passed the inflation reduction act
whatever the heck that means but there
was 80 billion dollars to double
the size of the irs 87 000 plus new irs
agents i don't know where they're going
to get them but when they show up
we got a big concern and that is audits
are going to be increasing you've got to
be on your game making sure you're
you're the quarterback with your tax
professionals maybe you're prepping your
own returns you gotta i've got 10 tips
10 tips i'm going to hit them hard i'm
going to give them to you fast and we're
going to talk about how to avoid an
audit now for those that are present
during this live broadcast i'm going to
be giving away one of my kick-ass books
every three frickin minutes no don't
don't text and go blow hey i want a free
book those are annoying we're gonna you
know just choose random winners it's all
good also a little consumer and alert
here any posts there that have my face
or anybody's face that's talking about
some damn bitcoin thing
avoid it ignore it they're bots it's a
scam stay away just look at the core
comments today i'm gonna kick butt i've
got a description down there in the
description i've got a article
on 10 ways to avoid an audit so if you
want to read it tonight if you can't
sleep you pull that baby out i promise
you it'll knock you out okay so we're
gonna have fun here it's gonna be rockin
i got my rockstar everybody hear this
okay this is this is a live it's gonna
be
bam
little rock good that's does that sound
good so good um
was paying for my sponsor all right now
because i'm a rockstar accountant
and we're going to kick ass okay number
one way to avoid an audit
people we are eight weeks away from
october 15th now some of you may have
filed your tax return six months ago god
bless you
others like me
join the club we have not filed our tax
return yet now filing an extension
reduces your chances of an audit not
filing your tax return by october 15th
puts a target on your back
make sure you file and so you've got
mark i don't have enough money to file
this year i made too much last year i
didn't make deposits what file
you this is like you going on a date you
know you got this hot new boyfriend hot
new girlfriend and you're like chatting
up and then you ghost them what happens
your car gets keyed you don't want that
the irs hates to be ghosted they do not
want to be ghosted they want to know
what the hell is going on so you've got
to file your tax return let the iron
ocean irs know you're alive and well if
you owe them money there's plenty of
time to work out a payment plan figure
that crap out but the number one way to
get audited is not filing your tax
return so be on it
eight weeks from now october 15th be on
it okay number two way you're to get
audited now this goes down the small
business route too because i want all of
you to have a side hustle i want you
making money driving uber selling crap
on ebay on etsy affiliate fees making
money as a consulting deal 10.99 here
1090 10.99 people that's how we build
wealth is we got a little side hustle
going right so when you report that
make sure you fall
make sure you don't put in round numbers
you know like i had 400 in
technology costs who has 400 dollars in
technology
i couldn't even try to spend four
hundred dollars it's gonna be
402.85 right whatever the hell it is
do not use round numbers whenever you're
reporting your taxes even if you're
doing mileage don't say i drove 2000
miles for business how in the hell are
you going to drive exactly 2 000 miles
in business so don't use round numbers
use the best numbers maybe
if you're gonna use a
unique number round down i'm not saying
ever ever
lie and round up that's how in an audit
you get in trouble now i'd love you to
have receipts i love you have quickbooks
and some good excel spreadsheets
tracking your real
crap but sometimes you gotta estimate
and come up with a close number round
down don't get in trouble with the irs
and don't use round numbers
all right number three
i'm going to choose some of my best ones
here okay number three
don't inflate the home office deduction
i want all of my clients to take the
home office deduction home office is a
great freaking write-off even if you
just have rental properties i've got
articles on this just go to youtube and
type kohler home office and i've got and
go on google and i've got articles there
too
home office is not going to get you an
audit taking too big of a home office
gets you into problems there's this case
in san francisco it was awesome it was
like five six years ago this woman was
doing as a tattoo artist
said i'm taking the home office she did
tattoos out of her apartment and
everybody you know used to sing and use
the bathroom and that so she wrote off
80 percent of her apartment her
apartment is home office well the irs is
like you got to live there you got a
