Lower Your Taxes - Big Time! : Wealth-Building, Tax Reduction Secrets from an IRS Insider 
asked by borat on October 29, 2006 10:01 PM
Strategies from an IRS insider for slashing taxes, maximizing legal deductions, avoiding audits, and more
Completely updated for all of the new 2005 and 2006 Tax Laws!
Through his years as an IRS tax attorney, Sandy Botkin discovered that most Americans could legally and dramatically cut their tax bills by establishing themselves as independent contractors or businesspersons. In Lower Your Taxes--Big Time!, fully updated for 2005 and 2006, Botkin explains how, outlining a straightforward program for writing off everything from family vacations to movies and plays, and receiving a subsidy of $5,000 or more from the IRS each and every year.
From tips for launching a business to strategies for audit-proofing a return, Lower Your Taxes--Big Time! is a gold mine of information for every frustrated taxpayer. Tax-cutting strategies include:
How, why, and when to incorporate Fail-safe methods for deducting a home office and family car Simple but essential record-keeping tips Tax advantages of being a consultant,independent contractor, or independent businesspersonReviews
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Much of this book does apply to me (a sole-proprietor). You can get a lot of the information from other sources, but this book does cram a lot into a fairly compact and easy to read format. Although the book is not exhaustive, it does have a benefit over many other tax books (including a couple of the NOLO tax guides): It cites the IRS rulings, private letters etc. that you would need to back up your tax strategies in the face of an audit. My accountant is only willing to claim deductions that he can justify to the IRS. The citations make this easy.
The book is not particularly well-organized, so you do need to read the whole thing to find specific tax deductions.
The book has saved me some money on taxes over the past couple years. In that respect, it has been a good investment. More importantly, it has suggested strategies for me going forward.
I will buy the new edition when it comes out.
The book is not particularly well-organized, so you do need to read the whole thing to find specific tax deductions.
The book has saved me some money on taxes over the past couple years. In that respect, it has been a good investment. More importantly, it has suggested strategies for me going forward.
I will buy the new edition when it comes out.
reviewed by ivan on November 22, 2006 7:56 AM
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It is rare to find a great tax book like this - easy to read, understand and implement, with all authorities referenced. The information in this book is literally worth a ton if taken to heart and implemented - especially for small and home based business owners. A dollar saved by reducing taxes is worth much more of income generated. Pay the price of learning and implementing the concepts laid out in this book - I am confident you will be glad you did. Highly Recommended.
H.Kaneko
PayLowerTaxesNow.com
H.Kaneko
PayLowerTaxesNow.com
reviewed by mike on November 28, 2006 7:46 PM
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I have 2 small businesses. I own rental property and work freelance. I'm also a professor, so I receive a pay check.
This book slides over some important and expensive details. For instance, it barely mentions that a home office must be used exclusively for you business. According to the tax man, it cannot be the guest room, too. And the author suggests setting up a trust to protect assests, without discussing the cost (not small) of that. These are just examples. Since there are problems with the information I have experience with, I wonder if the information I'm ignorant about is correct.
This book slides over some important and expensive details. For instance, it barely mentions that a home office must be used exclusively for you business. According to the tax man, it cannot be the guest room, too. And the author suggests setting up a trust to protect assests, without discussing the cost (not small) of that. These are just examples. Since there are problems with the information I have experience with, I wonder if the information I'm ignorant about is correct.
reviewed by imtheboss on November 29, 2006 7:10 AM
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THIS BOOK IS LIKE HAVING A PRIVATE CONSULTATION WITH THE IRS REGARDING HOW TO LEGALLY AVOID PAYING MOST INCOME TAXES! SANDY TEACHES YOU ALL THE TRICKS OF HIS FORMER TRADE AS A TOP IRS ATTORNEY!
THIS GUY IS REALLY GOOD! GET HIS BOOK AND SAVE YOURSELF TONS OF HARD-EARNED CASH!
INDEED, WHY SEND ALL OF YOUR MONEY TO IRAQ?! THIS BOOK WILL TEACH YOU HOW TO KEEP MOST OF IT FROM THE IRS!
THIS GUY IS REALLY GOOD! GET HIS BOOK AND SAVE YOURSELF TONS OF HARD-EARNED CASH!
INDEED, WHY SEND ALL OF YOUR MONEY TO IRAQ?! THIS BOOK WILL TEACH YOU HOW TO KEEP MOST OF IT FROM THE IRS!
reviewed by anexpert on November 29, 2006 9:12 AM
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This book is an amazing resource for small business owners who are looking for ways to legally reduce the taxes they pay to Uncle Sam. Whether you are a small, part-time, out-of-your-basement business owner or the owner of an established company, this book provides lots of tips on how you can save money on your taxes.
The book is laid out well and it is quick and easy to find what you want at taxtime. This book also does an especially good job of describing how to appropriately deduct vacations and mileage/car expenses.
If you're not sure if this book is for you, take a look at the book's index provided by Amazon. Each section has a brief description that does a pretty good job of explaining the tips Botkin shares. If a couple of those sections sound like they may apply to your business, buy the book. If even just one tip applies to you, you'll save more in taxes than it cost you to purchase the book.
The book is laid out well and it is quick and easy to find what you want at taxtime. This book also does an especially good job of describing how to appropriately deduct vacations and mileage/car expenses.
If you're not sure if this book is for you, take a look at the book's index provided by Amazon. Each section has a brief description that does a pretty good job of explaining the tips Botkin shares. If a couple of those sections sound like they may apply to your business, buy the book. If even just one tip applies to you, you'll save more in taxes than it cost you to purchase the book.
reviewed by hooked on November 29, 2006 3:30 PM