(RIVERWOODS, ILL., January 19, 2006) – Last year was another busy tax year, as Congress passed a series of tax bills, including the $6.1 billion Katrina Emergency Tax Relief Act, and numerous other tax code changes went into effect, were adjusted or expired – all of which taxpayers need to know if they want to make sure they meet – but don’t exceed – their tax obligation for 2005. All this and more is covered in the CCH Toolkit™ Tax Guide 2006, published by CCH, a Wolters Kluwer business and a leading provider of tax and accounting law information, software and services (tax.cchgroup.com).The CCH Toolkit Tax Guide 2006, now in its eighth year, is available in bookstores nationwide starting in January.
“This year, taxpayers continue to reap the benefits of several major tax-cut packages enacted in 2001 through 2004. In addition, the Katrina Emergency Tax Relief Act of 2005 provides further tax relief for individuals and businesses affected by the hurricane as well as incentives to promote charitable donations for victims ,” said CCH Small Business Tax Analyst Paul Gada, JD, author of CCH Toolkit Tax Guide 2006. “At the same time, all taxpayers are experiencing the challenge of dealing with a tax code that is exceedingly complex and continuously changing. The opportunities for the average taxpayer to reduce their 2005 tax obligations are numerous, so too are the risks of overpaying taxes or misinterpreting the rules, which could lead to penalties down the road.”
The latest edition of the CCH Toolkit Tax Guide helps taxpayers – including individuals and entrepreneurs – identify the benefits before them and manage their taxes so they can better prepare their 2005 tax returns, as well as begin planning for 2006. It also includes free income tax preparation of a state and federal return and e-filing with CompleteTax™ (www.completetax.com), CCH’s easy-to-use online tax return service for individuals.
The Guide Individuals Rely on Year after Year
CCH Toolkit Tax Guide 2006 has complete analysis of individual and family income tax issues, including detailed sections on:
- Employment Income;
- Real Estate;
- Deductions; and
Written with the average taxpayer in mind, the CCH Toolkit Tax Guide offers easy-to-follow guidelines that help taxpayers take advantage of all available tax breaks and deductions while avoiding common errors.
The Definitive Guide for Helping Entrepreneurs Reduce Taxes
As in past years, the CCH Toolkit Tax Guide also provides an invaluable discussion of business tax issues for the small business owner.
Areas crucial to the entrepreneur addressed here are an overview of business entity types and the Schedule C tax form, as well as computing and reporting business income, deductible business expenses, capital assets and depreciation, the self-employment tax and business tax credits to ensure business owners accurately report both their income and realize any deductions, depreciation or credits that can reduce their tax bill.
“Entrepreneurs view their business as an integral part of their life, so it’s sometimes difficult for them to separate home and work. But, from a tax perspective, it’s absolutely essential to do so – both to stay on the right side of the tax code as well as ensure they can claim all the deductions and credits for which they’re eligible,” said Gada. “From the outset, theCCH Toolkit Tax Guide has always kept in mind the unique needs of the entrepreneur and how this factors into a family’s tax reporting and tax planning.”
Something for Everyone
For the novice, the CCH Toolkit Tax Guide provides an overview of basic tax planning, providing actionable information on what taxpayers can do to reduce their taxable income and tax rate. It also offers hints on overcoming one of the greatest weaknesses of many taxpayers – keeping good records – by clearly identifying what records must be kept and for how long. Also, it has one of the most extensive glossaries available for demystifying tax jargon – a challenge for all taxpayers.
Easy, Free Filing with CCH CompleteTax
Those who purchase the CCH Toolkit Tax Guide 2006 will be able to prepare and electronically file both a federal and a state income tax return at no additional charge via CCH CompleteTax (www.completetax.com). This $34.95 value allows purchasers of the Guide to tap into one of the most comprehensive online tax filing solutions on the market today – putting all the knowledge of the Tax Guide into action to help taxpayers quickly and accurately prepare and file their federal and state tax returns.
Long after the tax returns are filed, the CCH Toolkit Tax Guide continues to offer value, providing a section devoted to future tax planning matters.
“The tax code now is filled with regulations that not only adjust for inflation but phase in or phase out at different points making tax planning impossible unless you have a clear roadmap of the rules and understand how, when and to whom they apply,” said Gada. “The CCH Toolkit Tax Guide is the hands-down best resource when it comes to providing a clear synopsis of those rules most likely to impact taxpayers so that they can be aware and best position themselves to take advantage of the changes today as well as throughout the coming year.”
Beyond using clear language to help taxpayers through the tax maze, the Tax Guide further diminishes complexity by offering hundreds of tips, examples, charts and tables to equip taxpayers with the information they need to make informed decisions about their immediate situation, as well as for longer term planning.
Combining Print, Online for Best Resources
In addition to using the print CCH Toolkit Tax Guide as an ongoing reference, buyers also are encouraged to tap into CCH’s online resources for individuals and small businesses throughout the year to keep tabs on tax code changes and updates on tax planning. These resources include:
- The CCH Business Owner’s Toolkit (www.toolkit.cch.com), developed by the same team of tax, financial planning and small business experts who produce the CCH Toolkit Tax Guide 2006. This online resource offers updates as well as useful resources to help entrepreneurs start, run and grow their small businesses, including the widely read “Ask Alice” advice column.
- The CCH Financial Planning Toolkit (www.finance.cch.com), providing individuals with year-round access to financial planning information on topics such as retirement, estate planning and investing as well as more tax guidance.
Pricing and Availability
CCH Toolkit Tax Guide 2006 (ISBN 0-8080-1274-6) is available in major retail and online bookstores (Barnes and Noble, Borders, amazon.com) nationwide; via the CCH Business Owner’s Toolkit bookstore (www.toolkit.cch.com); or by calling 1-800-248-3248. The 432-page soft-cover book sells for $17.95, plus applicable shipping, handling and tax.
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (tax.cchgroup.com) is a leading provider of tax, audit and accounting information, software and services. It has served tax, accounting and business professionals and their clients since 1913. Among its market-leading products are The ProSystem fx® Office, CCH® Tax Research Network™, Accounting Research Manager™ and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill.
Wolters Kluwer is a leading multinational publisher and information services company. Wolters Kluwer has annual revenues (2004) of €3.3 billion, employs approximately 18,400 people worldwide and maintains operations across Europe, North America and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands (www.wolterskluwer.com). Its depositary receipts of shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.