bedroom you got this you got that she
got out of they trimmed it down to about
35 which i thought was still pretty
generous but folks just don't overdo it
take the home office but don't overdo it
and i've got all sorts of videos and
tricks and strategies on that now we're
in two to three minutes i'm giving away
a damn book i'm giving away the tax and
legal playbook oh this is a desktop
reference i love this book i'll sign it
for you it's got 32 different chapters
independently there to help you rock
your american dream who's my winner come
on talk to me
chan lee
did you want to say that a little more
clearly so they get that's going to be
chan lee chan lee that's their handle
all right now if any of you win a book
you've got to email diane that's you
diane right that is i okay i a n e
j kohler dot com oh you're so adorable
d-i-a-n-n-e
at rj kohler.com she's my customer
service director she's great diane will
send you this book so
chan lee get on it all right the next
tip
this is regarding 1099s some of you may
be getting a 1099 because you're a
consultant or someone did you did some
work for someone or you might be hiring
someone in your business
and you want to pay them under the table
or they want to get paid under the table
you pay someone under the table you're
not getting a write-off you got to issue
your freaking 1099s it's a bit a big
audit risk now the irs is sick of under
the table crap so issuing 1099s is
critical
and um
i've got articles on that one of my most
viewed articles is the 1099 rule so if
you type kohler how to issue 1099s or
kohler 1099s there's a great little
article maybe as i'm saying this guys
you can pull those right off my blog
let's throw them in the description
right can we do that okay so there's a
good uh good one
sir yes sir let's go all right man and
i'm gonna see if there's a question that
just really gets me excited here don't
inflate the home office deduction love
it todd freaking in the live you guys
are getting into it i love it
okay all right let's rock and roll okay
my next one
to avoid a off an audit is getting
excessive with another write-off that i
love and that's dining
and travel
now let's just say you made 10 or 20
grand last year in your little side
hustle
don't try to write off 10 or 15 grand in
dining to travel now if you brought in
100 grand i might write off 10 or 15
grand of dining and travel make sure
that your write-offs look
balanced with the amount of income you
got coming in if you made three million
last year you might be writing off a jet
if you made
13 grand last year we might write off
two grand in dining so let's just be
cautious don't overdo it it's another
write-off that just freaks me out when
you do too much
another way to get an audit some of you
are going to get a letter in the mail
from the irs
we call these line item audits the line
item audits
what i said there okay
so the irs is kind of like what the hell
is going on here you know we need some
answers here
don't ignore those letters i've had
clients come to my office and go you
know i've gotten letters from the irs
for about four months and okay this is
goes back to ghosting the irs when they
send you letters respond
because they get pissed when you ignore
them
now here's a little
big tip i don't want to say little the
irs will never ever ever ever call you
on the phone
if you get a phone call from the irs it
is a scam now you don't want to go at
them and fight with them because you
never know what a scammer might do with
your identity or who knows what just say
oh thank you i'll take that under
advisement gotta go bye
do not think that the irs will ever call
you they send you letters and then you
call them and you want to call them you
want to go oh i'm sorry i'm filing my
tax return or yeah i want to get on a
payment plan help me please please so
whenever the irs reaches out it will be
via mail and make sure you respond okay
next tip and then we'll give away
another book here
um i'm gonna go with schedule c as in
charlie schedule c
if you're making
10 20 maybe 30 grand in your little side
hustle you're writing off dining and
travel and home office computers
electronics all those goodies that's
great
but once you start netting over 30 grand
a year meaning you maybe bring in 50
right off 20 it's all good you're making
around three grand a month
you want to be switching over to the s
corporation going from an llc to the s
corporation when you're in s we're
saving more taxes and you reduce your
chances by 1500
15 times less chance of an audit
now you're going to spend a grand doing
an s corp return but we're going to save
three four five times that in taxes
that's how we want to work it um you
know what i'm feeling it i think i might
go to the i might i might go whiteboard
can we do it can we go whiteboard
calling an audible this is what peyton
manning would call omaha omaha i'm going
