Here are our top ten recommendations if you are looking for the best books to read in Tax Law. We have made sure our list is diverse to cater to the interests of different types of readers.
1. Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes (Rich Dad's Advisors (Paperback))
After 31 years… Major Tax Reform ― and what it means to you True overhaul of the tax law only happens about once every 30 years. In the past 75 years, the U.S. tax law has only seen three major revisions; one in 1954, the next in 1986 and most recently at the end of 2017. I have been fortunate as a tax professional to be heavily involved in the last two reforms. In 1986, I was a manager in the National Tax Department (NTD) of Ernst & Whinney (now Ernst Young). My primary responsibility during my three years there was to create, teach and administer tax courses to the Firm’s U.S. tax professionals. Just as I arrived in the summer of 1985, I discovered that much of NTD’s resources were being devoted to following the tax reform bill that had been introduced that year. This gave me, as a young tax professional, some amazing insight into the legislative process as well as the horse trading for tax reform. President Reagan wanted two things; simplicity (the 1985 act was call the Tax Simplification Act of 1985) and he wanted it to be revenue neutral (no net increase to the deficit). It took another year before bill was finally passed as the Tax Reform Act of 1986. (Simplicity took a back seat to other goals of the reform.) In 1986 the big winners from tax reform were individuals, with significantly lower tax rates, insurance companies (who got by relatively unscathed) and businesses. The big loser was real estate investors (the passive loss rules were used as a last-ditch effort to make a “revenue-neutral” bill. The result a few years later was the Savings and Loan debacle accompanied by a massive real estate depression and the government bailing out real estate through the RTC (Resolution Trust Corporation). Fast forward 31 years to 2017. President Trump had promised economic stimulus and had stumbled out of the blocks with the failure to repeal ObamaCare. Everyone thought tax reform would take two years to complete like it had in 1985-1986. Instead, the Republican-controlled Congress was able to use slick procedural rules to pass major tax reform in record time (less than three months from start to finish). The result was a bill the consequences of which and application of which are still largely unknown. Known are the clear winners and losers. Losers include employees with lost deductions for moving, investment expenses and reductions in home mortgage interest and state income tax deductions. Winners include big corporations, with a major tax reduction from 35% to big corporations, with a major tax reduction from 35% to 21%, small businesses, with a 20% net income deduction, and real estate, with major depreciation incentives and the 20% net income deduction given to other small businesses. The key to remember is that very few people had the chance to influence this legislation. Everyone has the same chance to take advantage of the windfalls given to the winners. Employees can choose to be independent contractors and receive the 20% small business deduction. Service professionals who were left out of the 20% deduction can now become C corporations and reduce their tax rate to 21%. Investors who received tax benefits from the costs of investing in the stock market can either begin investing in real estate, with its massive tax benefits, or invest through their Roth IRA or Roth 401(k) and avoid tax altogether on the income and gains from their investments. Tax-Free Wealth is about using the tax law the way it’s meant to be used – as a series of incentives to do what the government wants you to do. This Second Edition incorporates some ideas of how to use the new incentives. The reality is that the incentives don’t really change that much. The government still wants businesses to hire employees, so businesses receive tax benefits for doing so. The government still wants investors to provide housing for renters (even more so now), so real estate investors receive large tax breaks for following through on the government’s goals. Energy is still favored, both traditional energy (oil & gas and coal) and renewable energy (wind, solar and hydroelectric). For U.S. taxpayers, you will find helpful tips in this new edition to help you apply the new tax incentives to your situation. As a bonus, I have included information and a link to a free eBook that you can download detailing the Top Ten Tax Benefits from the Trump Tax Reform. For you who live outside the United States, and no matter what country you live in, this edition should help you look for ways to apply your government’s incentives. You may even decide that now is the time to do business in the United States as that country. is, to some degree, a tax haven. You can take advantage of the tax incentives offered by your government only if you understand how the tax law works. Every day, you have the opportunity to reduce your taxes. Once you have digested this book, take it to your tax advisor and have them read it (or better yet, buy them their own copy). Then your tax advisor, who is responsible for understanding all of the technical details of the law, can help you apply them to your specific situation. Enjoy this book and let me know what you think. You can always reach me at email@example.com. Here is to your Tax-Free Wealth.
