Customer Reviews

J.K. Lasser's Your Income Tax 2006: For Preparing Your 2005 Tax Return

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I have used the J. K. Lasser income tax books for the last few years and am always impressed with them: this book for the 2005 tax return is no exception. I have moderately complex returns but always do them myself with the assistance of a computerized tax preparation program: I believe that I better understand tax law and rules by doing my own returns, although the experience is often very trying.

The Lasser income tax guides are the best of the home reference books I have found, and I have compared all major publications. (For professionals or for exceptionally convoluted returns Lasser also publishes a much more expensive professional guide, though if you need it I would strongly recommend letting a professional do your returns.) I find that the Lasser book is the most user-friendly, comprehensive, and has the most easy to understand examples of all the competing publications. Don't let the huge size (800-plus pages) intimidate you; the bulk of the book won't apply to all returns, but it proves itself invaluable for the chapters that do pertain to your specific tax situation. I find it particularly helpful in determining the eligibility and legality of deductions and depreciation, as the IRS rules can be particularly bewildering in those areas sometimes.

I recommend this book highly for anyone preparing their own taxes. Likewise, even if you have a professional prepare your return, this book is good for preparing receipts and lists of deductions and assets for the preparer.

If you can't find the answer to your tax question in this book, you definitely need a CPA!

As always, Lasser's book is very helpful for both individuals
and professionals for tax preparation. There are a few times when it is a bit difficult to find certain topics in the index,
but in general I recommend it. The filled-out sample forms are
also useful.

Your Income Tax for 2006, 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 "Tax Planning" 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 47 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.] Chapter 48 discusses the possibility of an IRS tax audit so you may be informed and prepared. Page 715 tells about "Suing the IRS for Unauthorized Collection"!

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 am not an accountant, the book is very informative, detailed and seems very complete. It has been a great asset to me as I prepare my 2005 taxes.

Book is well written and comprehensive. It catagorizes the tax laws and give easy to understand examples.

. . . it still takes too much time to do my own taxes. Who wants to spend all that time reading Greek? Tax laws just change way too much! Besides, I was an Education major not Business. I found an alternative option online called ProFaxTax after spending a lot ot time doing Google searches. I'll probably still keep buying the book for reference purposes and to ask intelligent questions of the people at ProFaxTax, but I won't be doing my taxes myself anymore.

I ordered this two months ago. Got an extension on 2006 filing because AMAZON said it wouldn't ship until yesterday April 29 (yeah right) Now today Amazon says it will not ship until May 19. WHAT IS GOING ON AMAZON?!?!?!