i'm going audible i'm going audible
you're going audible okay gentlemen
people you got to know the trifecta and
this is about your master plan
and the trifecta looks like this
it is let's see where i'm right in here
perfect there we go that's your
foundation that's your revocable living
trust or your 10 40 that's your tax
return now everything flows down like
water flows downhill we're going to flow
it down and it your life's going to be
split into two sides
we're going to put your assets over here
and we're going to put your ops over
here
this is where operations would be your
little side hustle that you start out as
a little llc that's your side hustle and
some of you are already and you're gonna
or graduate to
the s corp
you can take your llc and just make an s
election name doesn't change ein doesn't
change
then you're doing a w-2 and a k-1 and
you're saving taxes out the butt you're
gonna love it so freaking awesome over
here you're just taking draws you're
just taking drugs now i've got so many
different tax write-offs that we'd love
to talk about but your operations are on
the left your assets are on the right
see assets over here might be rentals
investments things like that and you're
gonna have an llc here's the trifecta
the trust owns the llc
the trust owns your business
the truster 1040 is your base so you got
base
assets
operations that's your trifecta and we
want to keep a firewall between your
assets and your operations
boom bank okay i'm giving away a book
i'm gonna give away the business owner's
guide to financial freedom because all
of you here better be a freaking
business owner let's take me off the
whiteboard for a minute and diane who's
my winner on this one
marga
marga marga that's the handle m-a-r-g-a
m-a-r-g-a okay marga you're gonna email
diane at mark jaycoler.com i'll write
that since the whiteboard's up i'll
finish that let me if you're if you win
a book you're going to email diane
d-i-a-n-n-e
at mark
j
kohler.com
okay let's see if they've got a good
question in there and maybe we'll do
that real quick uh how long will they
allow for payment plans todd okay if any
of you let's go off the whiteboard
okay if any of you get into a problem or
you haven't paid the irs
there's a variety of ways to deal with
it the first thing is most of the time
in the first 60 to 90 days you can tell
the irs i'm gonna make a payment
right away and and if you can wrap it up
within 60 to 90 days put it on a credit
card borrow money from family
trust me you don't want the irs hanging
around so if you can get the money
somewhere else
do something illegal whatever it takes
pay the i that was a joke pay the irs
get them off your back and they'll do
that over the phone
it's really just kind of like pay us by
this day send in the payment send it to
me send it the you're going to go into
what's called collection status and
you're going to get an agent that's
going to be working with you to just get
your money
now let's say you're like mark i don't
have the money within the first 60 90
days in which we're talking about kind
of like christmas january of next year
then you can get on with a five-year
payment plan
that's typically the the deal and based
in on the threshold of how much you owe
it may not even show up on your credit
it's just an automatic irs says oh fill
out this form and you get on payment
plan so you got a car payment for the
next five years until you get rid of
that year now you've got to stay current
with what you currently owe in order to
keep the payment plan going now i've got
some articles um out there and this is
guys one to pull from my blog what if i
can't pay the irs i got a great article
on that
and i go through all the options of what
to do if you can't pay the irs so check
that out todd great question
um
i thought mark j kohler was really
talking to me scammers are out there oh
lily what are you talking about i don't
know sorry i would not okay i what i was
saying about scammers is be careful of
anybody doing some sort of crazy bitcoin
ad in there and that wasn't you lily i'm
sure okay all right let's see what else
we got here i can't scroll so i'm going
to leave it alone and i'm going to go to
another
tip
on
avoiding an audit
here's the thing that i really think is
critical about avoiding an audit
is if you don't know what you're doing
don't file your own tax return
i know you want to save a few bucks and
you're thinking i'm going to go turbo or
tax slayer and that's great they're
great programs
but if you don't really kind of have a
good feel of what you're doing and
you're not reading my books and you're
hanging out and getting all geeky with
me on taxes
just pay a preparer now i'm building a
new network of tax preparers around the
country that are mark kohler tax
freaking certified you know that's going
to be happening this coming year and i
