I have a full-time job and a side food vending business. I only deduct my business expenses. 2022 was my first year and it made a decent profit, so I'll pay the taxes. I also changed my w4 at work, so more is taken out.
TO have Tax or tax audit depends on your tax professional, and if more than $million it is 10%audited, and if the wirhdraw of more than $10000 is going to be audited, and that all reseats has to be kept for auditing, and that foreign banks in USA is being audited, and that might subject them to double tax and double auditing or more!, Am i right?
"Hey there! Let's break down what you mentioned. - The chance of getting audited by the IRS does go up with higher incomes, but it's not a flat rate. It varies year by year. - Big cash withdrawals over $10,000 are tracked, not necessarily because they're looking to audit you, but to keep an eye out for money laundering. It's not an automatic red flag for an audit. - Absolutely, keep those receipts! They're your best friend if the IRS comes knocking, especially for those deductions you claim. - Foreign bank accounts do need to be reported if you hit a certain threshold. It's all about playing by the rules to avoid penalties. - And on double taxation, the U.S. has measures to prevent getting taxed twice on the same income. It's all about knowing the ropes and staying compliant. It's a lot to navigate, right?
Hey there! 😅 No worries, we all have those "oops" moments. The IRS is just making sure you fill up your IRA piggy bank properly. Go ahead and pay that $50, and you'll be back on track. If you need any help or have more questions, we're here for you!
I received a 1099r with my name, but a different social security number and it's not even close. I don't know why I received it because I don't have any retirement income. Should I return it to the sender, because they obviously made a mistake?
Make sure to avoid these red flags by working with a tax professional. Reach out to see how CSI can help your business stay on track: www.csiaccounting.com/
Glad I found this video. I was definitely raising some red flags before this!
Sounds like you found us right in time!
Wow, I did not know all of this..
We're glad we could help!
I have a full-time job and a side food vending business. I only deduct my business expenses. 2022 was my first year and it made a decent profit, so I'll pay the taxes. I also changed my w4 at work, so more is taken out.
Good job staying on top of making sure you have your Tax paid first!
TO have Tax or tax audit depends on your tax professional, and if more than $million it is 10%audited, and if the wirhdraw of more than $10000 is going to be audited, and that all reseats has to be kept for auditing, and that foreign banks in USA is being audited, and that might subject them to double tax and double auditing or more!, Am i right?
"Hey there! Let's break down what you mentioned.
- The chance of getting audited by the IRS does go up with higher incomes, but it's not a flat rate. It varies year by year.
- Big cash withdrawals over $10,000 are tracked, not necessarily because they're looking to audit you, but to keep an eye out for money laundering. It's not an automatic red flag for an audit.
- Absolutely, keep those receipts! They're your best friend if the IRS comes knocking, especially for those deductions you claim.
- Foreign bank accounts do need to be reported if you hit a certain threshold. It's all about playing by the rules to avoid penalties.
- And on double taxation, the U.S. has measures to prevent getting taxed twice on the same income. It's all about knowing the ropes and staying compliant.
It's a lot to navigate, right?
I was thougt i put $500 in my ira and only put $450. The irs sent me letter saying please pay us $50 my bad...😅
Hey there! 😅 No worries, we all have those "oops" moments. The IRS is just making sure you fill up your IRA piggy bank properly. Go ahead and pay that $50, and you'll be back on track. If you need any help or have more questions, we're here for you!
I received a 1099r with my name, but a different social security number and it's not even close. I don't know why I received it because I don't have any retirement income. Should I return it to the sender, because they obviously made a mistake?
You should contact the sender to correct whatever issues exist. A simple Return to Sender won’t necessarily fix the underlying issue.
Make sure to avoid these red flags by working with a tax professional. Reach out to see how CSI can help your business stay on track:
www.csiaccounting.com/
Are we missing any red flags that could cause your business to be audited by the government?