Avoid THIS Payroll Tax Mistake

[@taxleverage]

Apply to be featured on the Tax Leverage podcast and receive Jasmine's guidance for FREE: form.jotform.com/241628306039051

[@adammarkley9167]

Good stuff, very informationable. On another IRS note, after 3 months the IRS finally processed the change of bank account information for my installment agreement, they will be taking money automatically again at the end of this month. I had to submit the change twice online and call twice to figure it out, the IRS is just crazy. 🙄

[@Fake-dw9zx]

PLEASE!!!!! pay attention to this. FAKE CP-14s are being sent out. On the last page of the CP-14 there will be a phone number to call. When you go to google and check if its legit the first 4-5 websites will say it is. But it is NOT. Ignore the phone # on CP-14's and call the IRS direct. The scammers are hoping you call the # on the fake CP-14 and then verify the correct info.

[@deepwubbinz7919]

I'd apply but my taxes are too embarrassing.

[@MrB1982]

This though.... kzbin.infovtSBemB-rUY?si=K0zA8YkeMAUw6aBc

[@elpatron7916]

It is difficult to get my company transcripts

[@voltear]

A good topic would be, what are the first 3 major tax things to do when your business picks up. And when financially, has your business “picked up”? Great channel

[@ccagle17922]

Every small business needs a good accountant, a good attorney, and a good insurance agent. Trying to deal with the government when you don't know what you are doing will almost always result in trouble.

[@taxleverage]

Totally agree!

[@richtivitiestv]

Books are useful too

[@benbohannon]

True! I’ve been in trouble since…

[@donkemp8151]

Expanding your list to include payroll, banker, and quarter back, someone who can help connect all the dots. IMHO, that’s a good holistic financial advisor.

[@BasicFolders]

Thanks for sharing your story, Charlie! There's nothing else like these podcasts anywhere online that I know of, and it's super interesting to learn from real world situations like this. 👍

[@taxleverage]

Glad you enjoy them! More to come

[@bbokc6942]

I love how you explain everything in easy to understand language

[@taxleverage]

So glad to hear this!

[@tfitz2794]

This was an interesting video. I learned that even though you have debt liability protection under an LLC and corporation, the owners, officers, members, etc., are still personally liable for back payroll taxes, even if the business is extinguished. Thank you.

[@taxleverage]

Glad you found it interesting!

[@Kidney7661]

I’ve been doing payroll for 17 years (one company I worked for was a very large media company). You are not kidding about one small mistake can have huge downstream impact. I’ve spent lots of time cleaning up tax messes due to missing small details.

[@taxleverage]

100%! One small mistake can REALLY throw things off. Super important to ensure everything is being handled properly

[@Mstroup93]

Awesome video! You definitely reaffirm my opinion on payroll- I don't offer it and advise my clients go with ADP

[@billfratzke6048]

Love this content! You still haven't hit upon my exact situation, but the tips are very helpful. My accountant says all 941' s were filed and paid. IRS said I overpaid! sent a refund! Now they say I didn't, and want the amount + interest and penalties! It all happened during Covid and they didn't make it clear which checks were ERC and which are 941. So confusing!

[@taxleverage]

Thank you! I would start by checking your 941 business transcripts to see what's going on. It sounds like you got a refund before all the returns had formally processed.

[@jeffreygavin3474]

Dilucci, save us both a lot of time and frustration and just take me in your arms already. Don't delay! I'm holding my breath.

[@ericascott401]

Love your content Jasmine. I am an accountant and dealt with numerous payroll issues. Paychex makes a bunch of mistakes when it comes to proper setup and reporting for employees in different states. So I've spent numerous hours dealing with Paychex and filing forms with various states trying to fix and stop letters from state taxing authorities. Payroll is definitely a headache for sure. As far as Federal reporting issues, I've never had trouble with Paychex. So that's a plus at least.

[@davidjimenez1670]

Please talk about trust for inheritance reasons and as an Asset protection.

[@taxleverage]

Will add this to the list of potential content topics

[@z0mbieKillenClan]

​@taxleverage please do, I'm very interested in this aswell. More information is better 😊

[@mrmarty1403]

Coming from someone who is a beneficiary of a Trust - do your heirs a favor and structure the Trust such that they don't end up paying the taxes. My dad had a charitable Trust set up with the charity being the Trustee. His money was all in an annuity with USAA and his kids receive a quarterly disbursement but now we are paying income tax on it. I'm trying to find a local company that can guide me on how to leave my kids money without getting it eaten up by taxes. Looking forward to seeing Jasmine's advice on this subject. This is a great channel.

[@Kyzyl_Tuva]

Perfect example of the adage: "Complexity is a subsidy."

[@fzigunov]

Thank you so much for doing this work. I'm learning so much and your experience/expertise and case study is refreshing. I also learned about the transcripts which is very nice and also refreshing to see I'm "compliant" 😊

[@evaang3616]

Thanks for ALL you do and the content!!

[@taxleverage]

So glad you're loving it!

[@TeddyAlexanderv6]

Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.

[@AgnesHarperq3x]

Making profitable investments during this time of political change can be risky without that insight. For me, working with an adviser is the best first step to navigate these complexities and make informed choices.

[@GraceOliviaf7y]

I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.

