Don't Get Audited with these 10 Tips - IRS Is Coming

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  • ℹ️ Published 1 months ago
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#Taxes #IRS #inflationreductionact #Markjkohler #KKOSLawyers #crt

EVERYONE should know these strategies! A huge part of building wealth is owning real estate, either for investment, personally, or both! In this podcast, Mark and Mat break down the top tax strategies for anyone who owns (or hopes to someday own) real estate.


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0:00 Introduction
1:31 Filling an Extension, Good or Bad?
2:33 Round Numbers?
3:52 Home Office Deduction?
5:44 Paying Workers Under the Table?
6:45 Taking Dining and Travel Write-Offs?
7:30 IRS Letters
8:43 1500% Lower Audit Risk w/ an S-Corp!
11:53 IRS Payment Plans
13:55 Should You File Your Own Return?
15:30 Home Office Deduction with an S-Corp
17:36 Standard Deduction Question
20:35 Payroll in Your S-Corp
21:38 Write-Offs You SHOULD Take
24:10 Should you Add Comments to your Return?
24:22 Be Aware of Industry Averages
27:06 Small Tax Return Makes it Hard to Get a Loan
28:26 $80B to IRS is Going to Affect Business Owners
30:25 Do You Need an LLC for Rental Properties?
33:44 New Vehicle Tax Advantages

💬 Comments
Author

Thank you Mark for sharing this very informative information. This was very helpful!

Author — Laletha Stegall

Author

5:44 Issuing 1099's for hired contractors is critical. If you hire someone and don't issue a 1099, you're not getting a write-off.
25:00 You want to be under the radar, to be Jason Borne — just blend in, no one sees you coming. 
27:00 Small tax return makes it hard to get a loan. Balancing act between showing profitability in your business and minimizing taxes.
29:00 Tips to keep above board
32:30 Start as an LLC and then graduate to an S Corp when the time is right. 
33:20 Pay the damn IRS and move on.
33:44 Writing off a company vehicle
36:09 KEY TAKEAWAY: It's okay to write things off and be on top of it. There are loopholes that are legit and are not going to lose in an audit — but *you've gotta be the captain of your ship, you've gotta be your own damn quarterback.*

Author — Christopher Armstrong

Author

Great video and tips. I'm going to try and prevent as much taxation theft as possible using your strategies. Knowing what we can and can't usually get away with is good to know. The less money that is stolen, the more just the world is.

Author — Matt Olivier

Author

Mark thank you for sharing your knowledge with us!

Author — Mariya Terzi

Author

Thanks Mark for sharing your wisdom and helping fellow Americans out!

Author — Jennifer Brown

Author

The way I’m thinking on this is they want to keep track of every dollar a lot more closely now, what’s being earned against what is being spent, and keeping track on ownership of certain things is key, housing, cars, and other things. Not sure if they can keep track of every dollar that’s spent, not even sure if it’s feasible, but I’m sure they’ll try.

Author — Heart of thunder

Author

KEY TAKEAWAYS 36:09 It's okay to write things off and be on top of it. There are loopholes that are legit and are not going to lose in an audit — but you've gotta be the captain of your ship, you've gotta be your own damn quarterback.

Author — Christopher Armstrong

Author

I have been audited repeatedly. It makes no difference how accurately you keep books.
Auditors are there not to verify your accounting but to collect more tax.
Even Jesus recognized this in telling tax collectors to only collect the tax due.

