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

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Mark J Kohler

Mark J Kohler

Күн бұрын

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Uncover essential real estate tax strategies with Mark and Mat in this exciting podcast episode. Elevate your financial journey with valuable insights for current and aspiring real estate owners. Don't miss out!
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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

Пікірлер: 557
@alan30189
@alan30189 Жыл бұрын
We really need is 87,000 more border patrol agents and to enforce our immigration laws, not allow these people to illegally flood in here and spread out across the country, most never to be seen again. Far is the IRS, it should be eliminated, not expanded. Eliminate it and replace it with the ”Fair Tax.” There was a book written on the subject and it makes total sense! Can I have a book? 😃
@pierlouis7325
@pierlouis7325 Жыл бұрын
What immigration have to do with this, he talking about IRS
@Lorenzo69
@Lorenzo69 Жыл бұрын
@@pierlouis7325 agreed 💯
@splash4891
@splash4891 Жыл бұрын
Fair and Tax are 2 words that should never be used in the same sentence.
@SGpre75
@SGpre75 Жыл бұрын
@@pierlouis7325 The government needs to collect more tax money to feed and support more illegal immigrants. Easy to understand!
@wtbarber
@wtbarber Жыл бұрын
You need 87,000 IRS agents to streamline the tax code.
@JustAnotherJarhead
@JustAnotherJarhead Жыл бұрын
06:06 "the IRS is sick of under the table crap" , well....Mark, WE are sick of the IRS period. The IRS could go away tomorrow, and we'll all be better off.
@someguyto4675
@someguyto4675 Жыл бұрын
Cant we just plea the 5th if we receive and audit?
@georgemckenna462
@georgemckenna462 Жыл бұрын
Reality check there sir. Your former employers are hiring 87,000 new IRS auditors. Brace for impact.
@JustAnotherJarhead
@JustAnotherJarhead Жыл бұрын
@@georgemckenna462 well...well... then they should probably be armed, with plenty of ammo, right?
@deehope9477
@deehope9477 Жыл бұрын
Lol sure, love this comment!!
@georgemckenna462
@georgemckenna462 Жыл бұрын
Armed with lots and lots of envelopes with notices stating, you are being audited... As you must know the US. Government needs to make up for for all those trillions they printed to the Fed. The new IRS auditors will naturally go after the low hanging fruit; those least able to defend themselves. Those just getting by, the Uber driver, the waitress and yes the ex marine trying to make a go of it in the private sector. I fear that even by the standards of a seasoned solider, the destruction will be breath taking, so please take it seriously. I truly do, wish you the best sir.
@mariyaterzi7364
@mariyaterzi7364 Жыл бұрын
Mark thank you for sharing your knowledge with us!
@WynterVil
@WynterVil Жыл бұрын
So glad that I found your channel!! :) Thanks for all the information.
@InspectorApe
@InspectorApe Жыл бұрын
Thanks for your help with all the information your great!
@davidandmelanieohara4707
@davidandmelanieohara4707 Жыл бұрын
Long live Mark Kohler and all who serve him!!! You have saved/made me thousands!!!!
@khalidahmed2383
@khalidahmed2383 Жыл бұрын
Love your tips, you are the best I found over the internet in this topic
@debraellerbee589
@debraellerbee589 Жыл бұрын
Loving your information,Debra
@maritesmarcos5450
@maritesmarcos5450 Жыл бұрын
I just stumbled on this site. I will definitely listen to these videos in my spare time. Thank you for the information.
@jeeplovinjenn
@jeeplovinjenn Жыл бұрын
Thanks Mark for sharing your wisdom and helping fellow Americans out!
@nildamendez2645
@nildamendez2645 Жыл бұрын
Mark, yes...yes they do call you at home. Once I was watching TV a call came in and it was an it's technician. I had made an $11.mistake. he didn't asked for my soc sec or anything, told me to wait for a letter and then pay the eleven dollars. The letter came in from IRS and I paid. See how they follow the poor and middle class. Meanwhile, the rich going stealing for 15 or more years.
