Avoiding IRS Red Flags
12:40
20:42
14.9K views
At 12:40 in
Small business taxes, IRS problems, tax season planning 1/2 4 k video
What happens here
The accountant explains that tax planning (legal ways to lower tax liability) is distinct from tax evasion (illegally not reporting income or fraudulently deducting expenses). He gives examples of personal vs. business travel, stressing the need for "ordinary and necessary" expenses. He also highlights a key IRS red flag: an accountant who doesn't ask questions about your business transactions, as a good accountant should thoroughly understand your business.
Goal: Understand the difference between tax planning and evasion, and identify IRS red flags.
What they say
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What they say
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