Tax law books comprise only a small portion of the material necessary to educate the individual in tax law. We will discuss what is available for the embryonic tax attorney currently in the form of text books and other periodicals. Remember, like many disciplines, the law is an ongoing study of case and textbook law because it is constantly changing. More so than other disciplines because law changes very quickly because it is thoroughly based on the building blocks of law; the six sisters named Who, What, Where, Why, How and When. Tax law is similarly founded on these fine ladies. Law books either as compendiums of case law or indices of the founding principles will find that they address the following questions; to whom does the law pertain; concerning what item, thing or issue does it address; where is this law in effect; why is this law in existence; how is it enforced and organized; and when is it in effect?

There are a number of very handy internet sites that provide resources for selecting the best tax law books for either sale or borrowing through law school libraries. They are organized to provide local law schools, state tax law, ongoing tax news, textbooks, casebooks, law reviews, law journals, tax law article abstracts, resource pages (web sites that have a multitude of tax law resource links) and tax course law from many US law schools (from Northwestern School of Law to the New York University School of Law). This later offering is essentially the lecture notes, written form or in mpg format, the required reading and the extra reading assignment about varying tax law subjects.

This allows the tax law student to learn on his own initiative and function as a budding lawyer. One essential principle about being a lawyer is that to be really successful you have to read, read, and read. Many law schools insist or encourage the development of study groups because of the immense number of outstanding books on law. These groups operate on the principle that several brains are more powerful than one. Each student is assigned particular subject, law book or reference and gives detailed reports on them to the whole. This is claimed to assist the tax law student keep abreast of the vast flow of both good and bad tax law references.

If you’ve ever considered buying a home instead of renting, the Homebuyer Tax Credit does give you incentive. Right now, real estate is a buyer’s market, with housing prices lower than they’ve been in years. Add on top of that the whopping $8000 tax credit you’ll get with this new tax law under the new president, and the deal is considerably sweetened. You can even claim the credit on your 2008 taxes.

If you signed the papers on a first time home purchase on December 31, 2008 or before, however, you won’t be getting that $8000 credit. Also, if you make more than $75,000 (or more than $150,000 for a couple) annually then the $8000 credit is lessened, and you won’t be able to get it at all if you make over $95,000 (or $170,000 for a couple) in a year.
Don’t rush into a decision to get the tax credit. A restriction in the law requires that you keep the home for a minimum of three years. Break that rule, and you could have to pay back the $8000.

Have a job? You’ll probably be able to get the $400 tax credit ($800 for a married couple) called the Making Work Pay provision. Most people with income, even self-employment income, will be able to claim that from one of the tax laws under the new president in 2009 and 2010. The income caps for the $8000 first time homebuyer credit applies to this one, too.

Employers may just take less tax from your paycheck to provide you this credit, so if you’re married or you have more than one job, watch your taxes carefully to make sure you’re not paying too little, or you could end up with a huge bill and penalties at tax time in 2009.

A new tax law under the new president also accounts for a $250 payment to those who get Social Security as well as Social Security disability payments, government pensioners, and veterans. It’ll arrive over the summer automatically for all but government retirees, who must file in 2010.

College students can deduct some of their college bill in the coming year, car buyers can deduct the sales tax paid on the purchase, and you can even claim deductions on certain “green” and environmentally friendly purchases thanks to some tax laws under the new president.