@michaelterry4394
@michaelterry4394 Жыл бұрын
Documentation is both a blessing and a curse. THE very docs you think will help can slap you back.
@j-p4194
@j-p4194 Жыл бұрын
I LOVE the Trifecta! Every time I see this I get excited because NO ONE is talking about this!
@sergiolozano5116
@sergiolozano5116 Жыл бұрын
Thanks for sharing!
@kc5sjq
@kc5sjq Жыл бұрын
This is great! Thank you.
@msjoanofthearc
@msjoanofthearc Жыл бұрын
Thank you very much!
@2DanTube
@2DanTube Жыл бұрын
How to prepare for a tax audit - (1) The day you receive the audit notice - STOP changing clothes - DO NOT shower or bath. (2) Collect all receipts and documents - wad them into neat tight balls of paper - file them neatly in a kitty litter box with the litter in the box. (3) The night before the audit - eat - baked beans, lima beans, broccoli, Brussel sprouts, asparagus, Limberger cheese, sardines, 90% Dark Chocolate, and drink beer. (4) Once you arrive at the IRS office - take a laxative (don't excuse yourself during the audit, just soil yourself during the audit). (5) If you have one - bring your emotional handicap assistant dog and give the dog a laxative. (6) Once inside the office build be as accidentally clumsy as possible and accidentally knock over plants and shelves, etc. (7) Once seated in the auditor's office - relax and stretch your legs and if possible accidentally kick the plug to their computer from the wall receptacle. (8) Be sure and politely use your free speech and ask friendly questions like for example, "Before your mother died from licking food stamps, did she know you had become a tax whore?" That should do it - most likely - you'll never be audited ever again.
@nunyabizness1257
@nunyabizness1257 Жыл бұрын
🤣🤣🤣🤣
@ediem4222
@ediem4222 Жыл бұрын
So glad you just showed up in my feed.
@MarkJKohler
@MarkJKohler Жыл бұрын
Edie, WELCOME! So glad you found this helpful!
@RedHotMother
@RedHotMother Жыл бұрын
Love you Mark!
@madronagroceryoutlet4426
@madronagroceryoutlet4426 Жыл бұрын
Love you guy! Thank You
@scott7003
@scott7003 Жыл бұрын
So glad to hear that you are building a network of tax preparers!!
@mrchopchop5664
@mrchopchop5664 Жыл бұрын
I love your show , thank you so much .
@luanakinney3900
@luanakinney3900 Жыл бұрын
Thank you for the information! I'm ready!
@MarkJKohler
@MarkJKohler Жыл бұрын
Best of luck!
@wadeputt5267
@wadeputt5267 Жыл бұрын
learning a lot thanks
@lacycj
@lacycj Жыл бұрын
Fantastic information. Thanks for the advice!
@MarkJKohler
@MarkJKohler Жыл бұрын
Thanks! So glad you enjoyed it!
@guzzifabrication3448
@guzzifabrication3448 Жыл бұрын
Thanks for the video
@belladuvale2535
@belladuvale2535 Жыл бұрын
wow... this is great information
@parisrose7979
@parisrose7979 Жыл бұрын
Thank you 😊
@forfree2681
@forfree2681 Жыл бұрын
Thank you
@alandeniston9229
@alandeniston9229 Жыл бұрын
FYI: The IRS bought $696,000 in Ammo to arm their criminal division between March / June of 2022.
@troychrisman2312
@troychrisman2312 Жыл бұрын
They've been doing that annually since 2011 .
@elizabethcote9070
@elizabethcote9070 Жыл бұрын
🤔
@karenjaras2886
@karenjaras2886 Жыл бұрын
Great info!
@brentferry7305
@brentferry7305 Жыл бұрын
Thanks Joe!
@Hubcitybg
@Hubcitybg Жыл бұрын
Thanks for dropping these jewels.
@sadiegirl5312
@sadiegirl5312 Жыл бұрын
You always have good stuff on your videos!!!
@MarkJKohler
@MarkJKohler Жыл бұрын
I am SO glad that it's helpful! Thanks for watching!!
