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TopicsCrypto Deductions Family Irs Llc & S Corp Payroll Personal Taxes Real Estate Retirement Side Hustle Small Business Tax Strategy

What triggers the IRS to look at your return

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What triggers the IRS to look at your return

Losses that don't match your income or expenses that seem unreasonable may prompt a human review.

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Why you have to file taxes when the IRS already has your info

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Why you have to file taxes when the IRS already has your info

The IRS doesn't know your filing status or dependents, which determine credits like child tax credit and earned income credit.

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Why the IRS knows about your 1099 income even if you ignore it

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Why the IRS knows about your 1099 income even if you ignore it

The IRS gets copies of all your 1099s, so ignoring them just means they'll file for you with zero deductions.

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Why meal deductions won't get you audited

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Why meal deductions won't get you audited

The IRS cares about proving you spent the money, not nitpicking every lunch receipt.

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Cancellation of debt counts as taxable income

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Cancellation of debt counts as taxable income

When a creditor cancels debt you owe, the IRS considers it income because you already received the goods or services.

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When 1.3 million kids disappeared from tax returns

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When 1.3 million kids disappeared from tax returns

In 1987, the IRS required social security numbers for dependents, and 1.3 million fake children vanished from returns.

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When DIY tax software works and when it doesn't

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When DIY tax software works and when it doesn't

W-2 filers can use any software, but business returns have tricky deductions that trigger IRS computers.

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What happens if you skip filing taxes for 5 years

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What happens if you skip filing taxes for 5 years

Unpaid taxes plus penalties and interest can turn a $12K annual bill into $79K owed to the IRS.

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How to tell if a rental expense is a repair or improvement

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How to tell if a rental expense is a repair or improvement

Expense repairs you'll redo in 5-6 years, but depreciate long-lasting items like roofs to avoid IRS penalties.

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Why the IRS knows about your 1099 income even if you don't file

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Why the IRS knows about your 1099 income even if you don't file

The IRS gets copies of all your 1099s, so ignoring them just means they'll file for you with zero deductions.

1 views👍 0

When DIY tax software works and when it doesn't

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When DIY tax software works and when it doesn't

W-2 only filers can use any software, but business returns have tricky deductions the IRS watches closely.

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How the IRS catches people who inflate deductions

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How the IRS catches people who inflate deductions

The IRS computer flags returns where deductions are way out of proportion to reported income.

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How the IRS computer catches fake dependents

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How the IRS computer catches fake dependents

The IRS matches data and flags suspicious changes like sudden new children on your return to catch false claims.

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Why you need to file even if the IRS already knows your income

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Why you need to file even if the IRS already knows your income

The IRS gets your W-2s and 1099s too, and their computer will file for you without any deductions if you don't.

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Borrowing someone's kids for earned income credit is fraud

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Borrowing someone's kids for earned income credit is fraud

Paying someone to claim their children for earned income credit carries penalties and is considered tax fraud.

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What to do when your ex claims your kids first

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What to do when your ex claims your kids first

Mail a paper return with school records or divorce decree and the IRS will fix it and bill your ex.

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What paying your fair share actually means

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What paying your fair share actually means

Paying your fair share just means following the rules and keeping receipts for legitimate business expenses.

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Why the IRS isn't a conspiracy theory

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Why the IRS isn't a conspiracy theory

The IRS publishes all its rules publicly, and following them legally reduces what small businesses owe.

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How the IRS caught 1.3 million fake kids in 1987

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How the IRS caught 1.3 million fake kids in 1987

When the IRS required Social Security numbers for dependents in 1987, 1.3 million made-up children vanished from tax returns.

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What to do if you can't pay your tax bill

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What to do if you can't pay your tax bill

Set up a payment plan to stop penalties, or check if you qualify for an offer in compromise at irs.gov.

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The IRS isn't going away, so file your taxes

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The IRS isn't going away, so file your taxes

The IRS gets copies of your W-2s and 1099s and will file a return for you without deductions if you don't.

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First time abatement can remove IRS penalties

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First time abatement can remove IRS penalties

If you've filed and paid on time for 4-5 years, ask the IRS for a first time abatement to remove late penalties (but not interest).

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Why using cash to avoid taxes will backfire

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Why using cash to avoid taxes will backfire

If you're hiding income with cash and get caught, expect a huge tax bill because you won't have records to prove business expenses.

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What to do when you get a 1099 form

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What to do when you get a 1099 form

Report 1099 income on a Schedule C as a business so you can deduct expenses like mileage, meals, and phone.

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