Ernst & Young Tax Guide 2007

Ernst & Young's Tax Guide 2007 is one of the newer tax guides on the market. It's only been around for 22 years. If anyone is unfamiliar with Ernst & Young, they are one of the Big 4 public accounting firms in the United States.

Even though tax and financial professionals write this Guide, the wording is excellent, thorough, and well-written. You do not need an accounting, tax, or finance degree to read it. The Guide is a combination of the IRS Publication 17 (Your Federal Income Tax - with text updates by Ernst) and the Ernst guide to income taxes. Ernst gives us insights and explanations into the tax laws that are helpful during tax preparation time.

Here are some other reasons I really like the Ernst & Young's Tax Guide 2007:

Conciseness. I prefer this tax guide to others on the market simply due to its conciseness. It takes the IRS laws, regulations, and verbiage and puts it in easy-to-understand terms. It says what it needs to say in as few words as possible. Yet, nothing is left out. There are no corners cut in giving readers the IRS tax laws. Also, the sentences do not run on and on. For instance, where one publication may state, "you are self-employed and you owe self-employment tax because your net self-employment earnings for 2006 are $400 or higher" (from another guide), that very same sentence located in Ernst's Guide would read, "you had net earnings of at least $400 from self-employment". How nice is that? There is nothing wrong with excess verbiage to many people. It is just that some of us prefer not to have it. This Guide does not have it.

Highlights. Another good point about this Guide is the highlighted areas throughout the book. Tax Alerts, Tax Planning Tips, Examples, and Tax Savers are all enclosed within a blue box. The box is located within the text of the associated subject. And, the highlighted blue box contains information that is directly applicable to the subject being discussed. It is very easy to read, understand, and apply. The organization of this feature is very pleasing.

Checklists. Information is presented in easy to read formats. There are actual checkmarks before important points. Plus, they are in a dark blue. This helps them standout.

Individual tax organizer. There is an 8-page tax organizer to fill out which helps with the organization of my tax return. Ernst & Young, not the IRS, developed it. It appears similar to the tax organizers used in tax preparation and accounting firms.

Tax law changes. In the section titled 'Changes in the Tax Law You Should Know About', all the applicable tax laws have headings in a dark, bold blue print with an arrow pointing to it. Whenever a tax law changes, there is an applicable Tax Planner underneath it (in a blue box).

2006 Tax Reminders. This informative section is found in the front of the Ernst & Young Tax Guide. It also has each reminder in a dark, bold blue print. It is very eye-appealing. Many of the items found in this Reminder section are also mentioned later in the book. For instance, points about filling out your income tax return, ways to pay taxes, and free electronic filing.

Outline form. Many times, information is presented in outline form instead of confusing unlined table form. This makes it very easy to read and maneuver around in.

Common Errors. This section discussed the 25 most common errors taxpayers make while preparing their tax return. It also explains how to avoid doing them yourself. The information is presented well, with each number being boxed in a dark blue box.

Tax Records. There is a detailed listing of tax records you need to keep. The IRS Form numbers are included, when applicable.

Overlooked deductions. A section on the 50 most overlooked deductions is found in the front of the Ernst & Young Tax Guide 2007. Once again, each of the 50 is separated by a dark blue line (with proper spacing), and numbers found in blue boxes. It is very nice and easy to see.

Like other Guides on the market, this one also contains a variety of blank IRS tax forms. Overall, I find the Ernst & Young Tax Guide 2007 is more user friendly than other Guides on the market. I would recommend it to anyone who likes reading concise, informative information while preparing his or her 2007 tax return.