Writer's Tax Resource

[MAMalody]

I have a client you will be self-publishing a book in '07. This is borderline outside my field of expertise, therefore, I am looking for a resource that will help me come up to speed on this...or at least put me in the right lane. Can somebody give me some help here? Thanks.

Mike

[Snaggletooth]

Mike Melody

Mike, can you restate your question please? "You" refers to the Tax Book people publishing for a friend of yours?? Sorry to be dense, but don't know who or what
is happening. Thanks.

[Brad Imsdahl]

I think the word was supposed to be "who." "I have a client who will be self-publishing a book in '07."

TTB, page 5-18 has some information on tax rules that apply to authors. Without a more specific question, we cannot be sure as to what you are asking.

[Eli]

I think he is asking...

I think the word was supposed to be "who." "I have a client who will be self-publishing a book in '07."

TTB, page 5-18 has some information on tax rules that apply to authors. Without a more specific question, we cannot be sure as to what you are asking.

for a resource (book, website, etc) to help him read up on tax deductions available for authors.

Eli

[MAMalody]

for a resource (book, website, etc) to help him read up on tax deductions available for authors.

Eli

This is correct.

You know, I may have to actually buy this TaxBook I keep hearing about:>)

Maybe I should make this a different thread, however, what is the advantage of TaxBook over QuickFinder? I would prefer not to hear the sales pitch from the web site, but the practical (I know, it is the same as the sales pitch from the web site) application viewpoint. You know how it is, when you find something that works you hate to change horses in mid-stream....but the horse can get old and have trouble getting over the stream and as rider I may not easily recognize that.

Mike

[dsi]

MAMalody,
One clear and distinct advantage of TTB is this webboard. Since you are soliciting info from this board, don't you think you should have TTB as well?

[Snaggletooth]

Give it a try

Mike, I'll answer independently of Brad Imsdahl and Paul Roberts (the two TTB authors who post on this board). That way you'll get an independent opinion.

First, there is no intent (at least on my part) to becloud your opinion of the QuickFinder. The QuickFinder prior to its corporate takeover had amassed a huge circulation due to a large degree of the writing/editing talents of Brad, Paul and the other staff writers who now write for The Tax Book. I'm sure that the new corporate owners have adequate resources to assure that the QuickFinder remains a competitive product.

The differences really lay in two areas (again, this is my opinion).

1. The new corporate owners prohibit their writers from operating their own tax practice. I feel the success of the QuickFinder was due to the ability to communicate to its readers in terms that could only be embraced by those in the tax practitioner comraderie. If you are NOT a tax practitioner, this may not make a lot of difference to you. But I believe this "common" thread speaks better from those who have put up with the same problems of running a tax office as I have.

"Cain't nobody help a hick but a hick his own self" - Broderick Crawford from the movie "All the King's Men," 1949

2. Long experience in working in corporate circles have convinced me that "bigger is not always better." I could write a book about this, from 30 years experience, that "bigger" converts their resources into window dressing, advertising, public image, etc. and deep within their salt mines, subject matter grasp is ignored. A single example may suffice: if you are a tax preparer, who do you think does the best job for a client and has his best interest at heart -- YOU or corporate giant H&R Block?? I think you see my point.

I'll admit that I have been in the camp of TTB since it's inception and believe it to be a typical David and Goliath story. But I'm trying to give you an independent opinion without the sales pitch, and without degrading the QuickFinder product.

Regards, Ron Jordan, Manchester, TN

[Brad Imsdahl]

what is the advantage of TaxBook over QuickFinder? I would prefer not to hear the sales pitch from the web site, but the practical (I know, it is the same as the sales pitch from the web site) application viewpoint.

An advantage this year is that TheTaxBook inserted coverage of the new tax law passed on December 9, 2006 into the first few pages of the book. We also used the 2006 Form 1040 instruction booklet from IRS to update the 1040 line-by-line tab section. We also included all the 2007 inflation adjusted amounts in Tab 1 for tax planning and 2007 estimated tax purposes. Our WebCD is designed to provide updates at various times during the year so that whenever something new with taxes happens, the electronic version of TheTaxBook is automatically updated for those new changes. For those who do not purchase the WebCD, we provide free updates via this website along with a free email notification service anytime something new on our updates page is posted.

