Your Chances of an Audit if You Make Less Than $300k a Year

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Karlton Dennis

Karlton Dennis

7 ай бұрын

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Getting audited by the IRS can be extremely stressful, tedious, and difficult. People who are audited by the IRS have to go through a process of proving that their tax returns are accurate. If the audit reveals that their tax returns are not accurate, then the people who were audited can end up owing large fines and penalties in addition to any missing taxes.
In this video, tax expert Karlton Dennis explains the odds that people making under $300,000 per year in America have of being audited by the IRS. Most Americans have annual incomes under this amount. So, this video will apply to the vast majority of the American tax base.
At the end of this video, Karlton also explains how to dramatically reduce the chances of being audited. So, this video is also beneficial for people who want to know what they can do to reduce their IRS audit risk.
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#Audit #TaxExpert #KarltonDennis #IRSAudit #AuditRisk #LLC #Taxes

Пікірлер: 268
@ryanwilliams989
@ryanwilliams989 3 ай бұрын
The utilization of after-tax money and tax-free growth makes opening a Roth IRA very advantageous. Through a careful guidance of my FA, I did not pay taxes on my withdrawals of $2.86 million when I retired.
@StellaMaris-lv2uq
@StellaMaris-lv2uq 3 ай бұрын
I don't regret the numerous financial mistakes I've made in the past since I've learnt from them. But the biggest one was planning my finances without consulting with a licensed financial counsel.
@maryHenokNft
@maryHenokNft 3 ай бұрын
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
@maggysterling33254
@maggysterling33254 3 ай бұрын
@@maryHenokNftAs a new investor it's always great to hear from a person who has gone through all the difficult times and come ahead of it. What are some strategies i can employ to be successful?
@maggysterling33254
@maggysterling33254 3 ай бұрын
@@maryHenokNft bravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
@maryHenokNft
@maryHenokNft 3 ай бұрын
She's known as *Gertrude Margaret Quinto* One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
@SpeedisSpeed
@SpeedisSpeed 7 ай бұрын
The IRS needs to audit all the politicians
@MoragTong_
@MoragTong_ 7 ай бұрын
Lol...they ARE the politicians. The IRS has spent $35.2 million on guns, ammunition, and military-style equipment since 2006...why?
@divineorder7695
@divineorder7695 7 ай бұрын
That part 💯🔥🔥🔥❗ #RealTalk
@pouroverfinance
@pouroverfinance 7 ай бұрын
Will never happen. They are only here to penalize the average joe
@audioplugrecords3686
@audioplugrecords3686 7 ай бұрын
Mmm then the ponzi scheme wouldn't work. So there's that
@hkhvr13
@hkhvr13 7 ай бұрын
Then the IRS would stop to exist
@JamieGAdaire
@JamieGAdaire 6 ай бұрын
80,000 of them, 300,000,000 of us. We don’t really have to tolerate this.
@TheMagicman1971
@TheMagicman1971 7 ай бұрын
I personally know someone that made under 50,000 and was audited, he actually was threatened with jail time. Two weeks after he finished working it out and setting up payment arrangements, it came on the news how AL Sharpton "avoided" paying over 3 million in taxes and it was basically a slap on the wrist.
@Jake-tt2iv
@Jake-tt2iv 7 ай бұрын
We live in a black ethno state so of course that happened
@TheMagicman1971
@TheMagicman1971 6 ай бұрын
@@Jake-tt2iv What? Please tell me you aren't one of those that blames everything on race and cultural differences. Its more an issue of elitism vs the subjugated peons. Like in Sharpton's case, you hobnob with the elite long enough, it rubs off on you. Its like being the jester in the king's court.
@ezkempinkemp3467
@ezkempinkemp3467 6 ай бұрын
The US government is a mafia agency.
@justhomas83
@justhomas83 6 ай бұрын
Taxes and churches the world's greatest scams
@Joda30088
@Joda30088 6 ай бұрын
Right, the IRS actually use their man power to target lower income people not the wealthy
@Xyleryx
@Xyleryx 6 ай бұрын
Meanwhile, they don't know where the Pentagon's +$7 trillion budget went to.
