How I File My Taxes as a Tax Attorney

[@007dskidp]

She offers sensible, proactive advice. The purpose of pulling the transcript is to minimize return mistakes and NOT file a return with anomalous activity that deviates from third party reporting of income. The anomalous activity may cause the IRS to focus on your company’s filing and potentially put your company on the radar for an IRS audit. Just my two cents from decades of internal auditing.

[@incognitofla592]

IDK why but these videos started showing up in shorts. Now I'm hooked but, I have no tax issues. Captivating delivery I suppose. I'd trust this woman without question.

[@jorgemonasterio8361]

It's the vocal croak

[@AHIdreesi]

I don't know what people are complaining about. She definitely comes across like a specialist in the field, much like a medical specialist lol. Not US based but I actually found myself listening and benefiting from this, perhaps some principles like obtaining documents, strategic delay in filing are generalizable? Thanks for sharing your knowledge. Lots of pearls there for sure

[@lisaiorio427]

I worked for the IRS & you are right, most people think if they file an extension to file until Oct. they don’t have to pay in Oct. I heard that they are getting the wage income starting in April.

[@benbohannon]

You want to file fast and early UNTIL you have an issue. Then your CPA dies and you suddenly you’re 7 years behind. I like Jasmine’s “wait for transcript” strategy.

[@natsfandc]

Thanks!! I did not know that you could ask for your transcript. 😅 Very useful advice.

[@garyrosencpa]

A great way to bring more value to your clients if you are a tax professional. thank you.

[@HiFiInsider]

it’s odd to me that the transcript isn’t available BEFORE you are required to file. it seems like it is set up for you to fail so they can penalize you with late fees.

[@HoneyTone-TheSearchContinues]

Oh, please. There’s no “set up to fail” here. It’s just practicality. The law requires W-2s and 1099s to be sent to you and copied to the IRS by January 31. So, you have your info by the April 15 filing date. (Yes, I know, mistakes and f-ups happen. Welcome to the world.) You have to process a few pieces of information. The IRS has to process literally billions of pieces, including amended, changed and late-filed ones, and coming from all over the world. That they can get it together to create a reasonably correct transcript of your specific tax history by June is amazing.

[@badawesome]

@@HoneyTone-TheSearchContinues You deserve to have an in depth audit by the IRS. Might change your BS tone. Or do you work for the IRS?

[@HoneyTone-TheSearchContinues]

@@badawesome So, I’ve spent my entire working life (other than low-level survival jobs) as a self-employed professional helping people reduce or avoid estate and gift taxes, with some slop over into income tax. I’ve had my share of run ins with the IRS bloodsuckers. I don’t know what you think is my “BS tone.” I just don’t coddle people. The original poster in this thread is whining about not being able to find out what the IRS knows about his income before he files his return. It doesn’t matter what info the IRS has at any particular moment - US taxpayers are required to report ALL taxable income whether or not the IRS knows about all of it, and then to pay the tax due. The IRS isn’t hiding the ball just to get you or the OP to pay interest and penalties.

[@jamesking7946]

@@HoneyTone-TheSearchContinuesI'm just gonna chime in as an Australian that from as outsider perspective the U.S. tax system does seem like it's designed to catch you out with these transcripts not coming out before you file. In Australia the taxation department lays out for you how much they think you've earned this financial year, from a variety of sources, and automatically prefills how much you owe or should be refunded excluding additional deductions that you can include as part of preparing your tax return. This information becomes available online 24/7 as soon as the next financial year starts. You have several months to look over this information and either pay and/ get your refund. Filing taxes doesn't cost you money and most people don't need to see an accountant to ensure they've done everything correctly. Your system is literally predatory.

[@jimross2101]

​@@HoneyTone-TheSearchContinuesYes, you are a harsh one...

[@eddiepena]

Thank you! Just figured out how to get transcripts.

[@loconius]

Thanks so much for this video, I had no idea of these transcripts existing! Planning to save them all in folders for my records!

[@KyleHutton]

SUPER helpful! Wish I knew this 2 years ago ! Thank you.

[@DocColdflame]

I like the idea of downloading the Wage and Income Transcript, but for my recent tax years the web portal won't let me do it, saying that the size of the file is too large and that I need to do a mail request. What would you do if you had that barrier for yourself?

