Customer Reviews

What the IRS Doesn't Want You to Know: A CPA Reveals the Tricks of the Trade

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

 

 

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!

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.

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

Now available in a revised and updated eighth edition, What The IRS Doesn't Want You To Know: A CPA Reveals The Tricks Of The Trade is a compendium of solid, up-to-date tax advice for 2002. Chapters survey such topics as what the latest IRS targets are; ten ground rules one must never break to win with the IRS; the thirty-four greatest taxpayer misconceptions; commonly overlooked credits and deductions; what forms should never be filled out; new tax laws enabling an innocent spouse to get out of debt; how to plan IRA and pension plans; the latest taxpayer rights; and what IRS people are really like and how to work with them. What The IRS Doesn't Want You To Know is a highly practical book and strongly recommended reading for every taxpayer!

I read all the reviews AFTER buying this book, and I must say that I'm surprised at some of the negative ones. One negative review is from a tax protester (they argue that nobody should have to pay taxes, but they love sending their kids to public schools and enjoy their social security checks!).

There's another negative review from a Ron Paul supporter. I love Ron Paul, but trashing the author's book because you WANT a flat tax doesn't make your dream of a flat tax come true, and it's really unfair to the author.

The last review is obviously someone who works for a taxing agency. The author may advocate some strong tax avoidance techniques, but tax "avoidance" is still legal (tax EVASION, which is illegal, is not what the author proposes). I've represented enough taxpayers to know that the IRS would love to do away with the Taxpayer's Bill of Rights, but until that happens, taxpayers have the right to legally reduce their tax any way they can.

So, that being said, the author is getting trashed from every direction, which usually means the book is good. He doesn't advocate anything that would put you in jail, but he does mention quite a few good tax shelters that almost everyone can take advantage of. By the way, the IRS has tried to make "Tax Shelter" a dirty word, but most tax shelters are completely LEGAL. Do you have a retirement plan? Then you have a tax shelter.

The book could use a yearly update, which is the only reason it's getting four stars.

Kaplan does an in-depth job of outlining problems within the IRS structure. Like most tax writers, the information tends toward avoiding an audit. The chapter on misconceptions of tax information is exceptional and with 45 million self-employed tax payers this is a group who are subjected to frequent audits. This number is rising as companies are down sizing and young people skilled in computer technology enter to workforce as small business owners.
This is an older volume, published in 2003 and some of the material is dated. If there is one area impossible to keep current without annual installments it is federal taxes.
Good information to have if you are studying taxes, but as help for the individual seeking information in their particular area it is lacking.
Nash Black, author of "Taxes, Stumbling Blocks and Pitfalls for Authors 2007."

I bought TaxCut software, then read this book, I end up with a tax professional to do my 2001 tax. I am glad I read this book though, I avoided making mistakes and I followed carefully to my tax attorney's advice. This book is informative and insightful.

Here's good reading while you are doing 10-15 years for tax evasion. Get an accountant and forget about trying to outsmart the IRS. There is nothing the IRS doesn't want you to know. The problem is it is way more than you will ever know. Tax codes are the number one killer of trees.

The author wants us all to be Type A Taxpayers by always following the advice of a professional (such as himself) -- rather than being Type C (self sufficient, argumentative, etc.) Even if this book represents the best advice -- it still falls in the category of another boring tax guide. It succeeds only as further proof that the tax code is intentionally confusing and unfair -- designed to serve not only the government, but the tax industry of arrogant CPAs and attorneys

If you want to play the IRS' game, which can trash you on a whim, this book is actually very informative and well written.

Please be reminded that the enforcement of any income tax trounces your protections as described in the Bill of Rights. A National Retail Sales Tax would raise more than the government could ever truly need.

IF there's anything the IRS doesn't want you to know, it's that one of their special agents from their criminal investigations division just resigned under pressure when he submitted a report showing that the 16th Amendment was not properly ratified and there is not law that says you have to file a tax return.

The former officer's name is Joseph Bannister.