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Taxes - recommended reading?
Old 06-02-2007, 06:01 PM   #1
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Taxes - recommended reading?

Until last year, most of our money was in tax deferred retirement accounts, and I never educated myself on how different investments are taxed.
Thanks to an inheritance, and selling an overpriced home in MD to move to affordable NC, we now have money in taxable accounts, and I realize that I really need to learn the tax consequences of various investments.

I was reading the thread about minimizing taxes, and it made me realize how little I know. Otherwise I feel like I have a good grasp of the basics of retirement planning and investing. However, since taxes can significantly affect net gains, I feel like a total novice again.

We are not millionaires - about 200k taxable, 300k tax deffered, adding ~20k/year to total.

Can anyone recommend a good book?

Thanks!
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Old 06-02-2007, 06:57 PM   #2
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Download Publication 17 from the IRS Site. It is in PDF format so with Free Adobe Reader 8.0 it can be saved to your computer for future reference. Beyond that maybe a trip to the library to pickup a few of the Personal Income Tax reference that can be checked out. Those are a couple of FREE sources. Beyond that and IMO after reading (scanning) those publications you should find many, many references within them for further research. You may also want to download a FREE software program like tax act (File Taxes Online - Do Taxes FREE - File Taxes With TaxACT) and play with past tax returns. Hard to tell where else you should go as everyones interest is dependent on their own unique tax situation.
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Old 06-02-2007, 07:54 PM   #3
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I have not read it, but I believe the "Bogleheads Guide to ...." has the info you want. Get from the library or bookstore. You can also poke around at Guide to the Vanguard Diehards Forums because this topic is covered repeated there.
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Old 06-02-2007, 09:21 PM   #4
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I just purchased "Lower Taxes in 7 Easy Steps" published by Nolo today. I like what I have read to date...

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Old 06-03-2007, 01:21 AM   #5
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Quote:
Originally Posted by LOL! View Post
I have not read it, but I believe the "Bogleheads Guide to ...." has the info you want. Get from the library or bookstore. You can also poke around at Guide to the Vanguard Diehards Forums because this topic is covered repeated there.
I have The Bogleheads Guide to Investing. It is a good book if you are inclined towards index funds as I am. It devotes two entire chapters to mutual funds and tax implications:
Ch 10. Taxes: Part One - Mutual Fund Taxation
Ch 11. Taxes: Part Two - Managing Your Portfolio for Maximum Tax Efficiency

I had thought that Mutual Funds For Dummies had good information on taxable accounts, but checking the book again, it only has some scattered information on tax efficiency and its one chapter on 'taxes' focuses on understanding mutual fund tax forms.
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Old 06-03-2007, 08:30 PM   #6
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Thanks for the suggestions, I appreciate the help!
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