How to Recover $16k from the IRS

[@taxleverage]

🔥 Apply for a chance to be featured on the Tax Leverage Podcast and receive FREE help from Jasmine: form.jotform.com/241628306039051

[@joeluismartinez6060]

thank you for the video. it was very educational and I hope you make more videos

[@carlsutherland3730]

Kind, sweet, and caring! Great personality too! I don't even care about tax stuff. You make it interesting.

[@jdevno]

I have wondered do you or could you create a video that would allow ppl to better understand how to start reading and understanding the tax code. I know there may be a bunch of issues but I would love to start.

[@jbautistaz]

I learned about HSA withdrawals, thank you

[@GusKougianos]

Hi Jasmine I didn’t make enough money the past 2 years so my wife and I didn’t file . Should I file now?

[@JordanSquires-s9f]

Jasmine, I never comment on anything, but I really appreciate what you are doing with this channel. I would love to see more videos like this.

[@taxleverage]

Thank you so much! Glad you enjoy the channel. Stay tuned for more videos like this

[@ghost6498]

As someone who works for the IRS I enjoy your content very much. It makes me want to understand more about tax law to help taxpayers keep it up 👍 ❤️

[@adammarkley9167]

The IRS is so outdated...... I'm in an installment agreement and anytime i change my bank account for the automatic payment it takes the IRS forever to take the money out of the new account, meanwhile it still tries to take payment from the old account and i then get extra penalties and insterest. Changing a bank account for automatic payment of any kind should only take 1 to 3 days like it does for credit card companies so tax payers money should be invested in newer software for handling payments cuz as someone who pays taxes and does the right thing by updating payment information for the IRS to continue to take payments I shouldn't have to get extra penalties and insterest just cuz the IRS uses outdated payment software. 🙄

[@ghost6498]

@@adammarkley9167 i understand and don’t get me wrong I’ve had taxpayers complain about wanting an easier way to pay off the interest and penalties on their debt which from their point of view I don’t blame you I wish they had a updated policy instead about penalties and interest rates in which they should have a waiver for those in compliance of the IRC

[@ghost6498]

Rather than just penalizing people randomly

[@adammarkley9167]

@@ghost6498 the only good thing is the IRS charges penalties and interest in total less than a credit card company does with their interest rates so I would rather owe the IRS than a credit card company right now LOL 🤣

[@NOOBKILLER052]

Quit

[@mikechaffee4331]

Jasmine, as an accountant, I was disappointed that his CPA didn't ask about the HSA distributions nor offer to help by amending his tax return, especially since he was within the 3 year refund period in 2020! Even 2021 or 2022! Let's see more of these, Jasmine!

[@traceylush9660]

Love these. I feel like I learn so much from you. My husband and I had an issue with the IRS about 25 years ago. We filed a tax return with a small refund we were expecting back. Instead we received a notice saying we had made a mistake and our refund was more than we had filed for. They sent us the refund we deposited it and after several months decided we would use it. A few months after that we get another notice stating another mistake had been found and our original return we filed was correct and requiring us to pay back the mistake they had made. So they too make mistake but it still cost the filer.

[@Dirk-Digs-U]

yes, typical bureaucracy. rules for thee but not for me.

[@BasicFolders]

Thanks Dalton for sharing your situation. These are so so interesting. 👍

[@taxleverage]

Glad you enjoy this style!

[@camwha5904]

Stuff like this just makes me want to stick to cash for everything again. I don’t want to evade taxes but having to fight with the irs because they think you owe them money when you don’t, seems to offset the convenience of using digital transactions.

[@Numbers_May24]

This Stuff should be taught in school. Thank you for the podcast mom!!

[@lobsterjass]

Filled my taxes in March. Realized after filling I made a mistake and so amended them the next tax to correct it. 7 months later, days (not hours) on the phone with the IRS, and submission of docs I still haven't gotten my return.

[@readwell123]

My wife and I, who are both 54, are really concerned about our future because food and petrol prices are going up every day. Our savings have been depleted due to the skyrocketing cost of living, and we are unable to replenish them. We are able to survive, but we are unable to advance. I send my sympathies to anyone retiring during this crisis-30 years of uninterrupted effort for a corrupt system that robs you of everything you've earned.