@lalethastegall8605
@lalethastegall8605 Жыл бұрын
Thank you Mark for sharing this very informative information. This was very helpful!
@MarkJKohler
@MarkJKohler Жыл бұрын
I am so happy that you enjoyed it!!
@hopefully2224
@hopefully2224 Жыл бұрын
I just bought one of your books! Cannot wait to get it! You're the best!
@MarkJKohler
@MarkJKohler Жыл бұрын
I am so excited for you, you're gonna love it!!
@monezabala
@monezabala Жыл бұрын
Thank you. I have learned a lot today.
@MarkJKohler
@MarkJKohler Жыл бұрын
Anytime! I love helping people! If you're interested in learning more about real estate and taxes, I have a summit coming up soon, and would love if you could attend. Follow this link to buy your ticket: realestatetaxsummit.com/?KZbin&Comments&Real+Estate+Tax+Summit+YT
@vale76101
@vale76101 Жыл бұрын
Great Video as always Mark! I so want to read that book;)
@Justicex
@Justicex Жыл бұрын
Man, this was needed information thank you!
@MarkJKohler
@MarkJKohler Жыл бұрын
I am SO glad that I could help!
@Justicex
@Justicex Жыл бұрын
​@@MarkJKohler After watching your video the other day I made an appointment with my CPA to ask a few questions. The first was when to move to an S-Coup as I’m already at 45,000.00 in net income. The other was can I take the new truck that I purchased this year and deprecate it inside of my bussed or do the actual expense method I should say. He said that I couldn’t because the vehicle was purchased under my personal name and not my business. I fell I use it 85% for business use. Does this make sense to you? The new truck cost 80,000.00
@BWTmedia
@BWTmedia Жыл бұрын
Good information thanks
@johndough7039
@johndough7039 Жыл бұрын
excellent advice, I hit the like and sub button
@anneyahwadeorr7560
@anneyahwadeorr7560 Жыл бұрын
Thank you for the valuable information.
@MarkJKohler
@MarkJKohler Жыл бұрын
Of course! Thank you for watching!!
@Tdowns44
@Tdowns44 Жыл бұрын
This is awesome, thank you.
@MarkJKohler
@MarkJKohler Жыл бұрын
Glad you liked it!
@lindsdaniels6859
@lindsdaniels6859 Жыл бұрын
Great info, thanks so much.
@MarkJKohler
@MarkJKohler Жыл бұрын
No problem!! Glad that I can help!
@laurenvineschapter2
@laurenvineschapter2 Жыл бұрын
Great content To stay out of trouble.
@MarkJKohler
@MarkJKohler Жыл бұрын
Lauren, so glad you found it helpful!
@lisahammitteart3760
@lisahammitteart3760 Жыл бұрын
Would love the book!
@pearlivory3483
@pearlivory3483 Жыл бұрын
I CAN'T WAIT TO JOIN THE PROGRAM
@theresabell2492
@theresabell2492 Жыл бұрын
Thank u for sharing your Content is amazing on my way to a home based business
@angelgutter8249
@angelgutter8249 Жыл бұрын
Fantastic advise, great video!
@MarkJKohler
@MarkJKohler Жыл бұрын
Glad you enjoyed it!
@heartofthunder1440
@heartofthunder1440 Жыл бұрын
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.
@robertd9850
@robertd9850 Жыл бұрын
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.
@philc.9280
@philc.9280 Жыл бұрын
Good to know !
@grantv2313
@grantv2313 Жыл бұрын
I’ve thought the same. Every business in every sector is struggling to find employees at any level and the IRS is just going to wave a magic wand and 87k qualified people will appear. I’m just not believing it. Maybe they get 5 to 10k. Maybe 20. I’ll be shocked if they find 20k. Where are these people going to come from!? People who want to work are already working somewhere. People who don’t want to work will continue to not want to work.
@JustAnotherJarhead
@JustAnotherJarhead Жыл бұрын
truth...they are literally 2 years behind, and getting worse every day.
