It is that time of year again when you start receiving all different types of tax documents from all your financial institutions and jobs. Depending on how many times you trade stocks or how far your money is spread, entering in all your numbers can be pain.
Obviously the goal for everybody is to pay the least amount of taxes, and maybe even get some money back. While there are many cheap and viable options out there to make things a little simpler, how can you find the best reductions unless you know a little about the process yourself?
You can follow a workout plan, but how do you know what personal changes to make unless you know a little about the human body? I can follow stock investment advice, but, unless I know a little about trading stocks, how will I know which ones are right for me?
So with tax season upon us, don’t you think you should catch up on some of the tricks and tips to help save some money this year?
I was lucky to get a copy of the The Tax Lady’s Guide to Beating the IRS and Saving Big Bucks on Your Taxes. The author is Roni Deutch, CEO of the nation’s largest tax-resolution law firm, so I assume she knows a little something about taxes. I’m sure you have probably seen her on tv at some point in time.
As a quick overview, the book aims at teaching you how to:
- Take advantage of tax breaks for everyone from the wage-earner to business owner
- Avoid problems with the IRS
- Protect yourself, your investments, retirement and college savings from becoming intaxicated
- Dramatically reduce your IRS tax debt
- Organize your tax-planning portfolio
- Survive an IRS tax audit
- Save money on your taxes
The books is an updated 2009 edition, so it has all the latest and greatest tricks of the trade. It is also a great tool for tax payers of all levels.
From the outside, I thought the book was just going to be some long drawn out textbook style book, but, once you open it, it is actually pretty hard to put down. The first couple of pages simply go over the basics like what kind of taxes there are, what happens if you don’t pay them, and other interesting facts and figures.
For example, actor, Wesley Snipes, failed to pay taxes from 1999-2004 and claimed he had no requirement to pay taxes. Whatever that means. As of 2008 he was convicted to 3 years in jail. Too bad he won’t get a chance to read this book. Did you know that in 2008 the average american worked 113 days just to pay of his or her’s taxes? According to the Tax Foundation it is true.
The guide goes on to share some tricks on how to prepare year round for taxes. Why cram everything in the last couple of weeks? By utilizing some of the tips shared, you will not only save time but also money. You will also learn various ways on how different tax terms are understood. I now know 20 different items which are considered nontaxable income.
By now I’m sure you get the idea. The book is filled with 340 page of how to save money on your taxes. Even better, at the end of the book, you are given 50 direct steps to help save more money.
With the economy in the dumps, we have to save money somehow. Why let the Government take unnecesary cash and distribute it to poorly run financial institutions to lose it again? Take back what is yours the legal way with The Tax Lady’s Guide to Beating the IRS and Saving Big Bucks on Your Taxes as your partner.