The Ernst & Young Tax Guide 2003

Rating:
Summary: Not much here that you can't get from IRS publications
Review: Actually, they should call this book Taxes for Retards. I bought it with the hope that it would make doing my taxes a little bit easier this time around. No such luck.

Most of the matter covered in the book is of a very elementary nature - that much you can figure out just by reading the IRS publications for the relevant forms.

In most instances, i found that i had to go back to the irs publication whenever i had any doubt - the book only covered everything superficially.

if you had no idea that irs publishes instructions for all forms or are among the esteemed few who think taxes are optional and/or that the slavery deduction is real- this book is for you. for others who have a fairly good idea of what you are doing, save the ** bucks and spend them elsewhere.

Rating:
Summary: Not much here that you can't get from IRS publications
Review: Actually, they should call this book Taxes for Retards. I bought it with the hope that it would make doing my taxes a little bit easier this time around. No such luck.

Most of the matter covered in the book is of a very elementary nature - that much you can figure out just by reading the IRS publications for the relevant forms.

In most instances, i found that i had to go back to the irs publication whenever i had any doubt - the book only covered everything superficially.

if you had no idea that irs publishes instructions for all forms or are among the esteemed few who think taxes are optional and/or that the slavery deduction is real- this book is for you. for others who have a fairly good idea of what you are doing, save the ** bucks and spend them elsewhere.

Rating:
Summary: Helps You Make the Most Out of the 2001 Tax Law!
Review: Helps You Make the Most Out of the 2001 Tax Law!

The new, 2002 version of this book deserves more than five stars.

As background for reading and considering this review, please be aware that I am an attorney, did well when I studied tax in law school, and employ a top CPA to help me do my tax planning and prepare my returns. Despite all of this background, I find it hard to keep up with the tax laws. Since I became a member of the bar, the number of pages in the Internal Revenue Code has doubled as have the number of pages of tax regulations.

I was inspired to read this book when a conversation with my CPA left me with 14 areas that I wanted to understand in much more detail. I could have asked him, but that would be very costly because he charges by the hour and would have to do research to find out what I wanted to know. Realizing from experience that working with the IRS code and regulations could take many hours, I hoped this book would serve as a time saver, and it did! I found the answers to my 14 questions in less than an hour, and also located several hundred dollars of potential tax savings that I need to discuss with my CPA. The experience was a very satisfying one.

The Federal tax laws changed in 2001, applying to both your 2001 tax return and to future years. Whenever Congress changes the tax law, you need to be alert. If you continue to do what you have done before, you may well make costly mistakes that could lead to extra taxes needing to be paid or even worse, owing money for penalties and interest.

The Ernst & Young Tax Guide 2002 is remarkably helpful in dealing with the 2001 tax law changes. The book opens with a summary of what changed, and gives you references to the sections where you can get more details for your 2001 return. The following section goes on to describe the other changes that will be phased in during 2002 and later years.

To test the guide, I also checked out the most difficult questions that I had had to deal with in the last 20 years, where I was pretty sure the law had not changed. Each of these questions was also accurately and succinctly described.

I was very impressed that I could look up answers in any one of many different ways. The actual 2001 tax forms and instructions are bound into the volume. So that was one starting point. There were also detailed chapters on common topics, from handling mutual funds to taxes on child-care providers. So I could start there. The index was also very complete, and I could dive in from that direction. In addition, the cross-references in the text were very complete and would send me to the right section of the right page.

If you prepare your own returns and have a somewhat complicated return, you will also benefit from the many worksheets in the book. If you are about to start working with an accountant, you will save time and money by using the many lists in the book for what to collect and how to organize it (a pile of paper in a shoe box is not the right way to go!).

You might think that it's too late to affect your 2001 taxes. Actually, you still have some choices open, such as whether or not to make contributions to IRAs between now and April 15. If you are going to be late in making your last estimated tax payment in January, you may also be able to avoid penalties by filing before February 1 and paying what you owe when you file.

May your future not tax you needlessly!

Rating:
Summary: The Best Tax Guide
Review: My purpose in getting this was to get my 1999 taxes done. Well, I got this and Turbo Tax in the same order, and when it all came in I got out my records and got ready to do the taxes.

I opened up this book and looked through it. Wow, that's a lot of tax law and regulations there. Then I installed the Turbo Tax, and had never done my returns on computer before, so I figured it would be good for a backup or audit since my returns were complicated this year. 6 hours later everything was done using the computer and Turbo Tax.

If you enjoy reading and studying tax issues, this would be a good book because there are plenty of topics covered in great detail - so I'm giving it 3 stars for that. If you're reading this online, you have a computer, and if you want to get your returns done quickly and accurately, use the computer to do them.

This book got parked on the shelf, and I can't see ever using it.

Rating:
Summary: Better Than Your Accountant
Review: This guide has the answers to 99.9% of your tax questions and is cheaper than calling your accountant. The information is detailed and concise, usually with examples which help you to understand the calculations. This guide contains everything you need to file your own taxes, helps you to understand all of the computations involved in calculating your tax liability, and contains two copies of the most common tax forms. As an accountant, I find myself looking up answers in this book rather than using expensive tax research software. For most issues this book is adequate and much easier to use.

Rating:
Summary: Almost as good as an accountant
Review: This guide makes it quick and easy to find an answer to your tax question. Information is clear and concise, usually with examples of what qualifies and what doesn't. Often it includes IRS opinion and Tax Court rulings on how the law is interpreted. Contains virtually everything you need to file your own taxes, understand why or why not a deduction is allowed, and two copies of the forms you need. This is NOT a tutorial for someone who has never done their own taxes. In the past five years my 1040 has become more complex. I've bought a rental property, started investing in the market, and working from my home office. This guide is why I can still file my own return.

Rating:
Summary: Pricey But Worth It
Review: This is the best tax guide on the market. We use it in conjunction with TurboTax to do our taxes, which we file electronically. The tax guide comes in handy for in-depth review of some aspects as well as having a hard-copy throughout the year (well after taxes are filed) so that we can make informed tax decisions. It is a little pricey, but the ton of information and good examples make it worthwhile.

Rating:
Summary: This Is The One To Buy
Review: This is the tax guide to buy each year. Unfortunately, it comes out later than the others. Fortunately, that helps ensure it is more accurate and up-to-date.

We have been doing our own taxes for many years, for ourselves, some relatives and volunteering for low-income families. This is the reference we have next to us.

The past couple years we have done BOTH paper and computer tax filing. This book is still needed with BOTH.

Rating:
Summary: EXCELLENT GUIDE TO TAXATION
Review: When it comes to understanding and preparing tax returns, or understanding taxation in general, you cannot beat Ernst and Young. When Canada first implemented the Goods and Services Tax (GST), the company of Ernst and Young was among the first to come out with a publication fully explaining this often frustrating, mind-boggling and sometimes complicated tax. Their tax guides are commonly found in many accounting firms and contain excellent resource material. As one who provides information on taxation to my business management class, I have found the information contained here to be thorough and up to date. If I have a taxation question (taxation laws are forever changing,) the Ernst and Young Taxation Guide is the first place I search for the answer. This guide is an excellent book for the resource library and one any business office should have on hand.