@Eldot5
@Eldot5 Ай бұрын
Or Ilhan Omar’s $1.5million campaign funds. The claim is “it just disappeared”. A congresswoman claims this and NOTHING happens to her. What kind of trust should anyone have in the Government when this happens on the regular?
@audioplugrecords3686
@audioplugrecords3686 7 ай бұрын
We need a flat tax at time of all purchases and thats it. No paperwork no loopholes or any chance of error. Fair system. Then all these tax pros and irs agents can go get a real job that actually helps the economy rather than holding it back.
@MrNodeee
@MrNodeee 7 ай бұрын
Yeah, because no one ever evades sales tax, right? There is no reasonable scenario that you could get rid of tax accountants and tax agents.
@audioplugrecords3686
@audioplugrecords3686 7 ай бұрын
@@MrNodeee there's always a way. It just wouldn't benefit the ponzi scheme.
@AppleMenace
@AppleMenace 7 ай бұрын
Looking at all the 80,000 IRS agents they recently hired..leaves me to think they are going after us not high income earners..
@MrNodeee
@MrNodeee 7 ай бұрын
They didn't hire 80,000 IRS agents. The goal was to hire 87,000 by 2031. They only hired 2 to 3 thousand to date, which does not even account for natural attrition. Bit of advice, do your own research and stay away from far left and far right propaganda.
@SquidFox9
@SquidFox9 7 ай бұрын
Lol😂 of course. They never had any other intentions. I used to laugh when leftist would argue that they’re going to go after the rich. That never made any sense.
@ezkempinkemp3467
@ezkempinkemp3467 6 ай бұрын
Only thing is that it is actually 87000 new agents.
@MrNodeee
@MrNodeee 6 ай бұрын
@@ezkempinkemp3467 Only thing is, it is not 87,000 agents. Currently IRS has 79,000 employees, only 8,000 are Revenue Agents and 2,000 are Special Agents. Most employees handle customer service and processing. In addition, that 87,000 hiring will be over 10 year period. Probably little over attrition as they have not hired for the past 10 years.
@bigtime911
@bigtime911 6 ай бұрын
That’s fake news
@mdostay
@mdostay 6 ай бұрын
How about we throw politicians guilty of insider trading and blatant corruption in jail instead of harassing the very taxpayers who pay their salaries
@moniqueyscott
@moniqueyscott 6 ай бұрын
Karlton, can you do a video on the new 2024 requirements for new LLC’s? Love your videos! Thanks!
@gahaha8565
@gahaha8565 7 ай бұрын
Got audited and fined back in 2018, was working multiple jobs totaling ~60k/yr...they went hard for their 3k..
@districtnerfco.8390
@districtnerfco.8390 3 ай бұрын
Having to work multiple jobs, just to make $60k and then hounding them for a measly $3k is insane.
@taylorb6469
@taylorb6469 13 күн бұрын
It’s crazy they spend any amount of time on such little amounts. They are losing money. If this was a business they would only go after enough money to make a profit.
@gahaha8565
@gahaha8565 13 күн бұрын
@@taylorb6469 Its cheaper to go after the peasants than a corporation that has lawyers, the 80k IRS agent they hired recently are geared to come after the poors rather than the rich :( That's our govt
@juggsforlife1
@juggsforlife1 7 ай бұрын
we need tax and IRS to be removed already! it was supposed to be temporary and not permanent!
@alexcholagh8330
@alexcholagh8330 6 ай бұрын
Taxes from your paycheck was supposed to be temporary. Irs was not temporary. Open more bank accounts or have at least 4+ banks/credit unions and just dump cash in your savings collecting interest and checkings in person not online that's where there you get audited and hacked
@Ray-kg9gq
@Ray-kg9gq 7 ай бұрын
irs needs to be audited. nobody is obligated to pay taxes. we pay because we are conditioned to. lets be clear they dont deserve a penny. people need to start questioning why we pay so much taxes. after paying taxes to state and government then paying taxes on everything inpurchase some of us are giving away 50 percent of our monthly pay. people need to ask questions and demand answers
@JasRog1026
@JasRog1026 7 ай бұрын
Work for cash
@jamiemccullough9037
@jamiemccullough9037 6 ай бұрын
They need our money to send to Ukraine
@justhomas83
@justhomas83 6 ай бұрын
Garnishment and Jail if those were not on table I would file exempt every year
@justhomas83
@justhomas83 6 ай бұрын
​@@jamiemccullough9037Ukraine is an excuse
@acen2178
@acen2178 7 ай бұрын
Good advise and will continue to self prepare and file.
