Top products from r/tax
We found 23 product mentions on r/tax. We ranked the 26 resulting products by number of redditors who mentioned them. Here are the top 20.
1. Showdown at Gucci Gulch: Lawmakers, Lobbyists, and the Unlikely Triumph of Tax Reform
Sentiment score: 2
Number of reviews: 2
2. PassKey EA Review Complete: Individuals, Businesses, and Representation: IRS Enrolled Agent Exam. Study Guide 2017-2018 Edition
Sentiment score: 1
Number of reviews: 1
3. [Old Version] TurboTax Home & Business + State 2018 Tax Software [PC Download] [Amazon Exclusive]
Sentiment score: 1
Number of reviews: 1
TurboTax Home & Business is recommended if you received income from a side job or are self employed, an independent contractor, freelancer, consultant or sole proprietor, you prepare W 2 and 1099 MISC forms for employees or contractors, you file your personal and self employed tax together (if you o...
4. Consider Your Options: Get the Most from Your Equity Compensation
Sentiment score: 1
Number of reviews: 1
5. PassKey EA Review Complete: Individuals, Businesses and Representation: IRS Enrolled Agent Exam Study Guide 2012-2013 Edition
Sentiment score: 0
Number of reviews: 1
Used Book in Good Condition
6. Federal Income Taxation (Concepts and Insights)
Sentiment score: 0
Number of reviews: 1
7. Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich--and Cheat E verybody Else
Sentiment score: 1
Number of reviews: 1
8. For Good and Evil: The Impact of Taxes on the Course of Civilization
Sentiment score: 1
Number of reviews: 1
10. Income Tax Fundamentals 2016 (with H&R Block™ Premium & Business Access Code)
Sentiment score: 1
Number of reviews: 1
11. South-Western Federal Taxation 2016: Comprehensive Volume
Sentiment score: 1
Number of reviews: 1
12. Lower Your Taxes - BIG TIME! 2019-2020: Small Business Wealth Building and Tax Reduction Secrets from an IRS Insider
Sentiment score: 0
Number of reviews: 1
13. Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, 3rd Edition
Sentiment score: -1
Number of reviews: 1
NewMint ConditionDispatch same day for order received before 12 noonGuaranteed packagingNo quibbles returns
14. Federal Income Tax: Code and Regulations--Selected Sections (2018-2019)
Sentiment score: -1
Number of reviews: 1
15. I Will Teach You To Be Rich
Sentiment score: 1
Number of reviews: 1
I Will Teach You to Be Rich
17. The Big Short: Inside the Doomsday Machine
Sentiment score: 0
Number of reviews: 1
The Big Short Inside the Doomsday Machine
18. The Logic of Subchapter K: A Conceptual Guide to the Taxation of Partnerships (American Casebook Series)
Sentiment score: 1
Number of reviews: 1
I would also advise you to be aware of what's going through their capital accounts. For a partnership there are technically three sets of capital accounts: 704(b) ('book' per the code), book per the books (GAAP ideally), and then tax capital. Those could potentially all be different, especially if it was property that was contributed to start the partnership. A partnership is basically a big exercise in tracking capital accounts.
As for what you need, as Hitemup27 said, you'll need a set of financials. Last year's return is also reasonable to ask for. That will give you the book sharing ratios, but you absolutely want the partnership agreement as well. That agreement is what dictates how the partnership operates and will give you your TAX sharing ratios. Those are the two most important pieces of information in my mind.
A partnership is a really complex tax beast, arguable the MOST complicated single return type (i.e. not a crazy corporate consolidation). There is a great book out there called the Logic of Subchaper K (http://www.amazon.com/The-Logic-Subchapter-Conceptual-Partnerships/dp/0314233644) that will help with understanding how a partnership operates.
Good luck!
Nearly seven years ago I used PassKey EA Review Complete as my sole paid exam prep and I passed all three parts on the first try.
It's not cheap but it's totally worth it. I make sure to buy the new edition within a few months of it coming out in March and then resold my copy on eBay towards the end of the year and still got about 2/3s of its value back. Think of it as a $50 book rental that could add $50k/yr to your income.
If you want a free supplement I used Fast Forward Academy's online test questions. I'm not sure if they still offer it but it was a very good resource back in my day.