@JohnSmith-ns6dp
@JohnSmith-ns6dp Жыл бұрын
IRS agents make a TON of money, guaranteed, and they have incredible benefits and retirements. Millions of people want that ironclad career. They will fill those positions immediately. And how will they pay 87,000 more agents? With constant, automatic audits of everyone. They are investing in new computer systems which send out letters automatically to take more money from everyone. Even if you do nothing wrong, you have to take time out of your busy life to waste on explaining to the IRS that you are innocent. It’s a total nightmare situation.
@robertd9850
@robertd9850 Жыл бұрын
@@JohnSmith-ns6dp Well, not a ton. The median IRS agent salary is about $51,000.
@AskaCPA
@AskaCPA Жыл бұрын
Great tips Mark! Keep up the good work, Cheers!
@MarkJKohler
@MarkJKohler Жыл бұрын
Thanks!! I'm glad you're enjoying my content!!
@ghostl1124
@ghostl1124 Жыл бұрын
@@MarkJKohler r u a Lib?
@swiss-wrist-watch
@swiss-wrist-watch Жыл бұрын
Thank you. You rock.. im calling your company when im ready
@MarkJKohler
@MarkJKohler Жыл бұрын
So glad you enjoyed the content! When you're ready, here is the number for the firm! 888-801-0010
@abbibrennen2549
@abbibrennen2549 Жыл бұрын
Thanks Mark, I am a fan!
@MarkJKohler
@MarkJKohler Жыл бұрын
You're welcome Abbi! I appreciate your support!
@jimbetche7864
@jimbetche7864 Жыл бұрын
Great information. One thing you didn't mention is, you must show a profit over expenses. If you made less than your writing off ,that is a big red flag to the IRS . I own a carpet cleaning company and my status is sole proprietor. When you talk about round numbers I kinda get in that loop a little only because I charge my client's a set amount per service. We are an in home service and our services are non taxable. So my billing doesn't have cents only round number's. But everything else, expenses, fuel, materials etc. Are never round number's. I've had my company for going on 19 year's and have never owed taxes nor ever been audited . The only thing I wish is that I made a little more money over the last 3 year's due to the pandemic. I'm hoping I don't get red flagged due to not making a lot of money , lord knows I want to make more money but it's a rough road in my business when people aren't having my services done because they don't want people in their home's during a pandemic. Last note, remember even if you didn't make a whole lot during the year , show a profit.
@robertkadow3367
@robertkadow3367 Жыл бұрын
Thanks
@MarkJKohler
@MarkJKohler Жыл бұрын
No problem!!
@appleid1
@appleid1 Жыл бұрын
Mark you are so awesome... and I love the way you present the information... I will be calling your office...
@timothystarr8120
@timothystarr8120 Жыл бұрын
This is good
@pamelaaverill1608
@pamelaaverill1608 Жыл бұрын
Best IRS tips ever thank you
@MarkJKohler
@MarkJKohler Жыл бұрын
Glad it was helpful!
@BoredTypeCro
@BoredTypeCro Жыл бұрын
You are Awesome!!
@MarkJKohler
@MarkJKohler Жыл бұрын
You rock!
@bongirud
@bongirud Жыл бұрын
Yay Mark Kohler Tax Preparers!!!
@stevearmstrong2100
@stevearmstrong2100 Жыл бұрын
Thank you for the good information
@MarkJKohler
@MarkJKohler Жыл бұрын
Glad it was helpful!
@stevearmstrong2100
@stevearmstrong2100 Жыл бұрын
@@MarkJKohler I listen to you often I have rental properties.
@MarkJKohler
@MarkJKohler Жыл бұрын
Hey Steve! I LOVE to hear that! Have you heard about my Real Estate Tax Summit?? You should seriously think about attending (virtually or in-person) I would love to meet you! You can buy tickets here: realestatetaxsummit.com/?KZbin&Comments&Real+Estate+Tax+Summit+YT
@stephengreen3981
@stephengreen3981 Жыл бұрын
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?
@RedDragonProtection
@RedDragonProtection Жыл бұрын
Just subbed. Thanks.