@iK0RE
@iK0RE 7 ай бұрын
U do a great job explaining taxes
@FrankiSoto
@FrankiSoto 7 ай бұрын
Great content as always, thank you for the insight.
@gene5856
@gene5856 7 ай бұрын
Keep Educating , Great infro.💪🏾💪🏾💪🏾💪🏾🤜🏾🤛🏾💪🏾💪🏾💪🏾💪🏾👉🏾👈🏾
@TheNoobkiller3000
@TheNoobkiller3000 7 ай бұрын
That’s a “greater than” sign in the intro
@FidelNV
@FidelNV 7 ай бұрын
I would try to use a boom with a c-stand to get your audio closer to your mouth, right above/in front of your head. It will make the audio night and day 👊🏼🙌🏼
@jimbaker8853
@jimbaker8853 6 ай бұрын
Outstanding video; thank you
@iviaverick52
@iviaverick52 6 ай бұрын
The IRS didn't hire 71,000 agents to audit the top 1%...
@starterrestrial
@starterrestrial 4 ай бұрын
Right because Biden ordered a massive audit for middle and low class this year to reduce or take refunds all together. He need his war and forgiveness money back. An irs person told me there is a high percentage of audits this year and they don't know why. He's a fraud and liar.
@starterrestrial
@starterrestrial 4 ай бұрын
Right because Biden ordered a massive audit for middle and lower incomes this year to reduce or take refunds all together. He need his war and forgiveness money back. An irs person told me there is a high percentage of audits this year and they don't know why. He's a fraud and liar.
@CodyDIY
@CodyDIY 6 ай бұрын
As an NJ resident sourcing all income from NY, get a CPA. As much as you think the software knows how to file an IT-203 it has never done it correctly for me and i left thousands on the table in past returns. Get a professional! Great video
@alejandroloza
@alejandroloza 6 ай бұрын
I just become a Realtor in Sept. I have been told i can write off so much stuff. So, i am trying to keep track of everything now.
@hiroipip
@hiroipip 6 ай бұрын
how did you even find these info, thank for sharing!
@Daniel-os9tb
@Daniel-os9tb 7 ай бұрын
Majority of audits are less than a 100k earners.
@truenorth2977
@truenorth2977 6 ай бұрын
Bummer, but thanks for this! WHY is our government against us? We work! We keep the economy going! We pay payroll taxes state snd federal taxes. ALL OUR WORKING LIVES!! What the heck?
@jesusbehindtheglass
@jesusbehindtheglass 5 ай бұрын
Thank you Karlton.
@Diabolica843
@Diabolica843 7 ай бұрын
No, do your own taxes to a certain extent. People like this guy will say that to get more money from you. They always overcharge
@lovepeace_goodvibez
@lovepeace_goodvibez 6 ай бұрын
You will pay 10X the overcharge fee and grow some grey hairs when the IRS send you an audit. Almost everybody can do basic taxes. Being a cheapo instead of paying for help will make you see the IRS Reapo fast. Ive been there.
@Diabolica843
@Diabolica843 6 ай бұрын
@@lovepeace_goodvibez anyone can do basic taxes. You dont need to hire anyone for anything basic. Maybe more complicated situations like when you have a side hustle etc
@eljuancho2
@eljuancho2 7 ай бұрын
This year I only have a W2,will be taking loans against my BTC for investments.
@juanvelez7070
@juanvelez7070 6 ай бұрын
IRS stole from me in 1999. With interest I wonder what that would be today.