[@Bardo123-r3e]

In closing out my mom's estate, someone filed a fraudulent 1099 for about 24K. I did my mom's finances/banking, so I know she never received this money. We had a CPA do her taxes and they missed this, I understand why now watching your video. The IRS just said it was fraud and they would not dismiss the 1099. Many phone calls and letters. Even talk to an IRS agent in person. They just shrugged their shoulders. We ended up having to pay the tax in order to close the estate bank account to satisfy the probate court. I would guess it is a money laundering scheme, where a "business front" submits fraudulent 1099s on deceased people to get money into the banking system. I would hope the IRS would figure a way to stop this and maybe use the information to figure out why someone would do this. Doesn't seem legal.

[@sman5877]

So glad i found your channel. You explain the topics very well. 😊

[@mrindependent1]

Thank you I didn’t know about these transcripts

[@lisaiorio427]

Yes, you should check your transcripts before you file.

[@Kyzyl_Tuva]

Great video. I never thought about waiting for the transcript prior to filing.

[@superbear617]

Nice! OK, so assume you wait for the transcript and you find someone filed a 1099 showing $500 paid to you, but it is in error. Do I understand correctly that you will report the $500 on your return, and then zero it out? If so, what line on the form do you use to zero it out??? Keep 'em coming!

[@joeb1522]

Yes, you would do as you said. You would put the $500 as revenue on sch C (if it's non employee compensation) and add a $500 other deduction. With that said, a 1099 that is an error is extremely rare.

[@Gogoterps]

She’s totally right. The US tax system is so ridiculously convoluted and set against the common man.

[@charlie_roam]

solid advidice, and I would recommend making it more high level until you get into more specific circumstances, to give much more detail because it can get a bit overwhelming

[@ninjatronics]

What can you do if you don't get the 1099-C from a credit card that fell off, how do you legally ask the company for that form if they charged off the card?

[@MoetheCPA]

Great video, I might just make this a mandatory process for every client, because often they fail to give me all the docs at the same time

[@raymondwong336]

What software do you use to do your tax return? I use Drake.

[@anthonyellis5696]

How can we get back 10X our money that was deposited into our Ministry common law trust thats tax exempt?What irs forms have to be filed to get back our proceeds from the banks that file a 1099A on our behalf that say we abandoned our proceeds. I know we have to file a 1099B and whatelse IRS forms have to be filed?

[@TheRabbittz]

Is there a screen you shared somewhere we couldn’t see?

[@CL-yp1bs]

I thought you were penalized and potentially more likely for an audit if you file extensions? So its not bad to file extensions? I have been filing by the deadline for years now. I just got my transcripts and thankfully I have been all good, but I almost missed a 1099-int from a extra bank I was using last year (I remembered at the last minute by chance) and I would like to avoid taking that risk again if possible by waiting until transcripts come out.

[@doctorbatman8520]

If it’s a trivial amount of interest anyways (less than $1,000), the IRS will normally just correct it for you on your return and detail the changes made.

[@joeb1522]

​@doctorbatman8520 I wouldn't make the decision to extend based on lower or higher likelihood of being audited. If there is a difference, it's likely very small.

[@sewingseeds.]

So you should file an extension first in order to wait until the transcripts are ready?

[@taxleverage]

It's what I recommend and what I personally do to 100% prevent possible issues

[@jimross2101]

​@@taxleverageBut pay your tax obligation by April 15th ?

[@AlanSanderson-u4t]

I was still getting corrected 1099 forms from my stockbroker in August.

[@domingorodriguez5215]

Thanks for the great video Jasmine! I love your stuff! I'm a newer EA and I'm soaking up all the experience you share here. Thanks 🙂👍✅

[@SHORT-FRIDAYS]

How can I meet a lady like Jasmine out here in the world? That is the advice I need.

[@V_E_R_O_]

How to read the transcript, do you have a video for that?

[@taxleverage]

not yet but will soon!

[@ACompassionateHeartSchool]

Thank you, Jasmine.❤🕊

[@bjyamabj9591]

❤Amazing information and thank you for sharing. I am issued tons on 1099-Gs and now I know what they see. 🙏 🙏

[@stevenhenderson2683]

Ther are no loopholes for the average person.

[@slumerville]

I wish she had explained what to do about the bogus 1099. Okay, you put it on your return even though it is not correct. But then what, how do you avoid paying tax on it?

[@dberry256]

Another commenter brought this up. She agreed to their comment that you zero it out essentially by listing it as an “other deduction”.

[@CasaDiVincenzo]

Do you offer any consulting services? How can I contact you?

[@taniksambo1969]

So if it comes out in May or June, does that mean it is the transcript from the year prior? So say you want to file for 2024 you have to wait for June 2024 to get the transcript for 2024?

