Debunking Tax Myths, Avoiding Audits and Maximizing Savings with Jasmine DiLucci

All the Hacks with Chris Hutchins

Chris Hutchins

Business, Education, Investing, Society & Culture, Places & Travel, Self-improvement

4.7 • 1.4K Ratings

🗓️ 6 November 2024

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

#200: Take control of your taxes and save money with unique strategies from tax expert Jasmine DiLucci. Learn how to leverage IRS transcripts, identify misleading tax advice, and differentiate between personal and business deductions. We also cover common audit triggers and valuable tax planning advice for business owners. Jasmine DiLucci is a seasoned tax attorney, Certified Public Accountant, and Enrolled Agent with over a decade of experience. She specializes in tax controversy, litigation, IRS collections, payroll debt disputes, penalty abatements, and audit representation. Link to Full Show Notes: https://chrishutchins.com/tax-savings-2024-jasmine-dilucci Partner Deals Cultural Care: Get $250 off the most reliable and trustworthy au pairs 1Password: Free 2-week trial of my favorite password manager Mint Mobile: $15/mo for unlimited wireless on the nation's largest 5G network NetSuite: Free KPI checklist to upgrade your business performance Gelt: Skip the waitlist on personalized tax guidance to maximize your wealth For all the deals, discounts and promo codes from our partners, go to: chrishutchins.com/deals Resources Mentioned Jasmine DiLucci: YouTube | Website Request IRS Transcripts Donor-Advised Fund: Daffy (Free $25 for charity) ATH Podcast: Chris' Newsletter: Subscribe Ep #50: The Power (and Tax Savings) of Charitable Giving with Adam Nash Ep #62: Protect Your Family, Mitigate Taxes and Preserve Your Wealth with Patrick and Mani Ep #147: How to Save on Taxes with Ankur Nagpal Full Show Notes (00:00) Introduction (02:09) Why There's So Much Bad Tax Advice (05:17) Debating for Business Expenses vs. Personal Expenses (07:36) Can You Hire Your Kids to Work for You? (10:31) Ways to Identify Good and Bad Tax Advice Online (14:07) What Actually Happens When You Get Audited by the IRS (20:13) Do Credit Card Transactions Justify Receipts? (21:32) Common Things That Would Flag Audits (24:13) The Importance of IRS Transcripts (28:55) What Happens When the IRS Delays a Payment (30:33) Jasmine's Advice to Minimize Tax Penalties (32:36) What Kind of Tax Documents Can Have Errors? (34:44) Filing Using Tax Tool vs. Tax Expert (38:55) Chris' EOY Tax Checklist (43:41) Business Tax: Setting Up S Corps vs. LLCs (45:07) Changes to Expect in the Near Future (49:30) Where to Find Jasmine Connect with Chris Newsletter | Membership | Twitter | Instagram | LinkedIn Editor’s Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Navigating tax advice on the internet can be tricky, so today we're digging into what most
0:07.4	people get wrong about taxes and tax law, the myths that keep spreading wildly on social
0:12.9	media, and how to avoid costly mistakes when you file. I'm joined by Jasmine Delucci, a season
0:18.9	tax pro who became an enrolled agent while she was still in high school.
0:23.2	She knows this stuff inside and out, and we're going to dive into the strategies and tactics to help you save money and take control of your taxes.
0:31.7	I'm Chris Hutchins. If you enjoy this episode, please share it with a friend or leave a comment or review.
0:36.7	And if you want to keep
0:37.9	upgrading your life, money, and travel, click follow or subscribe. Now let's get into it right after this.
0:46.1	This episode is brought to you by Cultural Care. Figuring out what to do about child care is a challenge we all face as parents.
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1:34.2	girls get some exposure to the world outside of our community. So far we've had opairs from
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	...

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