- Author: Tom Wheelwright
- Publisher: BZK Press; 2nd edition (June 26, 2018)
- Genre: Business & Money, Taxation
- ISBN: 978-1947588059
- Dimensions: 6 x 1 x 9 inches
2. Wills, Trusts, and Estates, Tenth Edition [Connected Casebook] (Aspen Casebook)
Buy a new version of this Connected Casebook and receive access to the online e-book , practice questions from your favorite study aids, and an outline tool on CasebookConnect, the all in one learning solution for law school students. CasebookConnect offers you what you need most to be successful in your law school classes – portability, meaningful feedback, and greater efficiency. Hailed as one of the best casebooks in legal education, the text combines interesting cases, thoughtful analysis, notes, images, and a clear organization for an excellent teaching tool. Retaining the late Jesse Dukeminier’s blend of wit, erudition, and playfulness, the Tenth Edition uses cartoons, illustrations, case documents, and photographs to provide visual commentary that augments the wide-ranging cases and other readings. Sidebars on relevant but unique persons, places, and events provide thought-provoking and fascinating context. This casebook is not only fun to read, but fun for professors to teach. New to the Tenth Edition: All new section on electronic or digital wills and the emerging case law that has begun to accept them All new section on trust decanting , now recognized in 25 states, with attention to the breadth of statutory and case law treatments of decanting Reworked coverage of same-sex marriage in light of Obergefell v. Hodges and refreshed treatment of inheritance rights for cohabiting unmarried partners Updated and expanded coverage of wealth and income inequality Refreshed treatment, with updated case law, on undue influence Attention to new case law and statutory developments in will execution and reformation of wills for mistake Revised and clarified coverage of revocable trusts and other nonprobate transfers and the difficult relationship of state wealth transfer law with federal pension law Updated treatment of trust fiduciary law , including new case law and statutory developments on directed trusts , waiver of fiduciary duties , and trust investment law Revised treatment of creditor rights to beneficial interests in trust , with attention to choice-of-law rules and growing statutory recognition of self-settled asset protection trusts CasebookConnect features: ONLINE E-BOOK Law school comes with a lot of reading, so access your enhanced e-book anytime, anywhere to keep up with your coursework. Highlight, take notes in the margins, and search the full text to quickly find coverage of legal topics. PRACTICE QUESTIONS Quiz yourself before class and prep for your exam in the Study Center. Practice questions from Examples & Explanations , Emanuel Law Outlines , Emanuel Law in a Flash flashcards, and other best-selling study aid series help you study for exams while tracking your strengths and weaknesses to help optimize your study time. OUTLINE TOOL Most professors will tell you that starting your outline early is key to being successful in your law school classes. The Outline Tool automatically populates your notes and highlights from the e-book into an editable format to accelerate your outline creation and increase study time later in the semester.
- Author: Robert H. Sitkoff
- Publisher: Wolters Kluwer; 10th edition (June 19, 2017)
- Genre: Law, Tax Law
- ISBN: 978-1454876427
- Dimensions: 7.8 x 1.7 x 10.2 inches
3. The Whiteness of Wealth: How the Tax System Impoverishes Black Americans--and How We Can Fix It
A groundbreaking exposé of racism in the American taxation system from a law professor and expert on tax policy “Important reading for those who want to understand how inequality is built into the bedrock of American society, and what a more equitable future might look like.”—Ibram X. Kendi, #1 New York Times bestselling author of How to Be an Antiracist Dorothy A. Brown became a tax lawyer to get away from race. As a young black girl growing up in the South Bronx, she’d seen how racism limited the lives of her family and neighbors. Her law school classes offered a refreshing contrast: Tax law was about numbers, and the only color that mattered was green. But when Brown sat down to prepare tax returns for her parents, she found something strange: James and Dottie Brown, a plumber and a nurse, seemed to be paying an unusually high percentage of their income in taxes. When Brown became a law professor, she set out to understand why. In The Whiteness of Wealth , Brown draws on decades of cross-disciplinary research to show that tax law isn’t as color-blind as she’d once believed. She takes us into her adopted city of Atlanta, introducing us to families across the economic spectrum whose stories demonstrate how American tax law rewards the preferences and practices of white people while pushing black people further behind. From attending college to getting married to buying a home, black Americans find themselves at a financial disadvantage compared to their white peers. The results are an ever-increasing wealth gap and more black families shut out of the American dream. Solving the problem will require a wholesale rethinking of America’s tax code. But it will also require both black and white Americans to make different choices. This urgent, actionable book points the way forward.