@laurie428
@laurie428 7 ай бұрын
You’re killing me man. You keep saying “less than” but you write the ‘greater than’ symbol (>) None the less great analysis of info
@user-nw5ey6uk5h
@user-nw5ey6uk5h 7 ай бұрын
good job
@Camelotskin
@Camelotskin 6 ай бұрын
The Money Printing caused the IRS to increase audits. The IRS is a collection agency for the Banksters. I jave received 3 CP2000 letters from the IRS in the past 5 years
@sandwichman4534
@sandwichman4534 6 ай бұрын
Isn't the IRS based out of Puerto Rico? Isn't Washington, DC foreign land as well? Why are we forced to pay taxes again?
@pouroverfinance
@pouroverfinance 7 ай бұрын
Does your team work with low income, w2 earners such as myself?
@Gilikemail
@Gilikemail 6 ай бұрын
The IRS is going to pick those under $25k with a EIC because they get a credit for an audit and it's very simple and quick to do.
@frankiecarrrierivg03
@frankiecarrrierivg03 5 ай бұрын
The earned income credit for single individuals with no children is like $18,000 but earned like $20,000 then you cannnot claimed but chances are you are audited
@spookybooscarystorytime
@spookybooscarystorytime 6 ай бұрын
it's so stupid, they take so much it's painful for some of us. i hate it.
@1stBNDeathWalkers6thMarines
@1stBNDeathWalkers6thMarines 6 ай бұрын
Also we should audit the IRS
@alcoholicindenial
@alcoholicindenial 6 ай бұрын
If the government can't pass an audit, why should I?
@1stBNDeathWalkers6thMarines
@1stBNDeathWalkers6thMarines 6 ай бұрын
Nobody file taxes . Problem solved. We should not have our paychecks taxed. We literally pay tax on everything. I haven’t filed taxes in so long and I make over 100k a year and never been a problem.
@lanasher723
@lanasher723 5 ай бұрын
I’ve heard about some smart guy like you. He didn’t pay tax for 15 years. Ended up in prison.!! 😵‍💫 they are rubbing us !!! Legally
@ronaldwoodrum3824
@ronaldwoodrum3824 Ай бұрын
​@@lanasher723kinda hard to put 300,000,000 in prison. Stand and revolt against this tyranny
@user-ny8kf9ug5j
@user-ny8kf9ug5j 6 ай бұрын
This is all the more reason why congress needs to be audited before every bill is voted on because most the bills that are voted on are to harm people that make low income and not the rich greedy billionaires!!! The irs needs to be dismantled for crimes against humanity and they need to be audited to reveal who the entire private owners are and they need to refund all taxes humanity was forced to pay!!!
@j562gee0hdeewestsdegethemuLa
@j562gee0hdeewestsdegethemuLa 7 ай бұрын
I like those odds, pray for me.
@DWilliam1
@DWilliam1 Ай бұрын
Are these income numbers for married filing jointly or individuals?
@virtualhawaii6987
@virtualhawaii6987 6 ай бұрын
When you say $200,000 here, are you referring to net profit? Also, in the case of a married couple filing jointly, does this amount double to $400,000 for the couple?
@caustinolino3687
@caustinolino3687 6 ай бұрын
What if you've already been audited once?
@Haveuseenmyjetpack
@Haveuseenmyjetpack 7 ай бұрын
They usually give you a 10% +/- margin of error on your taxable income $#, fyi.
@mendyneiman
@mendyneiman 6 ай бұрын
What means a schedule C?
@seattledan
@seattledan 2 ай бұрын
Is it legal to do a 1031 exchange but not rent it out and live there?
@aftech7268
@aftech7268 6 ай бұрын
The problem is i report all my income and investments but my tax preparer doesn’t report them all
@itsa.k7028
@itsa.k7028 7 ай бұрын
I filled out the form to work with you guys and scheduled a call and the guy told me that he couldn’t make that time and told me he was gonna call me back on a certain day and haven’t heard from him in like a week or two I filled out the form again but I want to work directly with you karlton because what they did wasn’t professional at all just want to say that I love all the videos you have and been watching you for a while and I know the value you bring as a real estate investor myself and would love to work with you man
@SamuelSchehrer
@SamuelSchehrer 7 ай бұрын
Yikes won’t be reaching out to them in future
@SOLOSOLOSOLOSOLOSOLOSOLO
@SOLOSOLOSOLOSOLOSOLOSOLO 7 ай бұрын
@@SamuelSchehreryou get butt hurt that easily? Man up lol
@SOLOSOLOSOLOSOLOSOLOSOLO
@SOLOSOLOSOLOSOLOSOLOSOLO 7 ай бұрын
Wah wah wah bruh grow some balls lmao
@Bamfhammer
@Bamfhammer 6 ай бұрын
Your Less-Than sign is backwards on your graphic in the first 40 seconds. That is a greater than sign.