Author — Angelos Liotscos

Author

Little correction: IRS will call you on the phone but ONLY when your SS# is in the [“criminal”] collection division that’s after you ignored all their letters, never responded, moved and you don’t know that IRS is looking for you at your old address, never filed, never updated address, never paid any taxes, never made attempt to set up payment plan on due taxes, etc., …. it will takes few years for this to happen but eventually they will be looking for you at the DMV, utilities, employers, Social Security, banks …and yes they will call you if they will get your phone number & it’s serious. So don’t ignore it because if they got your phone number they are on your tail. The normal conversation will be something like this: this is ‘Ms. Biden” (not true names, using aka) from the IRS collection division, they will tell you why they calling - you owe money to IRS for year such & such, how much, penalties, interest. They will try to verify your address, bank, employment, and ask you if you can pay it, file (whatever the case maybe), etc., .. if you failed to file they will prepare taxes for you, take your income from W-2 reported to them minus the standard deduction and the rest will be taxable + penalty + interest. They will give you 90 days to pay it, eventually you can set up payment plan with the IRS. if you did not file you must tell IRS that you will file your own tax return with your normal deductions & whatever you have to put on your tax return minimizing amount due + penalties for failure to file + penalties for failure to pay + interest the IRS will assess it.
There is lots of to it, it takes a book to tell you all but the point is this - yes the IRS collection division will call you but you will know that’s it’s them because you failed to do many things over many years.
Just so you folks know the IRS penalties + interest (at least 10% but it’s compounded so it’s more like 25+%) are much more than the amount owed by itself. You can negotiate with the IRS to waive at least some of the penalties + interest fees if you are smart & have good excuse (examples: moved, abroad, disaster, tragedy, natural disasters, fires lost documents, misplaced, illness, etc., ). Be always as “polite” as you can humanly be and make them “feel” like you are COOPERATING (key buzz word for the IRS - cooperating or not ) & this is why sometime is good to have 3rd party to negotiate on a behalf (lawyer or POA person) who is not emotionally engaged.

Author — Elizabeth Klimas

Author

I am grateful for the information you share. I like the idea of paying less in taxes. The charitable trust; I will be looking into that one for starters. When I heard you say that the money is still able to be invested, I imagine any increase would affect the amount I was able to draw out yearly? Did I understand you correctly?

Author — Stephen Green

Author

Thank you Mark, do you think it is a good idea to segregate the ownership of the assets from the operations such as rentals. The Ops LLC will sublet and will run operations of the rentals from Asset LLC. Liabilities and risks normally come from operations. Thank you

Author — Albert Kim

Author

Great video as usual Mark but you forgot to remind everybody that taxation, by definition, is theft! Because of that, anything that we can do to hide our money from corrupt and immoral gov't workers is great advice!

Author — Matt Olivier

Author

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Author — SMART SOLUTIONS

Author

I love how people get freaked out about an 'audit'. If you don't cheat, there's nothing to worry about. Most 'audits' are the IRS sending you a letter asking for an explanation on something. I was 'audited' once, I had missed a 1099 that I never received for a job I had less than a month. I paid the $100 or whatever it was with 4% interest and I went about my day.

Author — Jon David

Author

It will be years before the IRS is in a position to audit more returns. A strong regional CPA firm I share a few clients with had to get rid of some of its clients because it could not find enough qualified people to work there. Plus the IRS computer systems are ancient so they're going to crash if 87, 000 more people try to log in. Will take years just to upgrade those. Don't worry about the returns you've already submitted.

Author — Robert D

Author

Why has the IRS required us to be accountants and save every receipt and other documents. This is becoming insane.

Author — Pelt Down Posse

Author

Is this live, like 10;20 pm on 8/23? If so, that's awesome, thanks Mark and staff.
Question: Would a sudden large increase year over year income raise a red flag (audit)?

Author — Robby D

Author

As a new clergymen I understood I could take my housing off my taxes up to a certain amount ($2500 per month?) As I work full time and co-pastor I'm concerned about being audited but really could use the deduction. Any resources I could use?

Author — Tim dontwannasay

Author

IRS audited my brother, an Uber driver. They want exact details, exact addresses, not a block number. Keep the record at the time, don't try to re-create it later.

Author — Melanie Kieffer

Author

Great tips Mark! Keep up the good work, Cheers!

Author — Ask a CPA