[@HoneyTone-TheSearchContinues]

Yes, the prior tax year. For example, a transcript which the IRS makes available in June 2024, will provide information relating to the tax year that ended on December 31, 2023. (Assuming you are a calendar year tax filer, like almost all individuals.)

[@taniksambo1969]

@@HoneyTone-TheSearchContinues don't you have to file 2023 tax in April for individuals and may for businesses? So June 2024 is after. So should I file extension so I can wait for the transcript?

[@HoneyTone-TheSearchContinues]

@@taniksambo1969 Oh, FFS. What Dilucci is taking about is not some magic bullet. The IRS transcript only tells you what the IRS has been told and managed to put in your file at the time it is prepared and sent to you. A taxpayer’s job is to report ALL items of income, whether the IRS knows about each of them or not. A taxpayer’s job is also to pay the tax that’s due on all items of income when it is due no matter when the return is due. Having said that - A: I’m not advising you about anything. My first post was an attempt to explain DiLucci’s explanation of what she does. B: If you are not understanding how her method might relate to you and the pros and cons of doing things her way, then you should consult a qualified tax advisor of your own. C: Whether you think you understand or not, and no matter what questions you have or don’t have - you should consult a qualified tax advisor of your own. DO NOT rely on YT videos or anonymous posters on the internet for ANYTHING.

[@HoneyTone-TheSearchContinues]

@@taniksambo1969 Second time posting this reply: What Dilucci is talking about is not some magic bullet. The IRS transcript only tells you what the IRS has been told and what they managed to put in your file at the time the transcript is prepared and sent to you. A taxpayer’s job is to report ALL items of income, whether the IRS knows about each of them or not or puts the income on the transcript or not. A taxpayer’s job is also to pay all the tax that’s due on all items of income when the tax is due no matter when the return is due or when it's actually filed. Having said that: I’m not advising you about anything. My first post was an attempt to explain DiLucci’s explanation of what she does. If you do not understand how her method might relate to you and the pros and cons of doing things her way, then you should consult a qualified tax advisor of your own. Whether you think you understand or not, and no matter what questions you have or don’t have - you should consult a qualified tax advisor of your own. DO NOT rely on YT videos or anonymous posters like me on the internet for ANYTHING, much less something as serious as taxes.

[@norseman4763]

@@taniksambo1969yes, as Jasmine said, pay what you think you owe by April 15 and file the extension. Then get your transcripts in May/June and file by the extension deadline of October 15.

[@LawrenceH-w5t]

Hello there. I’ve been learning so much from your video. Thanks for all the insight.

[@Reenown]

Any advice on reducing taxes owed? Sold property for $290k profit, long term capital gains. Not sure if buying an electric car or oil stock will help reduce my tax bill next year

[@taxleverage]

Would start by seeing if you can sell any stocks already in a loss to generate capital losses that may be unrealized.

[@simba0830]

@@taxleverageJasmine does RRTA compensation in Box 14 on my W2 must be reported?

[@mloverine]

missed out on opportunity to defer taxes via Section 1031 exchange .. look into it in the event you purchase property in the future

[@rudyelizondo1935]

What transcripts, I log into the online IRS site and find no transcripts

[@michaelwoythaler]

"Holy crap!" There I said it for you. You're welcome, JD;)

[@glavebengt]

Can you bring in $50,000 into the US by bringing in less than $10,000 at a time within a year and not have to declare it?

[@nickfarley2268]

Purposefully “structuring” a transaction into smaller transactions so you do not report it is illegal. If you do have a long history of coming to the US with thousands of dollars in your pockets this will likely get flagged as suspicious behavior.

[@rajjr007]

Need you in Florida!

[@ericbyun9846]

Could you do a future video about sports gambling and taxes? Thanks!

[@joeb1522]

All winnings are taxable. Gambling losses are an itemized deduction.

[@RenatoHideki]

why you are not looking at the camera? genuinely curious

[@loconius]

She’s actually presenting to clients I believe, at least that’s what’s on some other videos. This is probably just a clip from that course.

[@RenatoHideki]

@@loconius makes sense… thanks

[@ruenvedder5921]

great video!!

[@tigerscout6404]

3% pay out rule for irs to person with disability or chronic illness rule, for beneficiary of ira , define what qualifies

[@WiggyWamWam]

It is hard to pay attention since it’s one shot and you don’t look at the camera. This would be a good video to remake

[@lightkirsche]

my God so useful this channel

[@bmontero2006]

yeah having a business should use tax pro like CPA

[@thecolorjune]

Do you think you could make a simpler step by step guide for first time tax filers? I literally know nothing about taxes but I’m pretty sure I need to file taxes for the first time this year and I have no idea where to start or even what is taxable. Thank you so much 🥺

[@LifeOutsideTheBubble]

There are way too many disturbing comments here

[@dr.tetraminflakes3187]

Question: why physical present matter in case of domicile test, when so much normal every day situation don't use physical present as criteria test of intend. for example a military personnel, students, immigrant working in US. and is domicile use in other country or are we the only one who use domicile as test of residency?