@Malaki727
@Malaki727 6 ай бұрын
What about if I got over 300k in assets but make under 300k. Net?
@Haveuseenmyjetpack
@Haveuseenmyjetpack 7 ай бұрын
@karlton Dennis what if you report more taxable income than you made in reality? Is there a penalty?
@codykauzlarich7879
@codykauzlarich7879 7 ай бұрын
Yeah, that's typically referred to as fraud or money laundering.
@tokarenp
@tokarenp 6 ай бұрын
Does using turbo tax reduce your risk of an audit?
@01man01truck
@01man01truck 7 ай бұрын
The chances of you being audited when the IRS finds out you watch this video, 87%
@freakinA10202
@freakinA10202 6 ай бұрын
Good one bro, you should try stand up
@thedungeon1288
@thedungeon1288 6 ай бұрын
Dude the moment I clicked on this video I was thinking crap, now I am going to have to go through the hassle of being audited.
@01man01truck
@01man01truck 6 ай бұрын
@@thedungeon1288 yeah, we are all definitely on some kind of list now. 😅
@prissypacheco2860
@prissypacheco2860 6 ай бұрын
Nah.
@frontyardfirewood
@frontyardfirewood 6 ай бұрын
Lets call it an experiment😂
@cody9606
@cody9606 7 ай бұрын
They watched me stop working and paying taxes all together, no justice no work
@Eldot5
@Eldot5 Ай бұрын
Also worth noting is that one should have investment income under $11k of earned income tax credit. Chances of being audited if investment income is higher than that will be higher.
@yourstrulybostonyourstruly3185
@yourstrulybostonyourstruly3185 7 ай бұрын
I was audited, on a like year where I made a 36K from W-2's and 18K from my business. I did report a lot of cash for my business, I also had Crypto and Stocks. Sidenote, we need this video to hit a million on the views!
@jlent103
@jlent103 7 ай бұрын
What ended up happening after you got audited ?
@prissypacheco2860
@prissypacheco2860 6 ай бұрын
No earned income credit or schedule c for me lol
@maryamberri8483
@maryamberri8483 4 ай бұрын
So what if you have a schedule C and above 300k
@RightAllWays
@RightAllWays 5 ай бұрын
Nice info but you are using wrong sign for less than
@frankiecarrrierivg03
@frankiecarrrierivg03 5 ай бұрын
You need to find a trustworthy tax preparer as well cause you could get audit as well
@user-wp9yj6or6g
@user-wp9yj6or6g 6 ай бұрын
I don't see your link.
@Wraith983
@Wraith983 7 ай бұрын
I just got a letter today, actually
@GenZinvestments
@GenZinvestments 6 ай бұрын
I got audited last year
@luisvaldez6204
@luisvaldez6204 7 ай бұрын
but aar0n Russ0 said the 1aw t0 make you file doesnt exist
@iceberglounge
@iceberglounge 7 ай бұрын
those > signs should be < @7:28. As you have it, You making > $25k and You making > $200k
@maggiemagoo5638
@maggiemagoo5638 7 ай бұрын
I am considering filing as a real estate professional this tax year. I did not last year because my CPA did the math and determined that the audit risk was a little higher and the reward was not worth it. This year I may not have a choice. I heard that the audit % for real estate professionals is much higher. Would love to hear you dive into that category.
@karltondennis
@karltondennis 7 ай бұрын
i’m working on that video as well, thank you!. let us know if you need any help this year with tax planning / filling.
@blackdragon6
@blackdragon6 7 ай бұрын
IRS don't have the funding to go after millionaires and Billionaires. Low income earners are low hanging fruit.
@bojack8833
@bojack8833 7 ай бұрын
not necessary low income earners but people who are making 200k plus will be targeted more than actual low income earners people making under 150k
@johnterrelljr8057
@johnterrelljr8057 6 ай бұрын
Not really. They don't really go after w2 employees. 150k plus self employed businesses.