- Author: Dorothy A. Brown
- Genre: Politics & Social Sciences, Sociology
4. Get It Together: Organize Your Records So Your Family Won't Have To
Everything you need to get organized Do your loved ones know where to find your life insurance policies, online banking passwords, real estate deeds, or even your will? If you’re like a lot of people, you keep important information―from the whereabouts of family heirlooms to online passwords to automatic bill-pay details―in your head or stashed in the odd desk drawer. Unfortunately, this disorganization will likely cause hassles for those who someday take care of you or your estate. Get It Together provides an easy, straightforward method to help you and others keep track of: secured places and passwords employment records insurance policies real estate records tax records retirement accounts estate planning documents funeral arrangements letters to loved ones We’ve reorganized this 9th edition to make the process more straightforward. In the first half, you’ll find the pages to create your personal planner. In the second half, you’ll find step-by-step instructions and helpful resources. With downloadable forms: organize your records using worksheets (details inside). Save the worksheets to your computer and then complete, print, and store them at your convenience. This workbook provides a complete system for structuring and organizing your information and documents into a records binder. For your ease, a companion Binder & Tab Set is also available on Amazon. To purchase, search for "get it together binder and tab set."
- Author: Melanie Cullen
- Publisher: NOLO; Ninth edition (October 13, 2020)
- Genre: Business & Money, Personal Finance
- ISBN: 978-1413327854
- Dimensions: 8.5 x 1.25 x 11 inches
5. Quicken Willmaker & Trust 2021: Book & Software Kit
Quicken Willmaker & Trust 2021 is the easiest way to create your estate plan, whether you're just getting started or you want to update your previous arrangements. This powerful software guides you through the process from beginning to end, giving you the practical and legal information you need to make the best decisions for you and your family. Quicken Willmaker & Trust 2021 includes: A customized estate plan, including a will, revocable living trust (individual and shared), health care directive, durable power of attorney for finances, and other essential documents An easy-to-use interview format that lets you complete documents at your own pace A user-friendly legal manual to answer common questions A team of lawyer-editors working to ensure each document reflects the laws of your state* Quicken Willmaker & Trust 2021 is the original will-writing software, created and updated regularly by Nolo’s experts. Free legal updates will keep your program current through 2021. Technical support is also available. Here’s more about the documents you can make with Quicken Willmaker & Trust 2021 : Your Will: The heart of every estate plan is a will, also known as a last will and testament. This legal document puts you in control of who inherits your property and who would take care of your children if it were ever necessary. Without a will, state law determines these issues. Your will also allows you to name an executor (sometimes called a “personal representative”) to carry out your wishes. And you can appoint a trusted person to manage property left to young people. With Quicken Willmaker & Trust 2021 , you can revise and update your will whenever you like. Living Trust: Use a living trust to help your estate avoid probate after you die. Like a will, a living trust distributes property to the people you name. But unlike a will, property that passes through a living trust can be passed directly to your beneficiaries, without waiting for court approval -- saving your beneficiaries time and money. With Quicken Willmaker & Trust 2021 , you can make an individual trust or make a shared trust with your spouse. You can also use the program to create revocations of trust (if you want to end your trust) and certifications of trust (so that you don’t have to show your entire trust to financial institutions). You can also use the trust restatement to update your trust as often as you like, without needing to retitle your property. Your Health Care Directive: Spare your loved ones difficult decisions by laying out your wishes for medical care (living will) and naming someone to carry out your instructions (power of attorney for health care). Your Durable Power of Attorney for Finances: A durable power of attorney ensures that someone you trust (called your "agent" or "attorney-in-fact") will be on hand to manage the many practical, financial tasks that will arise if you become incapacitated. For example, bills must be paid, bank deposits must be made and someone must handle insurance and benefits paperwork. In most cases, a durable power of attorney for finances is the best way to take care of tasks like these. Your Final Arrangements: Plan a funeral or other ceremony and ease the burden on your loved ones. Describe your preferences for burial, cremation, memorials, obituaries and more. Documents for Your Executor: Make sure your executor has all the forms and instructions necessary to do the job: checklists, letters, notices and claim forms. Information for Caregivers and Survivors: Organize your information so that your survivors don't have to. Use these documents to give them details about everything from bank accounts, to passwords, to the names of people you'd like contacted in the event of your illness or death. Letter to Survivors: Use the Letter to Survivors to leave your loved ones detailed explanations about your decisions. For example, you may want to let them know why you made certain gifts or named a particular person to be your executor. You can also use your letter to leave some general thoughts about your life. Personal Finance Documents: Over a dozen forms let you handle common financial situations, such as lending or borrowing money between friends or family, creating a bill of sale, and closing a credit card account. Home & Family Documents: Practical forms you can use every day to help run your home and keep your family safe, including authorizations and agreements, promissory notes, limited powers of attorney, and child and elder care forms. BONUS : With Quicken Willmaker & Trust 2021 you also get the e-book Special Needs Trust: Protect Your Child's Financial Future . Learn how to provide for a loved one with special needs without jeopardizing government benefits. Includes all of the forms and information you need to make a third-party special needs trust. * Quicken Willmaker & Trust 2021 is designed to be used only in the United States of America, and its estate planning documents are not valid in Louisiana or U.S. Territories. Quicken Willmaker & Trust 2021 is reviewed regularly by Nolo’s expert attorneys. The 2021 edition includes many important legal and technical improvements. Automatic updates will keep your program current through 2021.
