What the IRS Doesn't Want You to Know:: A CPA Reveals the Tricks of the Trade, Revised for 1998 [Paperback]

Martin S. Kaplan C.P.A. (Author)

Book Description

Series: What the IRS Doesn't Want You to Know | Publication Date: December 16, 1997

Revised and Updated for 1998!

Filled with sample tax forms, state-by-state hot lines, and more than a thousand insider secrets, this widely acclaimed book--a Business Week bestseller--reveals critical strategies that the best CPAs use for their clients to file shrewd, legal, money-saving returns.

With tax laws constantly changing and existing regulations hidden in voluminous tax codes, businesses and individuals in every income bracket need expert advice that cuts through IRS bureaucracy and prevents taxpayer horror stories.  In this completely updated version, the authors explain the latest IRS weapons, plus the eighteen biggest misconceptions taxpayers have about their returns.  There's also a brand-new section on how to hold on to more money, and there are explanations of the 1997 tax legislation--the most crucial laws and how they can affect you.

Editorial Reviews

From Library Journal

The authors demystify the IRS, explaining how you can perform all the tricks CPAs perform and still avoid an audit.
Copyright 1994 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

From Booklist

There are three categories of tax guides. One type gives step-by-step instructions on preparing tax forms and offers tips and suggestions along the way. A second advises financial planning strategy and recommends ways to allocate or invest money in order to minimize taxes. A third counsels the adversarial approach. It is this tack that is taken by CPA Kaplan and specialist Weiss. They portray the IRS as arrogant, uncaring, vindictive, and rife with bureaucratic incompetence. By revealing IRS operating procedures that determine how and when a return is audited, the authors provide tips on minimizing the likelihood of an audit and they spell out "endless" loopholes in our tax laws that they say should be taken advantage of. Recommended for libraries whose patrons demand more than J. K. Lasser. David Rouse --This text refers to an out of print or unavailable edition of this title.

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Product Details

• Paperback: 448 pages
• Publisher: Villard; 4th Upd Re edition (December 16, 1997)
• Language: English
• ISBN-10: 0375750452
• ISBN-13: 978-0375750458
• Product Dimensions: 9.1 x 6 x 1.4 inches
• Shipping Weight: 1.2 pounds
• Average Customer Review: 3.1 out of 5 stars  See all reviews (11 customer reviews)
• Amazon Best Sellers Rank: #7,867,248 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

119 of 126 people found the following review helpful:

5.0 out of 5 stars Incorporating? If so, this is a wonderful text!, February 21, 2000

By 

James J. Bell (Chamblee, GA United States) - See all my reviews
(REAL NAME)   

This review is from: What the IRS Doesn't Want You to Know: A CPA Reveals the Tricks of the Trade (Paperback)

My annual salary grew steadily each year since graduating from college in 1994. However, there was hardly any money to pay off my credit card bills and forget about nice vacations or investing! I'd had enough. I heard of IT jobs that paid $50/hr. (or more). One day I had a conversation with an IT contractor with 7 years experience. This man had incorporated his own business and suggested that I did for the tax benefits. However, he was not very articulate as to EXACTLY what benefits there were to incorporating. I had to know. So I purchased Marty Kaplan's 3rd edition in late 1997. On May 20, 1998 I paid a law firm $300 to formally incorporate my very own company. I was instanly a President!(I still get a kick out of my title!) I have been contracting ever since. I think that I would have been contracting whether I purchased this book or not. However, Marty Kaplan's book provided a detailed comparsion between the different types of businesses. (i.e. sole proprietorship, partnership, Limited Liability Company, C-Corporations, & S-Corporations) Marty explained the financial realities, that precious few people understand. These truths showed me the pros and cons to each business model. All the financial decisions that I made were based on the information I gleened from this book. I assure you that I am infintely better off today than I would be if I were still at my 1998 job. But, what's more is that I'm better off today than I would be if I had contracted as a "W2 employee." (which is much easier in the beginning!) It was Marty's text that enlightened me! Also, Marty speaks plainly about being audited - "...it may happen and don't panic." Marty is completely ethical. His text simply shows readers how to prevent raising red flags. (i.e. certain IRS forms have been found to be guaranteed red flags and Marty advises how to legitamately report those same expenses on the "right" forms) Marty provides excellent anecdotes that will help readers predict the IRS's behavior and steer clear of its wrath. Marty spends the remainder of the book showing you how to maximize your legitimate deductions while minimizing your tax liabity. This book paid for itself in a split second. Thank you Marty!

28 of 28 people found the following review helpful:

3.0 out of 5 stars How to Beat the IRS, January 28, 2006

By 

Bryan Carey "Bryan Carey" (Houston, TX) - See all my reviews
(VINE VOICE)    (TOP 1000 REVIEWER)    (REAL NAME)   

This review is from: What the IRS Doesn't Want You to Know: A CPA Reveals the Tricks of the Trade (Paperback)

Keeping up with all the IRS rules and regulations can be a real hassle. The tax code keeps getting more and more complex every year, in spite of countless promises by politicians to "simplify" the system.

This book does give some useful tips on how to avoid taxes. It points out specific ways that you can legally reduce your tax burden, along with key mistakes to avoid, unless you like the idea of being audited.

This book is written in an outline format, with boldface and bulleted text throughout. This is helpful, for finding specific information. You can quickly turn to a chapter that interests you, and then narrow down your reading by looking for the sub- topic that interests you.

Thw way this book portrays the the American tax system might not sit too well with some people. The author talks about the IRS, not necessarily as a great, friendly institution, but not as something to take caution with, either. He paints a picture of the IRS as being a firm, but reasonable institution and points out that we should not fear the IRS at all. We all can think of many, many occasions where this has not been the case. The IRS has abused its authority in many instances, and many feel that some of its unethical actions are directly the result of political manipulation against enemies, like in the case of auditing of high- profile individuals. But this book avoids talking negative, making the IRS seem like an institution that is reasonable and accommodating.

This book shows the reader many ways to avoid taxes, and much of the advice is sound, but I found this book to be a yawner overall. It's one of those books that could be viewed as a reference book, or a reading book. However, if you try to read the book from cover to cover (it's more than 450 pages in length), don't be surprised if your eyelids seem to become very heavy after every few pages of reading. This isn't exciting material, and it can induce drowsiness quickly.

This book has been updated and revised many times to keep it current with the ever- changing tax laws. It's the type of book that becomes outdated very quickly, and needs constant revisions to keep up with the times. My edition is already a couple years old, and I can already see where the technology chapter is way behind.

This is an ok book to have around, as a reference guide to reducing taxes and complying with IRS rules. If you don't want to pay a tax professional and you enjoy the challenge of working on your own taxes, then this book could prove to be very beneficial. For everyone else, it will likely just sit on a shelf and collect dust. Buy it only if you feel that you really need it.

35 of 37 people found the following review helpful:

5.0 out of 5 stars It demystified this years taxes., April 6, 1997

By A Customer

This review is from: What the IRS Doesn't Want You to Know: A CPA Reveals the Tricks of the Trade (Paperback)

Any one who even thinks about submitting a 1040 should have this book in hand. The authors explain in very clear and firm terms what causes flags to go up at the IRS and what doesn't. They help you to get along with your CPA. For once, I was able to ask my accountant some informed questions and avoid a possible disaster. Every possible itemization is considered. This book might help a bit with this years taxes, but will help tremendously with next years by helping you to begin some habits that will almost audit proof you, or at least have you coming out of an audit smelling like roses