@sikestonjumpinjacks
@sikestonjumpinjacks Жыл бұрын
ty!!!!!!!!!!!
@amandabest7364
@amandabest7364 Жыл бұрын
I like the way you talk
@AmericanConstellation
@AmericanConstellation Жыл бұрын
Why has the IRS required us to be accountants and save every receipt and other documents. This is becoming insane.
@JustAnotherJarhead
@JustAnotherJarhead Жыл бұрын
yes, this is silly. with digital documentation through expense, we really don't require "receipts" any more, it's silly that this is even still addressed. You could use an Amex card, and all your expenses are detailed out by tax category, this should be sufficient in any audit. Federal tax is voluntary anyways, "audits" shouldn't even be a thing. The IRS is lucky to get what they get out of most of us, They should have been thankful and remained quiet, before a president with some balls decides to champion the dissolution of the Agency.
@splash4891
@splash4891 Жыл бұрын
that is the whole idea, the system is designed to make you insane and unfortunately it's working
@AmericanConstellation
@AmericanConstellation Жыл бұрын
@@splash4891 I'm not insane, I'm just really pissed off!
@JustAnotherJarhead
@JustAnotherJarhead Жыл бұрын
To be fair, there is no requirement to save receipts. There isn't even a requirement to file a federal return. Its your Accountant that pushed for receipts. Which is totally unnecessary for 90% of Americans because they don't have a business larger than a hobby.
@ritamerringer2173
@ritamerringer2173 Жыл бұрын
@@JustAnotherJarhead that’s the most ridiculous thing I’ve heard since yesterday….tax evasion is real dude and now that you’ve posted it’s not, IRS AI can eventually find u
@srqTagle
@srqTagle Жыл бұрын
So informative and funny at the same time, love this guy!!!
@PureMagma
@PureMagma Жыл бұрын
He wanders away from the point he's trying to make too frequently which makes it very time consuming to try watching his videos. His books are great and he is very very smart, but he doesn't respect his audience's time at all.
@craigwachter8753
@craigwachter8753 Жыл бұрын
good info
@MarkJKohler
@MarkJKohler Жыл бұрын
Glad it was helpful!
@christopherarmstrong2710
@christopherarmstrong2710 Жыл бұрын
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.*
@patriotgrammy8632
@patriotgrammy8632 Жыл бұрын
I’m requiring about your post about have a 1099 for a hired contractor. I’ve never heard of this before and I’ve used many and have always gotten a write off when I’ve sold a home that I’ve remodeled. Can you explain a little more on that? Good tips on your post so thank you for taking the time to write it.
@christopherarmstrong2710
@christopherarmstrong2710 Жыл бұрын
@@patriotgrammy8632 Hi there, from what I've heard, it's legally required to issue a 1099 to anyone you pay more than $600. It's essentially formal record keeping, from what I understand. So the IRS wants to see "proof" that you hired this person - because the income they earn "technically" should be taxable. If you pay somebody $25k under the table, for instance, and that person doesn't claim it as income (to avoid paying taxes on it) - but then you as the employer write off that $25k, it could result in problems. Because, technically the contractor should be bearing the taxation on that transaction - is from how I understand it.
@patriotgrammy8632
@patriotgrammy8632 Жыл бұрын
@@christopherarmstrong2710 Thanks Christopher, that makes sense. I’ve mostly used a handyman anyway but I’ll keep this is mind if I ever do a serious remodel.
@christopherarmstrong2710
@christopherarmstrong2710 Жыл бұрын
@@patriotgrammy8632 You're welcome! Glad it helped.
@loripark3763
@loripark3763 Жыл бұрын
Thank You MARK.. Surely GOD is using you!! 👍👍
@Pops2
@Pops2 Жыл бұрын
Everytime I sit with my accountant, I'm so far off from what I thought and reality. It always hurts. Hire good help and sleep well.
@jim7953
@jim7953 Жыл бұрын
Thank you so much for getting back to me
@MarkJKohler
@MarkJKohler Жыл бұрын
No problem Jim!
