For better or worse, taxes are a part of our adult lives. Understanding taxes is essential for everyone, regardless of your standing in life. We’ve listed the best tax books for beginners to simplify understanding taxes.
In this article, we will discuss five books covering taxes and everything related to it. You will learn about deductions, tax strategies, and how to make them work for you.
The 5 Best Tax Books for Beginners
Here we’ve curated a list of the best tax books for beginners. Each book delves into a different part of tax law. They strive to teach readers everything that they might need to know.
1. How to Pay Zero Taxes By Jeff Schnepper
The book can help you save thousands of dollars by reducing your taxable income to zero. The book is chock-full of actionable advice enabling you to keep more money.
Luckily for beginners, the book makes learning about taxes a breeze. One huge advantage for readers is that the book isn’t filled with jargon and is written in clear English.
Another great thing about the book is that it advises on various tax-cutting methods. There are strategies for everyone from job holders to entrepreneurs to investors. This is why it is included in our collection of best tax books for beginners.
2. What Your CPA Isn’t Telling You By Mark J. Kohler
Organizing their companies is a task that many small business owners need help with. Moreover, they are in challenging positions when managing their assets and financial future. The book stands out by trying to help these business owners find their foothold.
The book provides a helpful introduction to the subject of taxation. Since it explains the fundamentals of the many organizational structures available to businesses. It distinguishes between sole-proprietorship, C-corporation, and S-corporations and the tax benefits of each.
We also get a breakdown of what costs are personal and what are business costs. Therefore, small business owners learn for what costs they can get deductions on their taxes owed. Any small business owner attempting to make sense of the tax system will find this helpful material.
3. JK Lasser’s 1001 Deductions and Tax Breaks By Barbara Weltman
To begin with, the book is rationally constructed and is really simple to read. The author’s invaluable primer assists individuals that are unfamiliar with tax deductions and credits.
The author gets into the nitty gritty of tax law and concepts that individuals can use. Clearly articulated illustrations aid in understanding the information presented in the book.
Its exhaustive catalog of information on every deductible expense is one of the book’s most significant aspects. This includes current dollar limits and record-keeping requirements. The book also seeks to answer the critical question of what income is considered tax-free. Additionally, frequent problems that taxpayers face and strategies for implementing the perks are covered in depth in the book.
4. The Book on Tax Strategies for the Savvy Real Estate Investor By Amanda Han and Matthew MacFarland
The first three-quarters of the book covers relatively straightforward stuff. Such include forming legal entities apart from each other, keeping all relevant paperwork, and remembering reimbursements when personal accounts are utilized to complete business transactions.
The authors help readers understand how the 1031 exchange tax deferral operates by presenting a helpful working example. The book’s emphasis on foresight in tax matters was a significant selling point for us.
The authors, without reservation, stress the need to consider taxes before making investment decisions rather than attempting to remedy tax issues after investments are made. This perspective adjustment is crucial because it can save investors thousands of dollars. This is why we’ve included the book in our list of the best tax books for beginners.
5. Small Business Taxes: The Most Complete and Updated Guide with Tips and Tax Loopholes By Martin J. Kallman
The book’s strategies will help small business owners pay their fair share of taxes while having some cash available. On top of it, the book teaches numerous tax tactics to maximize profit.
Additionally, the book teaches small business owners how to set up new entities to reduce taxes owed. The book includes what may be deducted from the overall tax amount without incurring fines.
The book is the ultimate tax guide to help any small business succeed. It also has a wealth of information that may help you build a company that can weather economic downturns. This is why we have included the book in our list of best tax books for beginners.
Final Words
In summation of the above article, taxation is a complex and crucial issue for all. But this isn’t easy to learn about for most. So the list of the best tax books for beginners that we’ve made and talked about throughout the article seeks to change that practice.
Rabab Rayan is a senior year business undergrad at the Bangladesh University of Professionals with an insatiable appetite for reading. He has a particular enthusiasm for science fiction and mystery genres and can often be found exploring local bookshops and chatting with fellow bookworms about his latest reads.