@Bandicoot2001
@Bandicoot2001 6 ай бұрын
​​@@johnterrelljr8057think again, just was audit over a honest mistake 2019 for $76 after interest and penalties now i owe $150. So yeah they are going after everyone. At that rate 80,000 new agents is not cost effective but they will find every little penny while other's don't pay taxes.
@dabiri69
@dabiri69 6 ай бұрын
If I can’t report 50k earnings on my stocks because the IRS already knows I actually made 100k what the hell is the point of reporting myself anyway?! Why can’t they just send me a bill if they already know what my income is?!
@michaelcastaneda4135
@michaelcastaneda4135 6 ай бұрын
IRS going to have to fight over my pocket change with Friend of Court
@naomitrevino1372
@naomitrevino1372 6 ай бұрын
Who created the IRS?
@sfresh92
@sfresh92 7 ай бұрын
Imagine IRS had to pay taxes on their income 😂
@kabil1994
@kabil1994 6 ай бұрын
😂😂😂😂
@Psa354318
@Psa354318 7 ай бұрын
I'm looking forward to an audit. My business has been open for a year and a half and I would love to have a sit down with the IRS to learn the rules first hand. I figure my business has a chance of being around for a long time and I'd hate to find out I've been breaking the rules this whole time or even worse, the cpa I hire put me in a tight spot years down the road.
@john5516
@john5516 7 ай бұрын
@@Carolyn-vh4nz The IRS and the government are not your friend
@kimchiclashes2890
@kimchiclashes2890 7 ай бұрын
​@Carolyn-vh4nz they scared bc its a hassle being audited.
@Gespense
@Gespense 6 ай бұрын
​@@kimchiclashes2890is it really? Wouldn't your CPA and lawyers handle most of it?
@BlakWiseCracker
@BlakWiseCracker 6 ай бұрын
@@GespenseLayoff the Fentanyl 😢
@WhiteWolfos
@WhiteWolfos 6 ай бұрын
Usually the first offense they tend to give you more leeway but sometimes you can get a mean who turns your face green
@spartan114m
@spartan114m 6 ай бұрын
IRS should AUDIT the DOD.
@HuiHms
@HuiHms 6 ай бұрын
You messed up the less than sign. Your video shows the greater than sign
@thenitruc8165
@thenitruc8165 6 ай бұрын
Ok...Government shouldn't be taking income tax from me in the first place and then they want to audit me LOL
@njaimerod
@njaimerod 6 ай бұрын
Just dont file
@mrgoodnight7387
@mrgoodnight7387 6 ай бұрын
I didn’t even make that much this year to get audited. I use ADP for my W-2 instead of trying to just transfer money. Let the pros handle the business and not yourself. JMO
@yiqingtang80
@yiqingtang80 6 ай бұрын
I forgot to claim my interest earnings $100. I got audit. I paid $107 to my CPA to fix it. What a deal?
@s.kelley9403
@s.kelley9403 6 ай бұрын
Devoting that much money to IRS is absurd.
@ragoff
@ragoff 6 ай бұрын
what happens when the 86K more IRS agents get active.....
@justhomas83
@justhomas83 6 ай бұрын
Bye bye bank accounts hello Martial Law of financial services. Cash control
@icymike9649
@icymike9649 6 ай бұрын
The federal reserve NO MORE AS OF 7/4/22 Power cancel
@Gespense
@Gespense 6 ай бұрын
Who else grew up being afraid of being audited? 😂😂😂😂
@mike2959
@mike2959 6 ай бұрын
There is so much misinformation and fear. Here’s one. “Save all your receipts”. lol. For what? Does Walmart as a business have all their receipts?
@angelam.1416
@angelam.1416 7 ай бұрын
How does married status factor in risk percentages by income level? Is AI auditing by the IRS a real thing?
@dn7783
@dn7783 6 ай бұрын
This is why I do bit mining, Illegal transactions, And run black market servers. And sidejobs
@samsoda2300
@samsoda2300 7 ай бұрын
LFG!!