[@NikolasMartine01]

Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one.

[@bfilgate]

I’d love to see a companion video that walked through the specific issue in this case. Even if you needed to give similar hypothetical as I can see he might not want to share that much detail. I do my own payroll 941/940 & deposits as I am the only w2 in my company (s-corp) and pay myself quarterly (to reduce paperwork) and I am always on the lookout for what I might be doing wrong. But can tell from this if it would apply to me.

[@zebmcmillan8554]

Can you do an episode discussing giving yourself a “reasonable salary” if you are the sole employee of an S Corp? I’m a a physician with an S Corp and have heard you can earn $300-400/hr for example, but take a salary of $150-200/hr and the rest as a dividend saving on self employment taxes and social security etc, and want to know more details about that. Love your stuff thank you!

[@tashinaking3198]

Hello, Jasmine. Now we need the explanation for what to do so we don't have this happen.

[@cahbee123]

Great content!

[@AH-xm7en]

Future oncologist here, curious about taxes for physicians both private and corporate to help with contract negotiations

[@evaang3616]

Do you do vids for non-profits and tax help

[@harveysanchez6993]

Great content

[@BrianKehm]

You make me want to use my accounting degree :)

[@jessecrockett]

Splattern man tha forklift opppps

[@Da_Crow]

This lady is a gem!!!! jasmine can you do a video explaining how tax exemptions work for W2 workers

[@jameszeris5418]

What’s wrong with a CPA firm

[@hangtenboy]

Commenting to feed the algorithm

[@AreYouFreeAreyouSure]

This man's mistake was assuming that he was required by law to have his workers sign W-4 forms and withhold taxes from his workers. There is NO LAW that requires American businesses to withhold income taxes from their workers! In fact, under Subtitle A of the Internal Revenue Code, only Non Resident Aliens and Foreign Corporations are to have income taxes withheld from them under 26 USC 1441, 1442, and 1443. Unfortunately, hardly anyone bothers to read the Internal Revenue Code regarding income taxes and withholding, so American businesses just follow the "herd" and do what everyone else is doing.

[@564df6g5h4d6f5g4h6d5]

❤❤❤❤❤❤❤❤❤

[@Denafelix41]

I'm new to investing, and l've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have.

[@RounaEdorume-ov5qv]

Well, I picked the challenge to put my finances in order. Then I invested in cryptocurrency, stocks, through the assistance of my discretionary fund manager

[@RounaEdorume-ov5qv]

Mrs Maria Andersen

[@Niteshkartiken-m8f]

Maria is considered a key Crypto Strategist with one of the best copy Trading Portfolios and also very active in the cryptocurrency space.😊😊😊❤️❤️❤️

[@GaryWe-n1l]

Please educate me. I've come across this name before. Now I am interested. How can I reach her?

[@Akanksha-u4v]

Wow. I'm so excited seeing Maria been mentioned here also. Didn't know she has been good to other people too, this is wondertul.

[@jessecrockett]

But Sam Mus Bea BtX

[@randolphscottseamons3684]

I pay my income taxes and will continue to do so, but I'm confused as to what's going on with Peymon Mottahedeh. Peymon says he hasn’t paid taxes in 30 years and he says no American, except those living in Washington, DC, should be paying them either. I see he was sentenced back in 2016, but I don't believe he served any time for his sentence, and as early as March of this year he still preaching the same thing. Please help me to understand. Thank you kzbin.info/www/bejne/nKqUiH1rnal2gMksi=rjBcGQ0Zv8ZyN9ox

[@AreYouFreeAreyouSure]

Peymon was NEVER arrested, much less sentenced. He is NEVER been criminally indicted for any tax crimes. He hasn't pay federal income taxes for decades, that is true. But he has never been criminally charged. He only accepts cash as payment. Because of that, the IRS has no real ability to create any tax assessments against him. They have no idea how much money he makes.

[@marcedwards2464]

Stock market tax forx traders

[@jimf710]

Uncertain what this video is trying to accomplish other than it's wise for most people to pay for legal advice in dealing with the IRS. Facts in this case not really spelled out and too much jargon being used. This person has no reason to call the IRS as it was thrown in that he's got a 'RO' (revenue officer) and he's in the process of a CDP (collection due process) hearing with appeals. The toll free number would/should have no reason to talk to him. Based on limited facts presented, there seems to be no reason to file the CDP. Multi-member LLC that's not a going concern having no assets. Assuming all required returns are now filed and assessed, it's trust fund time. You didn't mention that in this setting, TF means the employees' portion of Medicare and Social Sec plus all federal withholding. Your client nor the revenue officer needs to go thru that assessment process. If the RO agrees there's nothing to do other than address the TF, have them calculate it and have your client write a check for that amount with it being designated for TF. RO closes case and client doesn't have to go thru TF interview.

[@paulbrungardt9823]

I don't care about taxes. I watch the videos because Jasmine is HOT !

[@jessecrockett]

R U KMN8? OX WHAT?

[@mr.mr400]

❤❤🥰🥰🥰she's so beautiful

[@realchiragjain]

Amazing content Jas but as a video editor noticed we can do some changes like color correct your videos , put logo , hooked thumbnails and video editing for sure. We have 6 years of experience and can edit for you too. Let's collaborate ?