- Series: Ernst & Young Tax Guide
- Paperback: 731 pages
- Publisher: CDS Books; 21st 2006 ed. edition (October 2005)
- Language: English
- ISBN-10: 1593152744
- ISBN-13: 978-1593152741
- Product Dimensions: 10.9 x 8.4 x 1.7 inches
- Shipping Weight: 2.8 pounds
- Average Customer Review: 6 customer reviews
- Amazon Best Sellers Rank: #7,902,376 in Books (See Top 100 in Books)
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The Ernst & Young Tax Guide 2006 Paperback – October, 2005
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About Ernst & Young:
Ernst & Young LLP, a global leader in professional services, is committed to restoring the public's trust in professional services firms and in the quality of financial reporting. Its 103,000 people in more than 140 countries around the globe pursue the highest levels of integrity, quality, and professionalism to provide clients with solutions based on financial, transactional, and risk-management knowledge in Ernst & Young's core services of audit, tax, and transaction services.
Top customer reviews
Chapter 12 covers retirement plans. [In 1917 when the Federal government took over the management of the railroads they started a retirement system for the workers. Later Social Security followed this example for a retirement system for all workers.] Chapter 11 covers retirement benefits. You must take the required minimum distribution (RMD) when you reach age 70 or pay a 50% excise tax on the money not distributed. Parts I and II apply to the average working person. Chapter 5 explains quarterly payments for your "Estimated Tax". [Your weekly or biweekly deduction for income taxes is deposited in a Federal Reserve bank. The Fed uses your money to earn interest for itself. The government pays the Fed to borrow its own money! If this money was passed directly to the government your taxes would be lower.]
Why is a tax return so complicated? Because you didn't take the time to study it. Tax returns allow the government to learn as much as possible about a person, and allows micro-managing the economy. Complications allow a market for businesses that profit from doing your returns. A higher standard deductible of $50,000 would simplify a return for most people. [This was the rule for the 1862, 1893, and 1913 income taxes.] The income tax was recommended by 18th century economists like J. B. Say and Adam Smith; and others. In simpler times property was taxed and certain purchases (excise taxes). It takes a lot of tax money to run a big government with an Army and Navy. Taxes are used for political purposes, to reward certain behavior and punish others. Early America taxed tobacco, whiskey, carriages, and imports. Subsidies are another way to promote certain actions and industries.
The easiest way to do this year's return is to compare it to last year's return (which you have). To learn more you have to read (and reread) a book like this. Or a competitive product.
The writing is very readable and there are plenty of graphics and expert `blurbs' to help explain the topics. One thing I like is that the book integrates your entire financial picture: as expected there are chapters on investing and planning, but there are also chapters on divorce, insurance, and even caring for parents. I like, too, that the concepts are explained well. In the section on having a will, for example, the authors explain in good detail their recommendations for what to include. There are also ample warnings against poor financial moves.
There are plenty of financial guides available but I always come back to this one as the most comprehensive, sensible, and best.
Long Beach, California