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Surviving the Coming Tax Disaster

Book Description

The most recognizable tax expert in the nation, Roni Lynn Deutch has helped save American taxpayers tens of millions of dollars from the clutches of the IRS. Owner of the nation’s largest tax-resolution firm and a new tax-preparation franchise, Deutch knows the IRS has no problems taking advantage of taxpayers who might be uninformed about tax laws or who are unable to pay due to financial troubles.

And the IRS pressure is only going to get worse. With almost $2 trillion in government bailout money approved by Congress for 2008 and 2009 in addition to a hefty stimulus package, you better believe Uncle Sam has no intention of being stuck with the tab. So how is the government going to get that money? Through taxes, of course, and the IRS is going to audit people at unprecedented rates. And they are going to raise the rates on existing taxes to historically high levels.

If you’re behind on your taxes, the government is coming after you. Millions of Americans may be down on their luck and hurting financially, but the IRS, whose sole purpose is to confiscate the assets of American taxpayers, will seek you out, regardless of your ability to pay.

It’s up to you to protect yourself, and that’s where the Tax Lady comes in.

Deutch identifies what the IRS can do to you if you fall behind on your taxes—wage garnishments, tax levies and liens, interest and penalties, and ruined credit—and how you can prevent these things from happening or fight back if they do.

In the book:

  • Why your taxes are going to rise in this economy

  • Steps to avoid getting yourself into back taxes

  • Your options when confronted by the IRS

  • When to file and how to balance withholdings

  • When it’s not a situation you can handle yourself and is time to see a professional

  • Get a bailout of your own—Surviving the Coming Tax Disaster will show you how!