[@HaticeValerie]

As a fellow retiree who understands your suffering, I would advise you to learn more about passive index fund investing. I had my share of ups and downs when I first started looking for a steady passive income, so I sought the help of an expert advisor. On her advice, I invested $30k in value stocks and digital assets, bringing my total to $200k so far, and I'm very certain I'm prepared for anything that comes my way.

[@JosephAlecW]

I believe that given the current volatility of the stock market, investors should concentrate on undervalued stocks, Since 35% of my $270,000 portfolio is made up of once-respected stocks that are now in decline, I'm at a loss on where to turn.

[@HaticeValerie]

I would suggest that you study more about passive index fund investing because I am a fellow retiree who can sympathise with your struggle.

[@HaticeValerie]

Ever since I experienced a significant loss in my portfolio in the early months of 2020 due to the COVID-19 pandemic, I have always entrusted my excesses to an advisor. I only work 7.5 hours a week and am now semi-retired. After all of my investments to far, I am only about 25% of the way to my $1 million retirement target.

[@readwell123]

@@HaticeValerie That's really quite amazing. I would like to modify my financial situation this year as well, so I could use some information on your FA.

[@lightkirsche]

The IRS needed to identify me for them to process my 2022 tax return. I was living in a homeless shelter when I filed. I left but did not update my address. Working on getting my 2022 taxes filed with Tax Payer Advocate. So far the IRS in total told me 4 times specific dates for them that they would process my return. So far they missed those dates. It feels like the IRS is waiting for me to pass away so they don't have to refund me. And my 2023 tax return can not be processed due to the 2022 return. And in a few months they wont allow me to file the 2024 tax return. Now I know why the IRS is loathed.

[@patricearruda]

This is awesome! Keep making these videos. I am learning a lot about IRS taxation laws and processes

[@taxleverage]

Great, I'm so glad you enjoy. More coming!

[@billinfallon2634]

This was awesome... there is so much in the tax world, at 70 ya really can get lost in the weeds 😢 Been watching a lot of your videos and learning so much ... really appreciate y'all 🎉🎉 Till the next one... 🙏💗👍🤙

[@taxleverage]

So glad to hear that you're leaning from my videos! Appreciate you too!

[@zolopane117]

Loved this one. It’s scary to see how easy it is to get lost in the shuffle, even for someone who seems broadly aware of what they’re doing. The IRS transcript is insanely useful tip

[@taxleverage]

Glad you found this useful!

[@litical3719]

Such a gold mine of a video, thanks for posting. I hope you're still around once I start actually having to do taxes and have problems

[@taxleverage]

Of course!

[@scrtasnmn9826]

Thanks for talking through your thought process and having the guest explain what happened.

[@taxleverage]

You're so welcome!

[@levelupself]

Best content in its class, I'm pretty sure you will dominate this niche if not already. Just your small conversations with Dalton immediately helped me understand how the legal process works behind the scenes. Thank you!

[@barrellcooper6490]

Thanks for this video. Very important topic. IRS was a nightmare to deal with during the covid excuse. Took 5 hours on hold to get a live person. On the same day received 2 letters telling me to do opposite things.

[@Bladeclaw00100]

This content is gold. So much insightful info. That man was badly a victim to our poorly designed system. We need to demand that the IRS does a proper and more efficient job with peoples info. We are in the 21st century and still operate like its the 19th century.

[@bddaawwgg]

Love your shorts. Love these longer podcasts. 15-20 minutes is perfect!

[@clark4797]

How can you tell that she's wearing shorts?

[@desislayer8790]

​@@clark4797😂 short videos

[@marywadden8520]

I found this very interesting. The IRS has always been a scary black hole. Thanks for demystifying it.

[@billfratzke6048]

Please do more like these! I am currently trying to navigate issues with the IRS. I paid employee taxes (during Covid) and they sent me a check saying I overpaid! Fast forward 2 years - they say I underpaid and want the money back - plus interest and penalties! I instructed my CPA to investigate, but am concerned I will get what you said, just pay it because it's easier for them. I totally agree, make it as simple as possible! Thank you so much for your insights!