@silverlion5384
@silverlion5384 Жыл бұрын
$10,000 to federal student loan forgiveness for useless degrees that will not help procure jobs.
@bluemustang5002
@bluemustang5002 Жыл бұрын
Cracked myself a Monster. Watchin this until it kicks in. Gotta do some things around the house, then work a few hours. But I love learning this so I can plan accordingly.
@MarkJKohler
@MarkJKohler Жыл бұрын
I'm glad you're enjoying my videos!
@kimhayes6862
@kimhayes6862 Жыл бұрын
I would love ur book
@MarkJKohler
@MarkJKohler Жыл бұрын
Hey Kim! We love giving out freebies on the live videos, but if you don't happen to win any, and you still want the book, here is the link to buy them on my website: markjkohler.com/all-products/ Make sure to turn on your notifications from me, so that you don't miss when I am going live!
@blandinavheru2580
@blandinavheru2580 Жыл бұрын
I like the flat percentage tax with no write offs. It will avoid loopholes and oddits
@ElizabethKlimas
@ElizabethKlimas Жыл бұрын
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.
@MB-hz7wm
@MB-hz7wm Жыл бұрын
Maybe not the best idea to list out a verbal template here for potential criminals to follow... These days, someone like that only needs a small amt of personally identifiable info to pretend they "have your file up." Considering all the crimes like this being reported, I would never confirm or relay any details with a stranger over the phone. Get to an official IRS office in person - or call their official number and request that persons extension.
@ElizabethKlimas
@ElizabethKlimas Жыл бұрын
@@MB-hz7wm criminals were, criminals are & criminals will be. There is more criminals created over the past 2.5 years than ever before especially in financial crimes sector. Billions were looted from taxpayers. The point is this folks: #1 use common sense, #2 never ever give any information to anyone if you are suspecting fraud, #3 you know better than anyone if you are filing your taxes or not and if you possibly “owe”money to the IRS and that they maybe looking for you, #4 request number at which you can verify that this is legitimate call, IRS has 1-800 numbers, #5 you have tens of notices from the IRS before any account is turned to the IRS (criminal) collection division, never ignore any letters from the IRS, it’s not that bad I got refund once when overlooked some finances (loss on stocks - year in question) when IRS sent me audit notice, #6 there are “natural”disasters such as fires (entire homes & record lost), flood, hurricanes, tornadoes, deaths, etc., they will work with you, give time, extensions, etc., but you have to deal with it. I know it’s hard & not easy if this happens but there are laws accommodating all these situations. You can always have POA (Power of Attorney) to deal with it on your behalf and this not need to be an attorney, it can be anyone who is knowledgeable and/or capable (family member). One big tip (this is really making or breaking tip) never ever sign any waiver for the IRS. waiver is to waive your rights regarding time (collection time, lien time, etc.,), there are time frames for everything and if they are not able to collect for example within that time frame the account goes to “uncollectible” (forever) if the taxpayer is unable to pay because of limited income, insufficient income, lost income, lost everything. Read my book.
@saintbees2088
@saintbees2088 Жыл бұрын
If you are not a criminal and you owe tax and they cannot locate any assets or income to levy, they will call you or visit you. personally.
@ElizabethKlimas
@ElizabethKlimas Жыл бұрын
@@saintbees2088 they don’t visit individual taxpayers only businesses unless you are multimillionaire and owe them millions. they will never visit you for $3K or so [for example] …maybe Biden will? besides if someone don’t have income & assets to collect from & is unable to pay it the account will eventually go to “uncollectible” if person won’t sign any waivers giving the IRS more time to collect. they have timelines & if they are unable to collect within these timelines, account becomes uncollectible. this is what they don’t want you to know. same or similarly with liens.
@saintbees2088
@saintbees2088 Жыл бұрын
i am writing from my personal experience of having revenue officer call me and come to my office to collecy a $3,000 debt. I simply wrote the irs a check and he went away. He did provide a letter from them rhough.