@kabil1994
@kabil1994 6 ай бұрын
I made under 25k in 2019 and I was audit for it in 2022 and I had to pay penalty. And I paid. That’s mistake was I didn’t even know what was it for.
@lanasher723
@lanasher723 5 ай бұрын
For 25k? 😳😳
@kabil1994
@kabil1994 5 ай бұрын
​@@lanasher723 Yes, I will comment about the notice I received If I can find it later.
@stevenmarxs374
@stevenmarxs374 6 ай бұрын
Federal income tax is illegal.
@HoopsYou
@HoopsYou 6 ай бұрын
You might need to be audited on greater than and less than sign usage… just sayin
@amyx231
@amyx231 6 ай бұрын
I know at least twice I paid more taxes than I should’ve cause I didn’t know what I was doing. If they audit me, they owe me a few hundred bucks. Just saying.
@daniellee8162
@daniellee8162 6 ай бұрын
IRS will likely not go for someone making below 6 figures...for a while. They could just give you a rope and years down the road, hit you. You maybe making mistakes for a decade and then smack you for a big lumpsum.
@Ozilfan11
@Ozilfan11 7 ай бұрын
What if I made $20,000 Day trading Would I pay much taxes?
@Eightpspi
@Eightpspi 7 ай бұрын
Yea like 25% if not more
@Ozilfan11
@Ozilfan11 7 ай бұрын
@@Eightpspi is it worth getting an LLC at that point? I reside in Oregon idk if it may vary on the %
@Eightpspi
@Eightpspi 7 ай бұрын
Im def not a tax professional but i am a professional photographer that invest in stocks. You can find other deductions you can make to have your tax liability lower
@CharlieBoiiTV2
@CharlieBoiiTV2 7 ай бұрын
​@Ozilfan11 If 1 person makes 20k per day, day trading. They should be signed up on the broker as an institution/corporate account. Also depending on what type of trading they are doing, I would think they would have an Offshore Entity setup. Reason I say that is so they could be setup with the best brokers.
@Ozilfan11
@Ozilfan11 7 ай бұрын
@@CharlieBoiiTV2 I’m an futures Trader & made my money going through Prop Firms idk if that may make a difference
@alsey7
@alsey7 2 ай бұрын
main reason why low wage people that make 25k and claim EIC also use their Child credits. you will be suprised how many people use other peoples kids SSN for a higher refund... thats why we have the PATH Act
@Nurseakeem
@Nurseakeem 6 ай бұрын
Me, don’t file. End of conversation
@mattolivier1835
@mattolivier1835 7 ай бұрын
Thank you for this, however, we should never forget that taxation is theft by definition. We should all try to avoid paying thieves as much as possible.
@justhomas83
@justhomas83 6 ай бұрын
We can't avoid it I just paid off 17k in two years of back taxes. I would not have done if jail time wasn't on the table. 1099 is a joke n half
@Hitmonscorner_ko
@Hitmonscorner_ko 6 ай бұрын
You live in a society
@justhomas83
@justhomas83 6 ай бұрын
@@Hitmonscorner_ko So what you do to. What does that gotta do with anything.
@mattolivier1835
@mattolivier1835 6 ай бұрын
@@Hitmonscorner_ko Yes, I do live in a society. What does that matter? Not sure what your point is. It's still immoral to initiate violence against others. You should learn some morality.
@Hitmonscorner_ko
@Hitmonscorner_ko 6 ай бұрын
@@mattolivier1835 you’re libertarian. You don’t know anything about morality
@josephsmyth7334
@josephsmyth7334 6 ай бұрын
I get audited every year. It’s like I have a red dot next to my name.
@c2corey
@c2corey 6 ай бұрын
Just wondering why this is on my feed
@wesside9722
@wesside9722 7 ай бұрын
What if you filled a 1099 👀
@justhomas83
@justhomas83 6 ай бұрын
1099 will hurt trust me I just paid back 17k in lu taxes. IR$ is just a racket ball at this point. Dodge as much as you can. Only pay if you have to
@allwats_l3ft
@allwats_l3ft 6 ай бұрын
Everyone: making money to live and trying to get ahead in life. IRS: "drop your pants and touch your toes! Im gonna show you where the wild goose goes."
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