[@mattk8810]

Lol. Just pay it? Just like that?

[@Frylock56]

Jasmine, thanks for doing these videos/podcasts. I've learned so much from watchong your videos and never knew about the IRS transcripts until recently. My wife and I are going to create accounts so we can get them. All of it to say, thank you so much for your work. We're going through the backlog of all of your other videos now

[@taxleverage]

I love doing it! Glad you enjoy and are learning from them

[@loconius]

this was great, definitely do more of these!!

[@taxleverage]

Thanks for your feedback! More episodes like this are coming!

[@philcruz2339]

FYI: wage transcripts are not available from the IRS until after the tax returns are due therefore no tax preparers use transcripts to file current year taxes.

[@Mizbecka]

I really enjoy this format. It’s easier to understand

[@JosephAnterola]

Yes do more of these! ❤❤❤

[@msjennlove1]

Thank you for sharing this conversation. Huge gratitude to this gentleman for sharing his challenging experience. Definitely not an easy thing to do.

[@taxleverage]

Yes, big props to Dalton for being open to sharing his situation so we can all learn from it!

[@GOODFOOT1]

I learned quite a bit from watching this, and its so easy to digest. Please please do more of these.

[@hhenry3]

Thank you, thank you, thank you. 🙏🏽 🙏🏽 🙏🏽 Your videos and advice are so helpful for me starting a new business. Jasmine you and your channel really help me to decide which ball I need to keep my eye on. I am so lucky that you are Soooo smart and giving with your directions. 👍🏾👍🏾👍🏾

[@taxleverage]

You're so welcome!

[@BobCusick]

You're simply an AWESOME presenter/interviewer! PLEASE keep going! This seriously one of the best channels on KZbin!

[@lvjungle2840]

Omg this is so much fun!!! First of kind of podcast about other peoples IRS problem!! Please do it more!!!!

[@BigPineappleRex]

I appreciate both the shorts and this longer video format. I’ve made some mighty errors in wealth planning and taxes these past few years. Yes, I need to consult a professional like yourself. Meanwhile, I will learn what I can from your content. Thanks!

[@ronrichards6653]

This is great content. An interview with a real person. Incredible, real-world example. A+

[@carole3877]

I really really appreciate and enjoy these types of videos. I also am happy the clients agree to allow you share their situation with the public so we all can learn from their situation

[@taxleverage]

Glad you enjoy! And yes, so grateful to those willing to share their stories on the podcast!

[@jasondratman5584]

Jasmine you are wonderful.. amazing ..I hope never to have an IRS issue but if I do or know of anyone , I will definitely have them reach out to your firm...your super knowledgeable and all around amazing at what you do. ⭐👍

[@MK-ft3qt]

I love it...she follows the KISS theory...keep.it.simple.stupid. I learned it in my accounting class.

[@theRetainer]

As a CPA (not involved with tax), I feel like this is extremely helpful. Keep these videos coming.

[@YourFinancialLiteracyDuo]

Amazing video! I never had this issue. I did make a mistake with RMD money. I tried to make amends for the tax filing, but learned it was a few months too late since it was a new year. I called the IRS office. I talked to someone who was helpful. Maybe I should say someone who was willing to listen. It cost money as you know, but was resolved. In short, you talked about everything in this video - after the fact, if you had known sooner, a way of moving forward, etc. Good job...

[@taxleverage]

Thank you! Glad you enjoyed

[@johngross4609]

watched this and was very impressed looking forward to watching you and how you make a difference for others.

[@Pens4Life85]

Jasmine - I really do enjoy these interviews/case scenarios. My Master's Income Tax Law course was fun because it was like this. I hate to be a stick in the mud, but the back story/context, for me, is so important for a viewer to understand this. A 1099K with $30,000 of "income" is nothing to gloss over. How much was from mom? How much from brother A? From brother B? Did they provide signed/sworn affidavits to your evidence declaration? Did they include "notes" with their payments to you that Google history would show? Are they paying you only once per month, always at the end of the beginning? Dalton's story is about proving the transactions are personal reimbursements and not a business.

[@oblivion0077]

Do more. I know youve harped about the transcripts but this got the message across by making it relatable on an individual level.