Competition has forced us to make improvements. We cannot expect customers to make the switch simply by relying on what we have accomplished in the past. Being in business for 2 years, or 26 years, or 35 years is irrelevant if you can't make your current product better than your competition.

[BOB W]

Appearently......

........ you have found that the quality of the posters is an important issue when you need a solid answer. That is why I am here, and maybe why you are here also.

I have order the Web CD because I am horrible at research. The TTB has been and still is my tax accounting bible, because I can count on quick and accurate answers. It has a great index and links to other research tools.

For the dollars paid, it can't be beat.

[OldJack]

I agree with everything everyone has said. TheTaxBook is a fine resource and I have used it since I first became aware of its publication. I wait for the web CD version. As a sole practitioner, I have been a long-time user of Quickfinder and in fact have this years 4 publications also. True, most things are covered in both type books, but there are some differences in index systems and additional coverage in each that the other does not have or at least the wording is different. I do recommend TheTaxBook in spite of one of its authors needing further improvement. (Just kidding Brad, don't go off and pout).

[Brad Imsdahl]

I do recommend TheTaxBook in spite of one of its authors needing further improvement. (Just kidding Brad, don't go off and pout).

I'm not going to pout. Once again I had to concede a point to you on the other thread. You and NYEA keep calling me on it whenever I shoot off my mouth about something when I didn't first look up the citation.

[MAMalody]

Thanks for the input.

Thanks all for the input. I guess I will just have to order the TB and make a real life comparison this tax season.

<<< One clear and distinct advantage of TTB is this webboard. Since you are soliciting info from this board, don't you think you should have TTB as well?>>>

This board is good, yes. The tax professionals on this board is what makes it good, not the fact that TTB sponsors the board. (As an aside, I believe this board is also better the the QF board.) BobW you hit it on the head.

<<<I feel the success of the QuickFinder was due to the ability to communicate to its readers in terms that could only be embraced by those in the tax practitioner comraderie.>>>

I agree that tax practitioners easily communicate better to those in the active community than those that do not. I do not believe this should be a case of those that can’t should teach. Those that can’t should find another profession.

<<<I have order the Web CD because I am horrible at research.>>> This can be challenging. Something that could be a benefit to me, also.

Again thanks for the input, I appreciate it.

Mike

[dsi]

Thanks all for the input. I guess I will just have to order the TB and make a real life comparison this tax season.

<<< One clear and distinct advantage of TTB is this webboard. Since you are soliciting info from this board, don't you think you should have TTB as well?>>>

This board is good, yes. The tax professionals on this board is what makes it good, not the fact that TTB sponsors the board. (As an aside, I believe this board is also better the the QF board.) BobW you hit it on the head.

Mike

My point was that the majority of us have purchased TTB, and that is most likely why we use this board. Don't you feel at the least bit obligated to purchase TTB if you are going to solicit advice from this board?

[Joe Btfsplk]

Obligation

My point was that the majority of us have purchased TTB, and that is most likely why we use this board. Don't you feel at the least bit obligated to purchase TTB if you are going to solicit advice from this board?

I did not purchase TTB because of this board and do not use this board because I purchased TTB. I like them both, so I bought the book and use this board. Both are worthwhile on their own merit. If someone uses this board, there is a good chance he will get an idea as to the quality of the book since most of the good advice given on this board is based on the book.

[Brad Imsdahl]

This board is good, yes. The tax professionals on this board is what makes it good, not the fact that TTB sponsors the board.

Purchasing TheTaxBook is not a prerequisite to participating on this message board. This message board is open and free to all, including users of Competitor Q.

However, it is no secret that when I answer tax questions on this board, I take every opportunity I can to promote TheTaxBook, by referencing TheTaxBook in my answers. Many other participants of this board also use TheTaxBook. Their answer may similarly include references to information contained in TheTaxBook.

Thus, for those of you who choose to continue to sit in, so to speak, on this online classroom, you will find it more beneficial to obtain the recommended course textbook.

BTW class…there will be an open book quiz tomorrow at 9 AM. Please study up on chapter 4 tonight, as this will represent 10% of your total grade….