[@AlexRodriguez-np4xx]

Do you know what are requirements for "Battery storage technology (beginning in 2023") I wanted to buy a" EF ECOFLOW Solar Generator DELTA2 with 220W Solar Panel, LFP(LiFePO4) Battery," Fast Charging, Portable Power. Station for Home Backup Power, Camping & RVs

[@insane_squirrel83]

You poor poor Americans. Not having relatively real time slip access from your tax authority. This is legitimately concerning that the IRS does not have this capability yet. Funny thing is that even if a company files a T4 (Canadian W2) months or years late (Last day of Feb is the deadline) and you do not include it on your personal tax return you still get a 10% penalty on the total missing gross income. So if you had an employer who is defrauding the government and files 3 years late for your $30,000 gross wages, you get a $3,000 penalty and 1% interest each month on the taxes and penalty owing for the last 36 months. Canada is awesome with our taxes!

[@WakeRunSleep]

Uhhh so why are watching American tax law again?

[@chrishall2594]

Canadians have no protection for free speech or other human rights. Why are you criticizing other nations when you live in clown college?

[@nickrod7627]

Yeah but you’re country is a shithole

[@jjffkk]

You wasted all that time typing up something no one will read or care about. Nice

[@FulghumCraft]

Participation in tax program is voluntary. -see: 26CFR601.602(a) Wage tax is only for federal employees, not man and woman.-see: 26 USC3401(c) Any wage tax withheld is to be credited back to earner/payer. -see: 26 USC31(a) After realizing wage tax withholding (W4) is NOT required to above conditions, election to exempt from W4 withholding program is voluntary. -see: 26 USC3402(f)2

[@Allen2]

Go ahead with your theory. You first.

[@romansailer8052]

I gunna guess that, having passed the bar exam, CPA exams, AND the IRS EA qualifications, she is well aware that this is absolutely caa-caa “advise” from SovCit moron.

[@jehuhand8176]

Hey there is a club for people with this philosophy. . . Meetings every Wednesday at noon in every Federal prison. Seriously.

[@romansailer8052]

@@FulghumCraft 601.602 Tax forms and instructions. (a) Tax return forms and instructions. The Internal Revenue Service develops forms and instructions that explain the requirements of the Internal Revenue Code and regulations. The Service distributes the forms and instructions to help taxpayers comply with the law. The tax system is based on voluntary compliance, and the taxpayers complete and return the forms with payment of any tax owed. So, which words in that CFR make it voluntary?? For purposes of this chapter, the term “employee” includes an officer, employee, or elected official of the United States, a State, or any political subdivision thereof, or the District of Columbia, or any agency or instrumentality of any one or more of the foregoing. The term “employee” also includes an officer of a corporation. Yes, that section does “include” federal employees. It does NOT EXclude all other employees.

[@amineantion]

Gorgeous and smart

[@friedrichhayek7448]

I hate government

[@pablialor]

I might be the only one? Idk ahaha But I'm here cause you're cute! Lol

[@mr.mr400]

I want that tooo 😂😂❤

[@samp9229]

Good advice but very wordy

[@sjoncb]

Stop being an agent for the system and show us the loopholes for the average worker.

[@adaml2932]

For $400/hr she will show you those loopholes as they pertain to your situation

[@GodKing804]

Roth ira, ira is really it

[@rd94610]

The financial system is built on the back of the average worker. That’s why the tax code is rigged for business owners and real estate investors.

[@samuelmeyer4029]

The social media stuff is the FREE tax advice

[@doctorbatman8520]

If you have a W-2, there’s no loopholes. Stay out of credit card debt and max out a Roth IRA.

[@barmeyu3392]

except doctor's are notoriously terrible at their own health

[@rauldiaz6115]

Cásate conmigo ❤

[@Sharpshooter649]

3:22 spouse? NOOOOOOOOOOOOOOOOOOOOOOOOOO !!!!

[@bradalan7188]

Making things way too over complicated...

[@SO-le4qc]

"way-too-over-" complicated 😂😂

[@treetopchris]

@@SO-le4qc😂😂😂

[@rippedchan]

I'm going to marry you

[@michaelfrank6942]

Are you married?