[@taxleverage]

Planning on doing more. Also panning a video on pulling transcripts! Stay tuned

[@TomReichner]

One of the most helpful and informative videos ever! Thanks so much for posting this, Jasmine

[@djamesthree]

I’m not an American, and unless something unforeseen happens in my future I’m not likely ever to have to deal with the American IRS, I still find this content interesting. If you make more I will watch it. I’m subscribed and have commented. In particular I would appreciate a follow up on this case if and when this person gets his refund. 🤞 Good luck! ☘️

[@DD-er6lv]

I love this. I wish videos like this would have been around when I was in college. Would have changed my mind about tax.

[@taxleverage]

Glad you loved it!

[@Nicedesk]

This is great info and insight into the spaghetti of confusion fear that taxes are! You are a great communicator! Thanks!!!😁

[@dwaynemauk566]

This is a perfect example of why I don't want to use Google Pay, or other electronic streams of income collections because these big companies will just produce a tattle tale document on everything that flows through their channels, and consider it all income, and its up to you to defend or deny taxable income. And the IRS will always default to income. I even tell people to stop opening up pay processes for churches in your own SSN, even if you are the treasurer, because all those donations, even though you are transferring over to the church, will be viewed as income to yourself, but no one will listen.

[@JoshuaEdward]

These are very interesting and I would love to see more. My only note from a viewer’s perspective is that it would be great to see in the thumbnail or title that this is an interview/episode with someone who needs help. That would help me to distinguish between the videos that are there for general advice vs. specific cases. Love these videos as well as your shorts!

[@taxleverage]

Thanks for the feedback! Glad you found it interesting

[@notpublic8961]

Jasmine, yes! This kind of video is the best. Please keep making exactly this. Though I've watched a bunch of your shorts, this video was the one that made me smash that subscribe button. And having watched this, here's some follow up questions: Using this guy's experience, let's say I got a notice from the IRS that I missed a 1099-K and I quickly figure out that 1099-K is this guy's situation: none of it is taxable. What's the first thing I should do? Should I amend my return immediately to show that 1099 and show none of it is taxable? Or should I respond to the notice and go down the appeals path? And I know that if I pay the proposed tax/penalties/interest immediately upon receiving the notice that will at least stop the additional accrual of interest. Then in the end, if the IRS finds against me, at least I haven't lost more in interest. And if they find in my favor, they're going to refund what I paid (with interest too, right)? So do you recommend preemptively paying the (incorrect) tax bill or is this a bad idea?

[@jasonpowell98]

Helpful! YES! This was fascinating and informative and great content, I would love to see more of this.

[@Dirk-Digs-U]

Love your topics. One day I want to waste an enormous amount of the IRS's time over a ridiculous amount of money, like $10.

[@hammercpa]

Excellent communication with the client.

[@taxleverage]

Thank you!

[@mrfish-fi2om]

yes please do more of these, lots of very important info shared in this, thankyou both for sharing this situation, ive learned alot from your channel and videos, keep up the good work

[@taxleverage]

So glad to hear this! Already have more videos like this planned

[@BobbyMucka]

As an EA that does some resolution work, this is super helpful.

[@ambermichellenope9549]

For anyone - you can go to any cpa and amend your return, 2 that 8821 will have everything the irs has, so if your not sure if you have all your paperwork, find a tax accountant that will call the irs for you. Or you can go online and make an account and look yourself.

[@OkaydenMusic]

Something about these videos is so calming. Definitely keep making more of these!

[@RyanA-yp2vu]

Kindly make authentic original content and do something for larger audience who can’t reach you sharing knowledge is key to real success ❤

[@NianLisa]

From my observation and historical market pattern, there might be a bit of turbulence in the market coming up, but here's the deal: Trying to guess what's going to happen next is less important than spreading your bets when trading and thinking long term. It's not about guessing the market's next move; it's about playing it smart and steady...managed to grow a nest egg of around 100k to a decent 732k in the space of a few months... I'm especially grateful to Evelyn Infurna, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape...

[@jeffbox1torres]

I appreciate the professionalism and dedication of the team behind Evelyn’s trade signal service.

