About The Book
Feeling “intaxicated”? You can pay less to the IRS! In her first book, the founder of America’s largest tax-resolution law firm reveals dozens of sobering ways to reap the rewards of The Tax Lady’s lucrative tips.
“Listen to me. Congress and the IRS intentionally make taxes complicated and confusing. That is their job. They want you to live in fear of them so you will gladly pay whatever amount of money they tell you to pay. Did you know that the average person overpays the IRS by over $2,000 per year? You may be one of them and not even know it! Well, guess what? It is time for you to do something about it.”
For nearly two decades, The Tax Lady has helped thousands of clients save millions of dollars in taxes. Building the nation’s largest law firm of its kind, Roni Deutch is a sought-after attorney who has dedicated her career to serving taxpayers in need. Now The Tax Lady makes her valuable advice available to everyone, decoding tax laws and sharing little-known wisdom that can save readers money—and save them aggravation if they’re audited. Knowledge is the ultimate weapon (“The more you know, the less you pay,” says Deutch), and she gives taxpayers a full arsenal.
Capturing Deutch’s no-holds-barred approach, The Tax Lady’s Guide to Beating the IRS And Saving Big Bucks on Your Taxes is a lifeline for readers from all tax brackets. Features include:
- A 1040 Treasure Map
To The Tax Lady, the Form 1040 isn’t a mind-numbing maze of confusion—it is the path to a gold mine, if you know how to avoid the land mines. The Tax Lady walks readers through the complete form, line-by-line, pointing out the hidden opportunities for savings, and demystifying everything from qualified dividends to the Alternative Minimum Tax. - Tips for the Self-Employed
Before you decide to hang your shingle, let The Tax Lady teach you the difference between sole proprietorships and S corporations, the ins and outs of deducting home office and transportation expenses, the Self-Employment Tax, the benefits of hiring teenagers (it’s true—if you need an extra hand, and you’re operating as a sole proprietorship, wages to employees who are under 18 are exempt from FICA taxes) and other tips for living the American dream, instead of a fiscal nightmare.
- How to Keep the IRS Out of Your Investment Portfolio
The battle lines between Wall Street and Congress have always been fraught with tension. The Tax Lady delivers the skinny on what this means for you, explaining the facts about holding periods, investment income that is completely exempt from taxes, wash sales versus installment sales (it has nothing to do with appliances!), understanding annuities and how unsuspecting investors undermine the tax benefits of their 401Ks. - Tackling Tax Debts and Audits
In 2007 alone, the IRS’s collections division brought in $31.8 billion and its audit bureau brought in $23.5 billion. If you are struggling with the burden of back taxes or you’ve received that bone-chilling audit notice, don’t despair. The Tax Lady spells out the current rules and options, including the Streamlined Installment Agreement and Currently Not Collectible status, along with a list of red flags to avoid, helping you steer clear of an audit in the first place. - Dozens of Other Profitable Pointers
Includes record-keeping tips, fast facts (including the revelation that the average American worked 113 days in 2008 just to pay taxes) and a tax glossary, deciphering everything from AGI to unearned income.
The 2010 edition explains what you need to know in easy-to-understand, approachable language, with details about:
- Updated marginal tax rates
- Increased standard deduction amounts
- Increased personal and dependent exemption amounts
- The new 2009 Form 1040 is shown and explained
- New and expanded educational credits
- Updated benefit amounts and limits for the Earned Income Tax Credit
- Updated information on the Homebuyer credit
- Updated information on the Child Tax Credit and the Additional Child Tax Credit
- Updated information on taxing unemployment benefits
- Updated Green Tax credits
- Updated IRS statistics
Unlike other tax books, The Tax Lady’s Guide to Beating the IRS And Saving Big Bucks on Your Taxes goes in-depth to cover everything you need to know—including an eye-opening history of the Internal Revenue Service. Every step of the way, The Tax Lady’s approach is 100% jargon-free, making it easy to savor the rewards of being a savvy taxpayer.