New Small Business Edition

[Corduroy Frog]

Notice the New Small Business Edition splattered across the home page.

Two books instead of one? Expanded Small Business information? Deluxe version still the best bargain?

Looks like maybe there was enough demand from people like Jack who like two books on their desk for the TMI people to offer it. No pressure to have to buy an "extra" book because they are still offering the Deluxe version. Could it be that we are really being offered our choice instead of a corporate publishers choice?

Comments? Surprised we haven't had comments already...

[OldJack]

Some choice... one big book or the same content in two small books. That is a joke!

Hello.. I got a binder machine and could do 2 books myself. The authors are totally missing the point. But then, I guess they had to have something to talk about at their last meeting instead of the new tax law. I would be happy if they would just update the WebCD. I'm out of here for a much needed R&R and forget about such nonsense.

[Corduroy Frog]

Not The Same

Jack, I believe the information in the new Business book has been expanded. At least that's what the literature says...

[OldJack]

Jack, I believe the information in the new Business book has been expanded. At least that's what the literature says...

All I saw on the home page was "All in one book, or… Separate books are now available! ". That sure doesn't sound like anything new. If both books are actually expanded with significant content it would be a good thing. A few pages here and there would still be a joke.

[Bees Knees]

The Small Business Book has expanded coverage, not the 1040 edition. Notable expanded coverage are topics such as choosing a business entity, benefits of ownership, reporting sale and purchase of a business, and something the competitor does not include....states business tax summary.

It also says nothing has been taken out of the Deluxe Edition. If none of the above expanded coverage impresses you, stick with the Deluxe Edition. If all you wanted was your Deluxe Book split into two, as you have mentioned numerous times in the past, then as you said, you have your own binder machine that can do that.

[OldJack]

I look forward to purchasing separate books with expanded coverage.

Some suggestions:

How about answering some practical everyday problems with examples from questions that have been frequently discussed on this forum such as at what point does a cash basis taxpayer really have to capitalize inventory rather than expensing. At least mention that there are other tax entities such as a RIC and REIT that file tax returns.

Also, give us more worksheets or flowcharts that allow us to calculate things quickly. Worksheets that comes to mind might be how to determine if a C-corp is subject to personal holding company tax. A worksheet on how to determine and calculate if the corporation is a member of a controlled group subject to tax bracket sharing. A worksheet, flowchart, or guide on how to determine and calculate S-corp built-in gains tax. A worksheet, guide, and sample statement on how to terminate an S-corp election. Worksheet, guide, or flowchart to Producer Deduction under code §199., etc.

[WhiteOleander]

I have purchased the Deluxe Edition previously and would have continued to do so.

But, with the two separate books avaiable now, that's the way I will go. Just because I prefer separate books because they aren't so big and cumbersome.

But, that's just my personal preference.

[JG EA]

Ditto

I look forward to purchasing separate books with expanded coverage.

Some suggestions:

How about answering some practical everyday problems with examples ...

Also, give us more worksheets or flowcharts that allow us to calculate things quickly. Worksheets that comes to mind might be how to determine if a C-corp is subject to personal holding company tax.

I also would like to see more worksheets. I love worksheets - they really help think through a problem. Also, when you have them in the client's file they are instantly recognizable, and you don't have to spend a lot of time figuring out what was done on an older return.

One worksheet that would be good would be sale of something other than a home like investment property or second home. I've made up one so I can ask clients all the questions at interview needed. (Date of purchase, sale, address, improvements, closing costs, etc.)

An interview sheet. I've done one of these, but it would be nice if you'd do all the work of updating things for the new tax year. One page please.

An unique items worksheet. One with new (last year or two) tax laws that may be overlooked. Include info about new age for kiddie tax, things like that. Things that we may think about at the beginning of the year, but need reminders about.

I know that's asking a lot, but the more we rely on you the more money you will make!!

[Corduroy Frog]

Worksheets

JG, worksheets are a great idea -- but I got to thinking...

Do any worksheets exist in the IRS 1040 package which are not listed somewhere in the TaxBook? Lots of worksheets and charts in section 3 - Line by Line instructions, and also a flood of worksheets in section 16, appropriately titled "Worksheets". I'm thinking the TaxBook should include, at a minimum, those worksheets in the IRS 1040 package, and maybe several more. And I believe they already do.

There can be other worksheets not commonly used in completing the forms, such as a worksheet to determine whether a corporation should elect S status or not. I would like to see one where all 1099s giving rise to capital gains (1099S, 1099B, etc.) are reconciled to proceeds reported on the return (Schedule D, 4797, 6252, etc.). But at some point there will need to be a choice between just how many worksheets can be stuffed into the book, versus the benefit they bring.