[@DannielleRosales]

As a beginner, it's essential for you to have a mentor to keep you accountable..

[@NianLisa]

Evelyn Infurna program is widely available online.

[@NianLisa]

Use her name to quickly conduct an internet search.

[@NianLisa]

SHE’S MOSTLY ON TELEGRAMS APPS WITH THE BELOW NAME.

[@robbofrobbs]

Really enjoying the content from your channel! Your YT shorts are phenomenal as well! I actually feel more empowered with my own taxes because of you! Thank you!

[@taxleverage]

I love to hear this!

[@KlayJones]

Thank you for doing these types of episodes!

[@williampennjr.4448]

A few years ago my wife got a part time job in which she ears about 4k. my income was about 45k. The most we had ever earned upto that time. Her w2 was correct but after filing the IRS showed her employer fild a w2 claiming she earned $93k. Inspire it making no sense, if we could earn 93k part time why would I work full time for less than half that? I had to prove it was wrong. Why is it up to the tax filers to prove that a w2 was wrong and not the one who wrote it?

[@sergioliberates]

The IRS logic that requires a taxpayer to prove why a W-2 made to their name is incorrect stems from the basic principle that income reported to the IRS is assumed to be accurate and taxable unless proven otherwise. Here’s why this is the case: Third-Party Reporting: Employers are required by law to issue W-2s and report wages paid to employees directly to the IRS. The IRS uses this information to ensure taxpayers are reporting all their income. If a taxpayer receives a W-2, the IRS assumes the employer correctly reported the income, making it the taxpayer's responsibility to prove if an error has been made. Self-Interest in Reporting: Because a taxpayer has a vested interest in reducing their tax liability, the IRS places the burden of proof on the taxpayer to demonstrate when reported income is incorrect. Without this burden of proof, taxpayers could dispute legitimate income easily, complicating the enforcement of tax law. Accuracy of Employer Records: Employers typically have payroll systems in place to track compensation. If a W-2 is issued, the IRS assumes it reflects payments made to the employee, and any dispute about the amount must be supported by evidence such as payroll records or communication from the employer correcting the error. Prevention of Fraud: Placing the burden on taxpayers to prove W-2 errors helps prevent fraud or manipulation of reported income. It creates a check against false claims of errors and ensures taxpayers have documentation to back up any discrepancies. In summary, the IRS operates on the assumption that income reported by third parties (like employers) is correct unless the taxpayer can demonstrate an error through clear documentation or evidence.

[@williampennjr.4448]

@@sergioliberates but employers have more of an incentive to inflate a w-2 they file for their employees because it reduces their taxes.

[@SgtSam1]

Great convo. Just found the channel. Looking forward to learning more from you

[@alainlopezrubio4999]

You really need to find a way to become some sort of tax or financial guru personality because you extremely clear and trustworthy and infinitely better than people like Dave Ramsey and others who have no idea what they are talking about. You really have a future in this.

[@JaySchnides]

Great job! Keep educating us; the USA knows we all need this vital guidance!

[@poetryofmath]

Ok ok my price of return preparation would double if I got a POA and checked every single clients tax transcript also I would have to extend every client and then do 1000 returns between July and October. This is unreasonable to expect for a starting $250 tax prep fee. The ownis is on the tax payer.

[@vdwzrd]

You’re doing great it’s fun to learn about taxes through personal examples

[@k9kj]

Oh man, I had to check out the video because I thought you might have been referring to Dolton, the village on the south side of Chicago!

[@HarvestingFaithHomestead]

I would really love to see my sister come on here and get your help. She is a single mom and has had a bunch of issues with getting her refunds over multiple years, because she changed her kids last names and it messed a bunch of stuff up with social security. From my understanding she is owed somewhere around $22K

[@andbar3811]

This is great info. Please do more

[@cfodc823]

Great podcast. I was just wondering why the option of IRS taxpayer advocate wasn't use when the issue started in 2018.

[@republicandan]

Please do more of these

[@taxleverage]

Planning on it! Stay tuned :)

[@crasmus22]

This was so informative. Thanks

[@deronaldbaggett3828]

Excellent Video clear concise and very informative ! Keep up the good work!

