Hosts discuss the latest statistics on who’s most likely to get audited, how often it happens, and what to do if it happens to you.
0:56 “I’ve got the latest stats on how often we’re being audited. Who’s more likely to get audited? I’ll take it one step further – what do you do if you get audited?”
9:44 “There’s such a lack of planning, and that’s why we do the show.”
13:30 “The oldest baby boomers are turning 70 ½; those who were born in the first half of 1946. When they turn 70 ½ that triggers a required minimum distribution (RMD)
17:42 “The truth is, our tax rates now are lower than most times in our history…”
22:28 “A sole proprietorship goes on your tax return on what’s called schedule C. You show your income, you show your deductions, and whatever the profit is – that’s what you pay income taxes and self-employment taxes on.”
26:22 “In general, corporations have a lesser chance of being audited than individuals.”
34:02 “If you have to go to an audit office, here’s what you do…”