- Author: Editors of Nolo
- Publisher: NOLO; 2021st edition (October 27, 2020)
- Genre: Business & Money, Personal Finance
- ISBN: 978-1413327991
- Dimensions: 7 x 1.5 x 9 inches
6. Everything You Need to Know When I'm Gone - End of Life Planner for Affairs and Last Wishes: A Simple Guide for my Family to Make my Passing Easier
Give the gift of peace of mind to your loved ones. Everything You Need to Know When I’m Gone is a simple and easy to use, fill-in-the-blank planning guide. This 52 page booklet has room for all of the most important things that your family and friends will need to know in the event of your death. It is intended to relieve the burden from family members who would otherwise have to gather this information themselves during their time of grief. There is also space for your own personal reflections and messages. personal details financial information account numbers internet logins and passwords list of contacts arrangements for your remains and funeral wishes instructions for dependents, pets and belongings practical information like where you keep your records and keys messages for friends and family final thoughts At 52 pages, this planner is just the right length to not be overwhelming for the person filling it out, or for the reader. It is designed to contain just the right amount of space for the needs of the average person with extra spaces for things not covered. 8X10 inches. 52 pages. Lined spaces to write in. Softcover.
- Author: Ava Brinley
- Publisher: Independently published (February 23, 2019)
- Genre: Self-Help, Death & Grief
- ISBN: 978-1797877235
- Dimensions: 8 x 0.12 x 10 inches
7. Nomad Capitalist: How to Reclaim Your Freedom with Offshore Bank Accounts, Dual Citizenship, Foreign Companies, and Overseas Investments
The world has changed forever,- Governments have expanded their reach over their citizens’ lives.- Power is being consolidated by an elite few, and- The world economy has become more volatile and unpredictable.Meanwhile, the internet, a globalizing world economy, and the emergence of the developing world all present opportunities to any businessman or investor willing to make simple changes to their life.Geography is no longer a limitation for those willing to follow Andrew Henderson’s ‘Five Magic Words’ and “Go where you’re treated best.”As the world’s most sought-after expert on offshore tax planning, second passports, and global citizenship - cited by the BBC, Bloomberg, Forbes, CNN, and more - Andrew has condensed the last ten years of his investigative world travel into an unprecedented book to show entrepreneurs and investors another way to live that will enable them to keep more of their own money, live where they want, become citizens of the world, and improve their lives and the planet.Direct. Honest. Experienced. Unapologetic. Practical. Transparent. Even funny. The Nomad Capitalist will show you how to take his “E-K-G” formula to:- ENHANCE your personal lifestyle,- KEEP more of your money, and- GROW your money by living, investing, banking, and doing business overseas.From foreign companies to offshore accounts and from overseas investments to dual citizenship, Andrew will introduce you to a life of international proportions, storing gold in super-secret vaults, finding love in exotic locations, and improving everything from your health to your tax bill by simply “going where you’re treated best.”Will this book answer your unique questions about how your business can transfer price IP from Montenegro to Canada using staffing companies and GILTI? No. No book written for the general public can give you a personalized strategy for going offshore. Nor should it. This book is not a substitute for the professional help you need to do everything the 100% legal way that Andrew promotes.What it will give you is a vision of what's possible, including second passport opportunities, offshore banking countries to use (and avoid), and specific jurisdictions to consider for business and investment. You will also get a look at the life of the Nomad Capitalist himself and the kind of boots-on-the-ground anecdotes and personal experiences that helped Andrew gain the knowledge he has used to help hundreds of people to go where they are treated best.It is no longer enough to be a digital nomad. Those who want complete freedom from the world’s broken systems must become Nomad Capitalists themselves, learning to navigate the world system to reclaim their freedom and rediscover the possibilities of capitalism’s greatest promises.Get the book to see how.
