this past year (2016 taxes), you can compare what you did in TurboTax to what was filed (by ??). I learn a bunch on each screen/question in TurboTax, then at the end, you can print out your return to see the actual IRS forms filled out.

          Start and see what you get!

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          • #6
            There is nothing better than hearing it from the horse's mouth.  Read the IRS publications, look at the various IRS forms and their instructions.  Most of the "you can do this" "you can't do that" are simply derived from these free and online (in PDF form) publications.  Then I'd go back and do your 2016 taxes without looking at what the person did who prepared your taxes last year.  You'd be surprised how often you'll actually find mistakes THEY made.

            Now if you really want to spice it up like we did last year you'll have your tax preparer not return your emails or phone calls after sending them all the documents weeks in advance, have another one you went to in desperation completely screw things up to the point of gross fraud and assured fines...and be forced to do your taxes yourself for the first time for the federal and 2 state returns in 2.5 days (2 businesses, and passive income streams to account for too).  I don't know that I'll ever trust anyone or any tax program to do my taxes after that experience.  I will be doing mine by hand from here on out until something better comes along.  Makes you really know the inner workings of things - and enables providing sound advice rather than perpetuating rumor (which may or may not be true).

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            • #7
              Look for books by Sandy Botkin or June Walker.

              Let's face it, no one will read or understand an IRS publication.

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              • #8
                This is one of the best books on taxes that I have ever read.

                 

                Tax Free Wealth - Tom Wheelwright

                http://amzn.to/2uIGQ8r

                 

                 

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