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What Your CPA Wants You to Know - 53. Throwback: Insider Tips, Red Flags, and FAQ's for this Tax Season!

53. Throwback: Insider Tips, Red Flags, and FAQ's for this Tax Season!

What Your CPA Wants You to Know

12/27/23 • 27 min

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Are you tired of the stress and confusion that accompanies tax season? We say, no more! In this episode we’re going to debunk some myths, like the unnecessary need for receipts, pinpoint potential audit red flags, and even share some insider tips on how to spend less on tax preparation fees.
Get ready for a deep dive into the world of tax returns. We'll navigate through the common questions like 'Do I really need a CPA?' We’ll also discuss about the different business due dates (Spoiler: It's April 15th for sole proprietorships and March 15th for partnerships/S corps). We’ll clarify what NOT to file on your tax return if you want to avoid an audit with the IRS.
Whether you're curious about the purpose of a K1 form, or are scratching your head about self-employment taxes, this episode explains it all. Don't forget about the discussion on filing tax extensions, and the importance of avoiding penalties by meeting those oh-so-crucial deadlines. So, if you're a business owner or an individual craving some tax guidance, sit back, relax and let us teach you everything your CPA wants you to know about tax time!
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12/27/23 • 27 min

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What Your CPA Wants You to Know - 53. Throwback: Insider Tips, Red Flags, and FAQ's for this Tax Season!

Transcript

Speaker 1

An example of a red flag would , be say , filing a loss on your Schedule C business for three years in a row . If you're filing a loss on your business year after year , the IRS does not like that and they will insist that what you have is merely a hobby and not a business .

Speaker 2

Welcome to what your CPA Wants you To Know .

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