[@elainec5333]

Thank you for sharing this information with us 🙏

[@taxleverage]

Of course! I love doing it :)

[@maggie_aldana]

Such great info. I learn from each post. Do more please!

[@SICBAYCLOTHINGCO]

I love your videos! Thank you for giving us these videos 🙏🏽

[@gt4real377]

If i higher a CPA and they decided to not do thier job because its more work then that CPA will get sued later on . If i cant sue you then Ill ruin your life one way or another .

[@hoshisato2687]

If you can’t get the transcript before doing your taxes, what’s the point?

[@SavantApostle]

The IRS fined me for $8 because i had $8 in unreported income. They witheld my refund...sent me a bill for $16... and probably wasted more than the $16 reviewing the case. They never told me where they found this income, just " give us $16 or else."🎉

[@moneymoments8307]

Hire Jasmine!!!

[@joeb1522]

It's probably computer generated notices.

[@gemmaaraiza9830]

Love your content, and most of all, direct way of saying what is needed to be said ❤ content please di more.

[@Maksim-lz3og]

from my experience talking to IRS trying to resolve issues, don't do it yourself, pay CPA

[@Cieloan]

Loved this. So much great information.

[@adrianarellano2989]

we need more of these videos

[@virginia3168]

It is so important to be sure to define what the income is!!!

[@jfdd43]

I had such a interesting idea for a video. You talk about these ‘tax gurus’ giving poor advice. Can’t this lead to much bigger issues that aren’t obvious. For example: having the business pay for ‘personal meals’, and trying to deduct it might be usable as evidence as ‘piercing the veil’ if you ever get sued

[@geoffmerritt]

As an Australian tax professional, always interested how other countries tax systems work.

[@ex0stasis72]

I once paid tax to the IRS, and then several months later, I got an unprompted check in the mail from the IRS paying me back everything I had just paid. Apparently, I made so little money that I didn't owe any money at all.

[@Peaceofmindproz]

Love it!!!! Definitely do more real life examples!

[@sethreuter6178]

23:44 Do more of these.

[@taxleverage]

Will do!

[@performancetesting1]

The only reason it might dissuade you from taking on more responsibility is if that extra income above your baseline is taxed so high that you don't want all the extra effort to take home the extra left over. Like, if you're making 90K, and they want to make you work harder but offer you 110K, and in the end that extra pay ends up costing you your weekends and fun in life for only another 5K after taxes, you might say you'd rather enjoy life more than take the extra 5K net. Above is just an example and maybe not based on real brackets, but gets the general point across.

[@20Hikecdt23]

Dear friend, what I need is how to work my record at work so more money is taken from my paycheck. So then in the end I owe nothing and get a refund of some of it at least. At work they always say “we can’t advise you on that”. Thanks for all the great videos and information.

[@georgechronis3169]

Ah the legislative theft process!

[@germanobros]

This was great, definitely do more

[@pmberkeley]

18:56 where Jasmine confesses to being a tax superhero

[@Fishokkin]

Great topic and video. Thank you!

[@jbkolbert]

...And the IRS wants the 1099k reporting threshold to be $600. Think of how many more cases like this will be prevalent.

[@xebrandon2772]

They don’t want it they have it. It was. Lowered used to be $20000 now it is $600… correct me if I’m wrong You can thank Biden for that

[@notpublic8961]

Think of all the revenue they'll start collecting from tax cheats who are bringing in taxable income but not reporting it since they're sneaking under the reporting limit.

[@TheJimmyp427]

​@@notpublic8961$600 of taxable income flying under the radar? Are we really worried about people hiding $600? Wouldn't it be more prudent to be checking on people who have real money to hide?

[@hocrest]

If it is properly reported on the original return, issues like this wouldn't cause a problem.

[@MS-cs6lo]

Great video

[@carnini]

very helpful!

[@slope1524]

Love, love! Thank you soo much!!

[@taxleverage]

You're welcome. Glad you loved it

[@windle4774]

I just stumbled upon your channel and wow…very intriguing content. My wife and I are quickly approaching retirement and as you can imagine, my mother in law is quite elderly. My wife is slated to inherit the house in the will, but the tax implications of this can be quite significant. How can we avoid excessive taxes on inherited property?