Tax Topics Covered
Kay Bell covers a lot of ground, from the overall structure of the US tax system, explaining the difference between tax credits and tax deductions, and how to handle stressful issues like paying tax debts and handling audits. The core of the book is devoted to tax breaks available to families, employees, and homeowners. Bell also details the essential information about saving and investing, covering the ins and outs of retirement plans and capital gains.Bell's explanation of the progressive tax rates is superb. She discusses how to use the tax rates to figure out what will be the tax impact of getting a raise or earning extra investment income. Bell also provides smart tips for retirement savings, explaining the essential features of IRAs, 401(k) plans, and rollovers.
Downside: Not an Instructional, How-To Manual
The Truth about Paying Fewer Taxes is clearly written to introduce people to a wide range of tax breaks. As a result, some topics are given cursory treatment. One area of the tax law that is genuinely confusing is who qualifies as a dependent, and how this impacts various child and family-related tax benefits. Providing more explanation would have strengthened the usefulness of that chapter.The author also does not dig into the mechanics of filling out a tax return. Readers wanting details on how to fill out their tax return should consider JK Lasser's Your Income Tax, which offers excellent in-depth explanations, or the Ernst & Young Tax Guide, which pairs instructions from the IRS along with tips and comments from authors working at the Ernst and Young accounting firm. Similar to Bell's book is the Guide to Tax and Financial Planning from PricewaterhouseCoopers, which has the advantage of detailed checklists for different types of taxpayers.
Publication information
Full Title: The Truth about Paying Fewer TaxesAuthor: S. Kay Bell
Publisher: FT Press
Publication Date: January 2009
Pages: 212
Binding: Paperback
ISBN: 0137153864