- Author: Andrew Henderson
- Publisher: Independently published (April 10, 2018)
- Genre: Business & Money, Taxation
- ISBN: 978-1980435099
- Dimensions: 5.5 x 0.71 x 8.5 inches
8. The Book on Advanced Tax Strategies: Cracking the Code for Savvy Real Estate Investors (Tax Strategies, 2)
Saving on taxes means more money for you, your family, and your real estate investments. Learning tax strategies could be the easiest money you ever make! When it comes to taxes, it’s not about how much money you make―but how much money you actually keep. Are you tired of working hard all year, just to lose the largest chunk of that money to the IRS? Believe it or not, the U.S. tax system is filled with loopholes designed specifically to benefit real estate investors just like you. In this comprehensive follow-up to The Book on Tax Strategies , bestselling authors and CPAs Amanda Han and Matthew MacFarland bring you more strategies to slash your taxes and turn your real estate investments into a tax-saving machine. Inside, you will learn: How to use your rental properties to legally wipe out your taxable income Tax-deferral and tax-free techniques to significantly increase your return on investments How to supercharge your nest egg with self-directed investment strategies Everything you need to know to take advantage of the opportunity zone tax benefits Strategies to take cash out of a 1031 exchange without paying taxes How to take advantage of the tax reform benefits in all of your real estate deals Common retirement-investing tax traps and how to avoid them
- Author: Amanda Han
- Publisher: BiggerPockets (March 5, 2020)
- Genre: Business & Money, Finance
- ISBN: 978-1947200227
- Dimensions: 5.9 x 0.6 x 8.9 inches
9. The Book on Tax Strategies for the Savvy Real Estate Investor: Powerful techniques anyone can use to deduct more, invest smarter, and pay far less to the IRS! (Tax Strategies, 1)
Powerful techniques anyone can use to deduct more, invest smarter, and pay far less to the IRS! Are you dreading tax season? Not sure how to maximize deductions for your real estate business? CPAs Amanda Han and Matthew MacFarland share the practical information you need to not only do your taxes this year, but to also prepare an ongoing strategy that will make your next tax season that much easier. It’s time to take control of the bookkeeping practices for your real estate business. Start saving thousands with a great tax strategy! In this book, you’ll learn: Creative methods to maximize your tax deductions Clever ways to write off your kids Strategies to write off every penny on your travel Easy tips and tricks to cut down on bookkeeping time Simple procedures that will protect you from an IRS audit And much more!
- Author: Amanda Han
- Publisher: BiggerPockets; First edition (February 18, 2016)
- Genre: Business & Money, Real Estate
- ISBN: 978-0990711766
- Dimensions: 6 x 0.5 x 9 inches
10. My Family Estate Legal Document Kit (includes Last Will and Testament, Health Care Proxy, and Legal Power of Attorney)
Use this helpful planning kit to prepare essential legal documents! This easy-to-use kit is designed to take the mystery out of creating the basic documents every family needs. Save time and money on research and legal fees. Understand what it is youre paying an attorney to do for you. Become familiar with what is required to make more informed decisions. Whether youre working with an attorney or doing it on your own, this self-help kit will help you create a Will, Health Care Proxy, and Legal Power of Attorney. Easy fill-in worksheets. Perforated forms. Clear instructions. Glossary of terms. 80 pages with tabbed sections. Kit measures 8-1/2'' wide x 11'' high. Please Note: This product is not a legal document and does not replace a valid will, health care proxy, or power of attorney.
- Author: Peter Pauper Press
- Publisher: Peter Pauper Press (September 1, 2020)
- Genre: Law, Tax Law
- ISBN: 978-1441334077
- Dimensions: 9 x 0.6 x 11.4 inches