This book is also pretty good:
http://www.amazon.com/South-Western-Federal-Taxation-2016-Comprehensive/dp/1305395115
If you want to just have an overview I would go for something on Federal Taxation.
Another thing you might do is look online for some powerpoints from various colleges that cover Federal Taxation. There are lectures on youtube as well. I have been studying for the CPA and if I got stumped on something I would just find a youtube lecture.
Also, reading case law is really interesting too. Just depends on what you are interested in. I found case law on Individual Issues really interesting. I took that class because it was not really a focus of my master's program - corporate is more heavily taught than individual. The class I took was taught with court cases.
Because the laws written both for and by those who have the most to gain.
Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich--and Cheat Everybody Else https://www.amazon.com/dp/1591840694/ref=cm_sw_r_cp_apa_i_cDAzCb9F94ACF
These aren't technical tax books, but if you're not planning on going into tax they're a lot more useful and interesting than reading something like The Logic of Subchapter K or something.
http://www.amazon.com/Good-Evil-Impact-Course-Civilization/dp/1568332351
http://www.amazon.com/Showdown-Gucci-Gulch-Alan-Murray/dp/0394758110/ref=sr_1_1?s=books&ie=UTF8&qid=1464585769&sr=1-1&keywords=gucci+gulch
I recommend this book:
https://www.amazon.com/Consider-Your-Options-Equity-Compensation/dp/1938797027?keywords=consider+your+options&qid=1537799205&sr=8-1&ref=sr_1_1
Short answer: there is a possible tax savings if you exercise and hold for the required period because the gain will be treated as capital gains instead of ordinary income. But there's also a risk, because you owe AMT on paper gains if you don't make a "disqualifying disposition" by the end of the calendar year.
I'm actually reading a book right now that (among other things) talks about why Congress continues to cut the IRS budget. Starting somewhere around the Reagan/Bush (H.W.) administrations, becoming 'anti-tax' became a very politically popular thing. The anti-tax folks decided that since they couldn't get rid of taxes altogether, they'd just weaken the enforcement arm. Pretty interesting stuff.
Here's a link if you're interested: http://amzn.com/0262027135
Some books I've enjoyed:
Sure. I recommend reading: http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489
That's finance for people who are REALLY new to finance.
After you read that, read http://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Larimore/dp/0470067365
If you do what's in those books, you will be fine.
Here is a great one
NOLO press has a few books that cover the basics of this, including Tax Saavy for Small Business.
I would still follow the recommendation to actually consult with a CPA, but books like this one will at least let you know some of the framework you should be looking at.
I want to help you sooooooo badly because I know how nerve wracking those tests are. I used Passkey to study for my tests.
http://www.amazon.com/PassKey-Review-Complete-Individuals-Representation/dp/193566414X/ref=sr_1_1?ie=UTF8&qid=1382834523&sr=8-1&keywords=passkey+ea+review
I studied for about a week and then took the tests one right after each other over 3 days. Not what I would recommend as the standard operating procedure to anyone else if they asked, however.
I'm sure she knows the material, it's just that these sorts of tests are better at measuring how good you are at taking tests, rather than how well you know the material. If she's having a real problem passing, but thinks she knows the material, I might study up more on test taking techniques than the material itself.
You can purchase the TurboTax Home and Business 2018 (Download version) from Amazon for $80
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https://www.amazon.com/dp/B07KR2DYG7/ref=dp_cerb_3?th=1
Read Lower Your Taxes - BIG TIME! for a start.
https://www.amazon.com/Federal-Income-Taxation-Concepts-Insights/dp/1640208240/
:D
I learned the word from Michael Lewis.
Check out the book Taxing Ourselves.
Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, 3rd Edition https://www.amazon.com/dp/0071703071/ref=cm_sw_r_cp_api_i_Fg6KDbNWCWPRP
Federal Income Tax: Code and Regulations--Selected Sections (2018-2019) https://www.amazon.com/dp/0808050117/ref=cm_sw_r_cp_api_np5XBbNKK4FG5
But seriously- contribute to tax deferred accounts, have kids, and start buying rental properties. Otherwise, bask in the fact that you have an income that earns more than 98% of Americans but unfortunately comes with a comparable tax liability.