Customer Reviews

J.K. Lasser's Your Income Tax 2004

5 star:		(8)
4 star:		(1)
3 star:		(0)
2 star:		(0)
1 star:		(0)

 

 

This is the most wonderfully complete and comprehensible tax preparation guidebook on the market, and I buy the new edition every year. It never fails help me with the tortures of tax season. My favorite features are the wide margins that allow me to make notes in the book as I go. I also like the 'Caution' and 'Law Alert' notes in the margins pertinent to the matter being discussed. These clarify confusing issues (particularly about deductions) and make the tax code a mite more comprehensible. Other good features are the complete tax tables in the back of the book, a planning section, and a set of tax forms, although I personally don't use them as I traditionally use TurboTax.

My one minor critique is that sometimes an entry will refer you to a website to find the ultimate answer to a question. This is very rare, but does occasionally happen, for instance in this year's edition I needed some information on per diem reimbursement rates, and they weren't in the book, which was a mere annoyance, but at least the book told me where to get the information.

As tax preparation software becomes more all encompassing I use this book a little bit less every year, but at some point it always bails me out without fail. I highly recommend this book to anyone, especially people with moderately complex returns or small business owners filing Schedule C.

This year I decided to go cold turkey and prepare my own tax returns, something I haven't done for many years. Instead, I have been using a bookkeeper to put my records in order and a CPA to prepare the actual returns. That's been expensive.

I decided that I should save the money this year and do the returns myself. Naturally, it helped to look back at what my CPA did last year. But a lot of new questions came up. This wonderful guide cleared them all up . . . and I double-checked the answers with the IRS instructions. No problems! It was a piece of cake.

If you only find one deduction you wouldn't otherwise remember to take, this guide will more than pay for itself. Buy it today!

Each year I find myself buying the latest and greatest Income Tax Preparation books, often I'm let down by them for a number of reasons. I had to write this review as this is the very FIRST preparation book that answered every single question that I had. And since I do a diverse array of income tax preparations, finding a totally comprehensive book is like finding a hair in a shagged carpet.

Without going into great detail, the guide is designed in ways that make it very customer friendly. I'm the type of person that likes to make notes or comments on changes in tax law, items I want to refer to again, and I also like room for my tiny "post-it" notes. I deal with people from every possible tax category, from the very wealthy to family and friends that are disabled and have minimal income.

As far as I could tell, all of the most recent tax laws are found (easily) in this extremely comprehensive 2004 Income Tax Preparation Guide. They even reference applicable case law and Court Decisions, hot tips from the IRSinformation,planning alerts, and the latest breaking tax news.

Like previous years, you'll find all of the many forms you'll need. If something is not available in the book, you'll be directed to a location on the internet where you can find the precise information that you're looking for. This is tremendous guidance for the most recent tax law.

I'm someone who reviews the index in almost every book that I purchase. When I saw the extensive index, found in "J.K. Lasser's Your Income Tax 2005: For Preparing Your 2004 Tax Return", I was extremely impressed and later found it to be as helpful as it appeared when I first glanced at it.

I've not covered everything in this review, however I hope that I've given you at least a little more insight into this tax guide and whether or not you should choose this one over another. Thanks for taking the time to read this and good luck to you.

Best Regards and Happy Reading!

Pete Cannice
from Scottsdale, Arizona
email: Horsepete@aol.com

Comprehensive, easy-to-read, and well organized. I recommend the book to anyone preparing their own taxes, either by hand or by computer. Next best thing to having a CPA sitting next to you.

Comprehensive and easy-to-read. Very well organized. Find information on specific tax topics using the Form 1040 with chapter or sections listed right on the form. The pages are designed for maximum ease of reading, letting you find your information quickly. The writers have done a superb job of turning the technical, obscure, and confusing IRS publications and instructions into something you and I can actually read and figure out. The chapter on the Alternative Minimum Tax (chapter 23) is the best explanation of AMT that I have ever read. If you have to tackle AMT, this chapter alone is worth the price of the book. The book includes a complete set of tax forms for the do-it-yourself taxpayer.

Binding seems weak. My constant looking back and forth, opening and re-opening the book, has caused a few pages to become unglued.

This book consistently provides the necessary tool for preparaing a tax return and is also a great all around tax planning book.
Among the most useful features are the examples that put often complicated rules in to action and provide a template and the internal references that direct you to sections in the book that are relevant to the subject matter being discussed. It is helpful for both novice and expert.

Chapters and information very well organized. You can start from the beginning chapter or jump to any other chapter immediately and quite comprehensively. The writing is clear and simple if there is such a thing with irs forms and instructions. Well worth the price you pay for this book.

Your Income Tax for 2005, by J.K. Lasser

There are two reasons to read this book.
1) You are preparing a paper return and wish to learn more that what is printed in the IRS "Forms and Instructions".
2) You want to read and learn more than what you get from a tax preparer or computer program.
Since your economic activities have tax consequences you should read or browse the relevant sections of this book as it applies to you. Some ignore the tax consequences until its too late. Since most people don't have tax lawyers, and may not be able to get advice on a telephone, or even from the Internet, you need to reference this book as needed. Do not be afraid of the size of this book as most people will not need all chapters.

Part 1 covers the "Filing Basics" and status. Part 2 covers "Reporting Your Income" for wages, salary, other compensation; fringe benefits, dividend and interest income, property sales, property exchanges, retirement and annuity income, IRAs, rents and royalties, loss restrictions, other income. Part 3 covers "Claiming Deductions" for adjusted gross income, standard or itemized deductions, charitable and interest deductions, medical expenses, personal exemptions. Part 4 tells how to compute your taxes, and tax credits. Part 5 tells about "Personal Tax Savings Plans" and should be read by everyone. Part 6, "Business Tax Planning" is important for the self-employed. Part 7 tells about filing your return and the aftermath.

Chapter 48 discusses the possibility of an IRS tax audit so you may be informed and prepared. Chapter 49 tells how to file a refund claim or an amended return. [The easiest way to fill in a 1040X is to fill in the new 1040 and then copy the information to the 1040X.]
This edition has a wrong page number "959" for the Index, and for Part 9 "717". Don't worry about this page error.

To learn about the history of US tax policy you'll need another book. Sidney Ratner's "American Taxation" is out of print, but you may be able to find another book. Class and sectional differences make politics, and politics make the tax code. Today's income taxes fall more heavily on wage earners compared to the 1862, 1893, and 1916 income tax codes.

Although I do have a tax specialist look over my paperwork every year, I use this book as backup and have even found a few things over the years (admittedly, very few) that my preparer missed. I feel good just knowing that I'm on top of things.
If you prepare your taxes yourself, here are some of the features you'll LOVE in this edition:
Easy to understand filing tips and instructions. Whether you are a first-time taxpayer or an experienced one, you'll be as prepared as possible if you use this book.

There are updates, planning reminders and strategies to maximize your savings this year - and help you plan for the next tax year.

I especially like the "Alerts" about upcoming laws and possible changes. Nothing like being prepared!

Recent IRS changes and rulings are alos noted, another valuable bit of info.


If you tend to miss things, the CAUTION notices in the book will alert you to possible errors as well as areas you might miss.

There are also spaces for you to write, take notes, etc...as you read, a very nice feature.

This is my constant companion as I prepare my taxes. The information and explanations are clear and easy to read. If your return is at all complicated, you will get temendous benefit from this book.