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New edition released: 422 Tax Deductions for Businesses & Self-Employed Individuals.

Author Bernard B. Kamoroff CPA is noted for writing Small Time Operator, now in its 24th edition and 54th printing, with 600,000 copies in print. It's one of the most successful small-business guidebooks in history.

Kamoroff has now turned his small-business charm to work on the 2nd edition of 422 Tax Deductions for Businesses & Self-Employed Individuals--fully up-to-date for 1999 and the Year 2000 tax season. In his introduction, he asks and answers the obvious question concerning his book, Isn't this what you pay your accountant for?

"Here is the most important piece of information in this book: You have to find these deductions yourself. Only you know the ins and outs of your own business. You cannot rely 100% on your bookkeeper, your accountant, your attorney, your software program, or the Internal Revenue Service.

"Any experienced tax accountant will (or certainly should) know about every tax deduction listed in this book. But your accountant can't possibly take the time to ask you--and his or her 300 other tax clients--about every possible deduction you didn't know about or failed to include on your ledgers.

".... spend a few hours with this book. Skim the alphabetical list of deductions, and spot the ones that may apply to you. And then, if needed, ask your accountant about them. Your accountant will be of much greater help, and much greater value, if you first go through these 422 deductions before seeing the accountant. By doing a little homework, you may significantly reduce accounting fees.

"The well-known tax attorney Julian Block said it best: 'The informed client gets the best advice."'

The second thing you should know about this book is that it thoroughly debunks the stereotype of the humorless accountant. Kamoroff has a great sense of humor, which is complemented by dozens and dozens of tax cartoons and insightful and often wry quotes from people of all walks of life. A sampling:

* "Just be glad you aren't getting all the government you're paying for." --Will Rogers

* "A fine is a tax for doing something wrong. A tax is a fine for doing something right." --Malcolm St. Peter

* "I'm proud to be paying taxes in the United States. The only thing is, I could be just as proud for half the money." --Arthur Godfrey

* "Brilliant deduction, Dr. Watson." --Sherlock Holmes

The first 37 pages of the book consist of an introduction to deductions, written succinctly and clearly for the layperson. It includes basic terminology and the Four Basic Rules of Expenses.

Then follow the 422 deductions, listed alphabetically, identified by "Expense category," and generously cross-referenced. Each entry is brief and easily digestible, but some like Depreciation run a few pages and guide the reader to the pertinent IRS publication.

Speaking of alphabetical, under T is This Book: "That's right. The money you paid for this book is 100% tax deductible. In fact, you can deduct twice as much, just by going out and buying a second copy."

Highly recommended.
COPYRIGHT 1999 The Newsletter on Newsletters LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:The Newsletter on Newsletters
Date:Oct 15, 1999
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