Will Your Taxes Get Audited? - 69
Your Money, Your Wealth
Your Money, Your Wealth
4.6 • 795 Ratings
🗓️ 1 October 2016
⏱️ 37 minutes
🧾️ Download transcript
Summary
Joe Anderson, CFP® & Alan Clopine, CPA 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, in episode 69 of the YMYW podcast. Original publish date October 1, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.
00:00 - Intro
00:56 - "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?"
09:44 - "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…"
Transcript
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| 0:00.0 | Pure Financial Advisors, a registered investment advisor. |
| 0:03.2 | This show does not intend to provide personalized investment advice through this broadcast |
| 0:07.3 | and does not represent that the securities or services discussed are suitable for any investor. |
| 0:12.5 | Investors are advised not to rely on any information contained in the broadcast |
| 0:16.0 | in the process of making a full informed investment decision. |
| 0:19.0 | This is your money, your wealth, on Talk Radio |
| 0:22.3 | 760, KFMV. Now, here's Joe Anderson and Big Al Clopine. Hey, it's a little bit after the hour. |
| 0:30.5 | Good morning, everyone. Show's called Your Money, Your Wealth. Joe Anderson, Big Al Clopine, hanging out. |
| 0:34.6 | Thanks for tuning in. Over the next few hours, we can talk a little bit about taxes. That's always on the mind of Big Al.eland, Big Al Copeland, hanging out. Thanks for tuning in. Over the next few hours, |
| 0:39.3 | we can talk a little bit about taxes. |
| 0:41.4 | That's always on the mind of Big Al. |
| 0:43.3 | He's a CPA for 30-some-odd years. |
| 0:45.1 | Yeah, it's funny how that's always on my mind. |
| 0:48.6 | But I suppose it's why I went into the tax profession. |
| 0:49.6 | I suppose. |
| 0:52.9 | Then we have some questions. |
| 0:54.5 | I got Joe. M got the latest stats on how often we're being audited. |
| 1:00.3 | And who's more likely to be audited? |
| 1:02.7 | And I'll take it one step further. |
| 1:04.7 | What do you do if you do get audited? |
| 1:06.7 | Hmm. |
| 1:07.7 | Mexico? |
... |
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