    Table of Contents

    1. Title Page
    2. Dedication
    3. Introduction
    4. 1 - How Bad Is It?
      1. A Downward Spiral
      2. The Deficit
      3. The Dollar
      4. The Stock Market
      5. Bonds
      6. Real Estate
      7. Interest Rates
      8. Consumer Debt (and Bad Economic Calculations)
      9. Common Misconceptions about the Wall Street Bailout
      10. Quotes of Note on the Economic Collapse
    5. 2 - How Will the IRS Solve its Cash Problem? By Coming After You
      1. What Does It All Mean?
      2. Taxes Going Up
      3. Taxing “Illegal” Income
      4. What about Businesses?
      5. What about Small Businesses?
      6. Government, Heal Thyself
      7. Why Do Most People Fall Behind on Taxes?
      8. Failure to File
      9. Substitute for Returns
      10. Wage Earners—Underwithholding
      11. Self-Employed—Fail to Make Estimated Tax Payments
      12. Additional Triggers
      13. What Happens if I Owe?
      14. Strong-Arm Tactics Don’t Always Feed the Beast
      15. Roni’s Soapbox
    6. 3 - How Will the IRS Come After You? Let Me Count the Ways
      1. Government Spending Breeds Big Appetite for Taxes
      2. How Are They Gonna Get You?
      3. Steps to Avoid Owing Back Taxes
      4. Kick You When You’re Already Down
      5. If You Think You Have Problems . . .
      6. Every Step You Take, They’ll Be Watching You
      7. How to Resolve a Tax Debt
    7. 4 - Lien on Me: How the IRS Attacks Your Home
      1. Tax Lien Versus a Tax Seizure
      2. The Nitty-Gritty
      3. Lien and Mean
      4. How to Get Rid of a Tax Lien
      5. Other Options in a Nutshell
      6. Unfair? Incompetent? Never!
      7. Impact of Foreclosures
      8. The Alarming Rate of U.S. Home Foreclosures
      9. New Rules on Dealing with Liens and Foreclosures
      10. Mortgage Forgiveness Debt Relief Act
      11. Tax Implications of Multi-Generational Living
      12. Roni’s Words of Wisdom
    8. 5 - Work Release: Lose Your Job Without Losing Your Mind
      1. The Real U.S. Jobs Numbers: As of March 2010
      2. Percentage Idle to Total Employable: 40.5 percent (i.e., percent of Americans ...
      3. What to Do if Your Employment Situation Collapses
      4. Some Commonsense Tips
      5. If You’re Laid Off, Call the IRS
      6. The Tax Ramifications of Losing Your Job
      7. Straight from the Horse’s Mouth: What the IRS Says about Unemployment and Your Taxes
      8. Going the Freelance Route? Be Prepared
      9. More Tax Tips for the Unemployed
      10. What Not to Do: Cash-Out and Carry at Your Own Peril
      11. Roni’s Soapbox
    9. 6 - You, Your Business, and the IRS—A Beautiful Partnership or a Messy Divorce
      1. Tax Implications of Starting Your Own Business
      2. Types of Business Structures
      3. Corporate Method
      4. Piercing the Corporate Veil
      5. Pass-Through Method
      6. Choosing Your Entity
      7. Paying Taxes as a Business Owner
      8. Payroll Taxes
      9. Operational Issues
      10. What is the U.S. Federal Government Self-Employment Tax Rate?
      11. Self-Help: Operating Your Own Business
      12. Business Credits or Deductions to Which You May Be Entitled
      13. Tax Implications of Selling Your Business
      14. Tax Implications of Closing Your Business
      15. IRS Checklist for Closing a Business:
      16. Filing Rules for Inactive Companies
      17. Tax Implications of Filing Bankruptcy for Your Business
      18. Implications of Past-Due Taxes on Your Business
      19. What’s New in Taxes Based on the Economic Stimulus Act
      20. Roni’s Words of Wisdom
    10. 7 - Experiencing a Personal Crisis? News Flash: Don’t Expect Any Sympathy from ...
      1. The Tax Impact of a Personal Crisis
      2. Take Care of Yourself
      3. Divorce
      4. Tax Implications of Divorce
      5. Income Tax
      6. Innocent, Your Honor
      7. A Step-by-Step Guide to Innocent Spouse Relief
      8. Home Ownership
      9. Spousal Support
      10. Child Support
      11. Investment Assets
      12. Retirement Accounts
      13. Debt
      14. How You Can File as “Head of Household”
      15. Medical/Health Problems
      16. Tax Implications of Health Problems
      17. State Rules on Social Security
      18. Personal Bankruptcy
      19. Tax Implications of Bankruptcy
      20. Tax Liens
      21. Gauge the Impact
      22. Options Beyond Bankruptcy
      23. Burgeoning Bankruptcy
      24. Death
      25. Tax Implications of Death
      26. The Death Tax
      27. Inheritance . . . Know the Tax Rules
      28. Roni’s Soapbox
    11. 8 - Using Investment Losses to Your Advantage
      1. Wall Street’s Burden
      2. Wall Street: Tough Ride for the Bulls
      3. Reality Check
      4. Your Investments and How They’re Taxed
      5. Deducting Investment Interest
      6. Tax Harvesting
      7. How Tax Harvesting Works
      8. Balancing Net Gains and Losses
      9. Taxes and Stocks
      10. Offset Losses Against Income
      11. Understanding the Wash Sale Rule
      12. Deduct Your Investment Expenses
      13. Take Advantage of Holding Periods
      14. Collectible Losses
      15. Real Estate Investment Losses
      16. Make a Charitable Gift of Stock
      17. Hardship Withdrawals
      18. Any Possibility of Borrowing?
      19. The Death Tax
      20. Estate Planning
      21. Roni’s Words of Wisdom
    12. 9 - Behind on Your Tax Payments? Here’s How to Negotiate Your Tax Bailout
      1. IRS Negotiations: Seven Stages of Tax Grief
      2. Step-by-Step Guide to Resolving a Tax Debt
      3. Conditions for an Offer in Compromise
      4. Negotiating with the IRS: In Compromise
      5. Reasons to Hire a Tax Professional
      6. Negotiating with the IRS: Installment Agreement
      7. Negotiating with the IRS: Currently Not Collectible
      8. Negotiating with the IRS: Waiting It Out
      9. Negotiating with the IRS: Bankruptcy
      10. Self-Employed? You’re More Likely to Owe Back Taxes
      11. Potential Problems in Talking with the IRS
      12. On Hold Classical Music
      13. Roni’s Words of Wisdom—Tips for Working Effectively with a Tax Professional
    13. 10 - State Tax Issues, State Tax Bailout Options
      1. States “Rights”
      2. 50 Powder Kegs
      3. Steps to Take if You’re Behind on Your State Taxes
      4. State Tax Resolution Methods
      5. Some State “Tax Bailout” Options
      6. Little Rhodie, Big Tax Tip
      7. The State Tax Man Cometh
      8. State Income Tax
      9. States with No Income Tax:
      10. State Sales Tax
      11. Local/Municipal Tax Amnesty
      12. Property Taxes
      13. Save Money by Getting Your Home Reassessed
      14. Inheritance Tax
      15. Kings of the Road
      16. Federal Tax Debt Trumps State Tax Debt
      17. This Is Your Tax Money on Drugs
      18. Roni’s Words of Wisdom
    14. 11 - Washington Watch: What We Can Expect from Congress
      1. Coming Soon: More Taxes
      2. Bailouts Could Cost the United States $23 Trillion
      3. Watch Out for New Taxes
      4. How Tax Increases Could Impact the Wealthy
      5. Taxing Complexity
      6. Roni’s Words of Wisdom
    15. 12 - Final Tips and Resources
      1. Save Your Home from the IRS
      2. Job and Employment Issues
      3. Protect Your Small Business from the IRS
      4. Tax Tips for Real-Life Problems
      5. Protect Your Investment Income with These Tips
      6. Tips on Negotiating with the IRS
      7. State Tax Departments and Web Sites
    16. Acknowledgements
    17. Copyright Page