@walterhartland4472
@walterhartland4472 Жыл бұрын
thank god
@wmr4463
@wmr4463 Жыл бұрын
"Did you want to say that a little more clearly". LOL that's what I was thinking
@88107
@88107 Жыл бұрын
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
@melaniekieffer3046
@melaniekieffer3046 Жыл бұрын
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.
@boro4316
@boro4316 Жыл бұрын
......and so is revo..tion
@franreyes6158
@franreyes6158 Жыл бұрын
I need a book! 🤩
@tonyasbille3178
@tonyasbille3178 Жыл бұрын
I would love a book
@teresatanyag8237
@teresatanyag8237 Жыл бұрын
These are good tips. Report all W-2s , 1099’s and stock sales.
@berrytrenzy
@berrytrenzy Жыл бұрын
Making money is an action. Keeping money is behavior. Growing money is knowledge.
@NBnNC
@NBnNC Жыл бұрын
Love it 😍
@teresatanyag8237
@teresatanyag8237 Жыл бұрын
@Joan Harriet , Be careful about bitcoin. IRS will be watching.
@jon7677
@jon7677 Жыл бұрын
Hey Mark, where do we go to find the average expenses per NAICS industry code?
@NewWorldDAO
@NewWorldDAO Жыл бұрын
Tell the truth don’t talk around it tell the truth the first person that tells the truth will end it for everybody!
@bichdueinerson8621
@bichdueinerson8621 Жыл бұрын
Amazing 😎 gentleman!!! I I wishing my son some days he have a thought just like this gentleman ❤️👍😎
@MJ-ge6jz
@MJ-ge6jz Жыл бұрын
Informaton gold! I subscribed and will ask for a tax professional.
@FullyVideo
@FullyVideo Жыл бұрын
So what is the best month to extend up to? September?
@Offroadhen
@Offroadhen Жыл бұрын
Its FREE book time!
@completevisionlandscapingl7384
@completevisionlandscapingl7384 Жыл бұрын
Let's ride.
@doyourbest7655
@doyourbest7655 Жыл бұрын
I’ve always thought that the home office deduction was a red flag for the IRS. Really doesn’t put me in the sorted category to closer look by the IRS?
@tbnguyen8154
@tbnguyen8154 Жыл бұрын
is there any tax deduction for gaining of stock trading beside capital gain or loss?
@glenndoty739
@glenndoty739 Жыл бұрын
Is 87k IRS agents enough to get Hunter to "pay his fair share"
@bigjohnson7415
@bigjohnson7415 Жыл бұрын
Or Trump?
@glenndoty739
@glenndoty739 Жыл бұрын
@@bigjohnson7415 Good one!
@vzxvz9929
@vzxvz9929 Жыл бұрын
@@glenndoty739 TDS must be nerve racking to live with.
@jonathanhibbert7036
@jonathanhibbert7036 Жыл бұрын
Not a chance.
@michaelryan5834
@michaelryan5834 Жыл бұрын
Mark I put in for an extension to the IRS rate at tax season. I have not heard anything or received a letter or anything like that what should I do
@craiglarge5925
@craiglarge5925 Жыл бұрын
I would be more concerned about the eventual abolishment of cash and its replacement by digital dollars.
@elizarussell1752
@elizarussell1752 Жыл бұрын
I have been audited three different time!!!
@nunyabizness1257
@nunyabizness1257 Жыл бұрын
@@elizarussell1752 wtf does that have to do with what the guy said above
@abbibrennen2549
@abbibrennen2549 Жыл бұрын
Spec Streaming thanks for informing Bobby Vincent who has to be completely out to lunch if he believes the Gov. is not coming after him and that the Gov will follow the laws, ridiculous. And there won't be Student Loan Forgiveness either!
@tunanocrustgarage
@tunanocrustgarage Жыл бұрын
Too bad I did not catch this live!
@firefly1970777
@firefly1970777 Жыл бұрын
David Decker Looking to be a winner for your book !
@ilovemyformulerllc9144
@ilovemyformulerllc9144 Жыл бұрын
Oh wow I need an EA hope you come to FL
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