{ "media_type": "text", "post_content": "What’s a good, practical tax book to read for someone who knows nothing about taxes? I feel like I should familiarize myself with them but don’t know where to start/find the topic very overwhelming and dense even as a finance attorney. Welcome to other beginning finance book suggestions too! (Already read Kiyosaki and Ramsey)", "post_id": "5f8c8cd08089dc0024c7c83d", "reply_count": 6, "vote_count": 1, "bowl_id": "5b3f7377ab53db00136f7b4c", "bowl_name": "FIRE Financial Independence Retire Early" }

What’s a good, practical tax book to read for someone who knows nothing about taxes? I feel like I should familiarize myself with them but don’t know where to start/find the topic very overwhelming and dense even as a finance attorney. Welcome to other beginning finance book suggestions too! (Already read Kiyosaki and Ramsey)

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Gifting income to a nephew does not reduce taxable income. Not sure what your friend was thinking.

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Yeah... perhaps the colleague meant he kept the gift under the annual exclusion for that year so his -nephew- didn’t have to pay taxes on it?

Lower your taxes by sandy botkin. A masterpiece

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Thank you! Just ordered ☺️

For what type of taxes? Personal or business? Most individuals don’t have very complicated taxes.

For personal/investment uses. For instance, my friend mentioned that when we were summer associates, he “gifted” his nephew x amount of his summer salary so he could avoid paying taxes on that amount. How could I have learned about that?

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