Lower Your Taxes - Big Time! : Wealth-Building, Tax Reduction Secrets from an IRS Insider
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Average Rating:
Rating:  - Interesting book with a very different approach
I would have given it 4 and 1/2 stars but that wasn't an option. The only reason that I didn't give it 5 stars was that the book deals with small and home bases business issues and for real estate owners and investors. I am retired and thus, could only benefit from the real estate discussion.However, I did have a business before retirement. I got this book after reading a great review in the Orlando Sentinal.This book would have saved me a bundle had I known about this information many years ago. It is cleverly written and has a lot of good information that I myself never heard from my accountant. I especially liked all the examples and tips that I found really useful in understanding the tax planning sections I also liked the elaborations, which provided some nice insights into why Congress passed various laws or on what to do about certain laws,with a great deal of clarity and specificity. One very unsual feature that I found in this book that I never read in any other book was all the information that was provided on how to "audit proof" each and every tax planning strategy. I have used the J.K. Lasser guide in preparing my taxes, and I have never seen as much specific information on how to IRS bullet proof each deduction as Mr. Botkin provides. Many financial books I read are rather shallow and lack a lot of the details necessary to implement what they are suggesting. Also, there seems to be a trend in financial and real estate books to serve as a giant advertisement for consulting services or for other books. This was NOT the problem in this book,which was frankly very refreshing. Even as a retired person, I did, however, find the real estate section to be very useful. It will save me a bundle on some real estate mistakes that I didn't know about all these years. Some reviewer noted that this book doesn't show you how to plan for the various tax laws. He must not have read the same book that I read because this book has a lot of specificity on what to do with each applicable law. In short: I have given a copy of this book to my son and daughter. That should tell you what I think of the book.
Rating:  - The Best Tax Book Available, Bar None
WOW, is all I can say. I am a financial planner and keep up with a lot of tax planning and financial planning books. This is the best that I have seen by far. It is clear, humorous and full of great information. It is fully referenced to all the Internal Revenue Code sections and rulings.I even found stuff here that I myself didn't know, and I read a lot of tax and financial books, which my accountant checked out as being correct. His information on fringe benefits and on corporations alone paid for this book, I also loved the section on real estate. Trust me, this book is a MUST read. It will save you thousands. I have seen a review by another person, Mr. Berg, who must have an "ax to grind" about this. He is plainly wrong! This book may even set a standard on how tax and financial books should be written in the future.
Rating:  - Very uneven -- some good, some bad
The first part of this book (about deductions for small businesses) is sort of ho-hum. If you know about taxes, you'll know everything here. Bodkin tells you about what the law says, not steps you can take to get around it. Here are a couple of particularly weird quotes: "the best treatment for a business vehicle is to buy and keep it at least four or more years, with 10 years being ideal" (your cars must last longer than mine) and "if you really want to save money on the cost of the preparation of your return, use Turbo Tax or some tax preparation software and then give your return to an accountant to get his or her name on it as the preparer" (I would think that this former IRS auditor would know that no legitimate accountant would sign a return they didn't prepare). He talks about employer adoption assistance and mixes that concept up with the adoption credit, giving incorrect information about the assistance. The book is somewhat disorganized (skips around a lot) and has a horrible layout of constant "author notes" and "author explanations". Didn't the author write the whole book or just these notes/explanations?
On the other hand (and the thing that saves the book), the chapter on Finding the Best Corporate Entity for Your Business (even though it's not entirely about corporations) is the best chapter on this subject that I've ever read in a small business tax book. There is a lot of clarity and explanation about this. So, if this is your main interest (finding out what structure you should have for your business), I'd recommend this book. Otherwise, I wouldn't bother.
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