Taxes are compulsory contributions to state revenue, levied by the government on workers’ income and business profits, or added to the cost of some goods, services, and transactions. Books on taxes help you to stay on course.
people often ignore the importance of taxation and why they should pay taxes. Taxes help to improve and maintain public infrastructure, including the roads we travel on, and fund public services, such as schools, emergency services, welfare programs, etc.
So often tax policies can change and that’s why you constantly need to school yourself with books on tax-related topics to ensure you know your legal rights and exercise.
Here in this post, we have listed the best books on taxes to keep you updated on the pros and cons of paying taxes.
What Are Taxes?
Taxes are mandatory contributions the government levied on individuals and corporations or added to the cost of some goods, services, and transactions.
Tax revenues finance government activities such as public works, schools, roads, and Social Security and Medicare programs.
What is the Importance of Taxation?
Paying taxes is important to governmental bodies because this is a fundamental way for a country to generate revenues to finance the economy by providing infrastructure, and services for big and small-scale businesses.
What Are the Classes of Tax?
Taxes are mostly classified as either direct or indirect,
- Direct taxes: Direct taxes are primarily taxes on natural persons (e.g., individuals), and they are typically based on the taxpayer’s ability to pay as measured by income, consumption, or net wealth.
- Indirect taxes: These are taxes levied on the production of goods and services which includes general and selective sales taxes, value-added taxes (VAT), taxes on any aspect of manufacturing or production, taxes on legal transactions, and customs or import/export duties.
Books on Taxes
Here are our top 10 Best Tax Preparation Books:
1. Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens
While the United States experiences a recession and economic stagnation and European countries face bankruptcy, experts struggle to make sense of the crisis. Nicholas Shaxson, a former correspondent for the Financial Times and The Economist, argues that tax havens are a central cause of all these disasters.
2. How to Pay Zero Taxes
Save BIGGER THAN EVER with this fully updated edition of the classic tax-saving guide!
Tax whiz Jeff Schnepper has been helping ordinary taxpayers dramatically lower their tax bills for decades. Now, Schnepper brings his classic guide up to date for the coming tax season.
3. J.K. Lasser’s 1001 Deductions and Tax Breaks
This book on taxes is an excellent place to start if you don’t know the first thing about taxes. This isn’t a mere laundry list of what you are eligible to deduct it also teaches you how the law has recently evolved, which types of income are never taxed, how to claim things correctly, and how to read your financial records as a seasoned accountant would.
4. Taxes Made Simple
This book on taxes is for you if you know a little or absolutely nothing about taxes but want to learn more. You’ll learn all of the things you should have picked up in personal finance class had you been paying attention from the difference between basic essential terms to how to make sure you qualify for the deductions and credits that will save you in the long run.
5. The Tax and Legal Playbook
In this revised edition of The Tax and Legal Playbook, Kohler reveals clear-cut truths about tax and legal planning and delivers a practical, play-by-play guide that helps you build wealth, save on taxes, and protect your assets. Using real-world case studies, tax-savvy tips, game plans, and discussion points, Kohler coaches you through the complexities of the tax game of the small business owner. You’ll also learn how to:
- Examine your business needs and pick the right business entity for you
- Build your personal and corporate credit in eight steps
- Implement affordable asset protection strategies
- Take advantage of underutilized business tax deductions
- Pick the right health care, retirement, and estate plans
- Bring on partners and investors the right way
- Plan for your future with self-directed retirement funds
6. Every Landlord’s Tax Deduction Guide
This edition has been completely updated to cover all the latest changes in the tax laws brought about by COVID-19 relief legislation. It includes information on how landlords can deduct rental losses caused by the pandemic, sick leave and family leave tax credits for self-employed landlords, employee retention credit, and tax-free treatment of landlord PPP loans.
This book also explains:
- how landlord businesses are legally organized
- how to maximize depreciation deductions
- distinguishing between repairs and improvements
- handling casualty and theft losses
- deducting home office, car travel, and meals
- how to benefit from real estate professional status
- hiring workers
- taking advantage of the 20% pass-through tax deduction
- how to keep property records, and
- filing the landlord tax form: IRS Schedule E.
7. A Fine Mess
The U.S. tax code is a total write-off. Crammed with loopholes and special interest provisions, it works for no one except tax lawyers, accountants, and huge corporations. Not for the first time, we have reached a breaking point. That happened in 1922, again in 1954, and again in 1986. In other words, every thirty-two years. This means that the next complete overhaul is due in 2018. But what should be in this new tax code? Can we make the U.S. tax system simpler, fairer, and more efficient? Yes, yes, and yes. Can we cut tax rates and still bring in more revenue? Yes.
8. U.S. Taxes For Worldly Americans
Are you a citizen of the United States who lives abroad? You probably know America is one of only two countries that taxes its citizens on their worldwide income, regardless of where they live or work. If you’re thinking about becoming a digital nomad or expatriating to another country, do you know how to avoid paying unfair taxes on your income while abroad? There may be huge penalties and tax evasion charges if you don’t file correctly.
9. Get What’s Yours
If you or a loved one are nearing retirement age, you’re going to want to get your hands on this book. The U.S. Social Security system is incredibly complicated and has nearly 3,000 rules governing who’s eligible for what and when.
Wrong decisions about what to apply for and when you apply could end up costing you tens of thousands of dollars…every year. Using these stories of those people and lessons gleaned from decades of financial planning will help you navigate the complexities and help you get the highest possible payout. You’ll learn strategies and tips from the pros, written in a style that even those whose minds aren’t as sharp anymore will be able to understand.
10. U.S. Master Tax Guide
You can skip this recommendation if you’re a home filer unless you’re looking for a good bedtime story. Tax pros, on the other hand, will find this book an invaluable resource.
It’s meticulously researched and provides the most up-to-date and legally sound insider explanation of the U.S. tax code. You’ll find yourself consulting this reference again and again if you’re preparing a complicated filing. Even if you’re a CPA, you’ll be hard-pressed to come up with a question that this book doesn’t answer.
This book provides straightforward albeit detailed answers. It’s one you must buy if you want to know the tax code forward and backward.
Bottom Line
Books on taxes educate us on the significance of taxing. The most recent version of the book by Jeff Schnepper, “How to Pay Zero Taxes” A great book on taxes is among the award-winning books that everyone must read, those who want to get past the taxation code. With plenty of money-saving strategies and easy-to-read language on complex subjects, even the most knowledgeable tax experts will learn the latest tricks.
Reference
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