can hook you up with some people around
the country and my eas out there that
are watching my tax preparers my cpas i
oh i've got a program coming out that to
help you get
dialed in every strategy i've ever
thought of and the team that i work with
that are so freaking smart we're going
to have that ready for you but in the
meantime people
listen to the podcast study before year
end i'm going to probably do two to
three webinars on just year-end tax tips
my workshop that i'll be doing in
phoenix at the year end it's i think
it's december first and second or for
the november 30th and no december second
and third i'll be doing a live broadcast
of every tax tip i know
tune in and then get ready and if you're
going to prep your own return deal with
it if not find a preparer that is
creative and if you want to avoid an
audit just do it right you know what i'm
saying that's that's obviously a pretty
straightforward tip but we gotta talk
about it okay um
all right i'm gonna hit chase's question
my s corp doesn't get a home office
deduction correct however it would pay
me the homeowner rent correct ooh chase
now this is a great comment in my
article on home office i have a section
for s-corp owners so let's go to the
whiteboard let's hit it here for chase
okay everybody so if i'm here let's go
to our trifecta pretty straightforward
we got a whiteboard there we go okay so
there's my trifecta
if you're doing home office deduction
you're gonna take it over here on
schedule e for your rental property or
schedule c for your side hustle
but for for chase out there he's got an
s corporation well corporations don't
have homes they're a freaking
corporation they've got chase over here
he's the owner
shareholder and w-2 employee so what we
do is a rent
reimbursement
it's as if chase is saying hey i'm going
to let my home
office be used by this corporation and
they're going to reimburse me
and you're going to come up with a
number that would be similar to the home
office deduction a good account is going
to create some little work papers and in
chase's situation it might be 200 or 300
bucks a month
and then we're going to take a rent
deduction in sds corp and then it's
tax-free
to chase
because it's just reimbursement it's as
if you work for microsoft and they go
hey will you use your home for us thank
you we'll give you a little extra money
tax-free to reimburse you for the use of
your home i don't know if microsoft does
that but chase's s corporation can do
that
and so you could do a journal entry at
the end of the year and just book it
right off or every month chase you could
just write yourself a check for two or
three hundred dollars i'm not sure if
that's the amount i'm just using as an
example and say two or three hundred
dollars and it just goes to rent to the
s-corp tax-free to you baby
boom catch that pen drop so
that's how you do it in an s corp so
chase make sure it's on the books you're
doing great um
okay now let's see
uh oh we got a question here once your
escort distributes wages
and a distribution
can you then take a standard deduction
on your 1099
even if you have taken out all the
business expenses through your s corp
no you cannot and be pain
bless your heart this is the type of
question that scares the hell out of me
because
you should be using a tax advisor for
the preparation of your s corp tax
return
because of this type of question and you
know what go to the white board i like b
payne's question i want everybody to
know this let's say that b payne is
driving
uber selling some crap on ebay and doing
a little consulting okay so bpayne has
an s corp
all right now if you have an s corp bpay
might be getting multiple 1099s right
they might be selling crap on getting
money on venmo they're getting money on
apple pay they're doing something on
etsy and they're someone's giving them
cash just directly and b payne's an
honest u.s citizen taxpayer and b's
gonna claim all that income i'm gonna
claim it right on their s chord
then we're going to do a little
allocation
of
w-2
and then take draws we're just going to
take draws so every time b wants money i
if i want money out of my escort i think
i did a draw today and just take a draw
i just go online and i take a draw down
into my personal
bank account
and then i might stop by the grocery
store on the way home today which i will
be and i'm going to stop by the person
and i'm going to use my personal bank
account to go get groceries so i let the
s corp
pay for its business expenses
and then
take a draw and i put it in my personal
bank account and i pay for groceries
now what b brought up was a standard
deduction on your 1099.
that would never take place what's going
to happen down here is on your 1040
after you take your k1
and your w2 and any other income on your
1040 then you're going to take a
standard deduction down here
and so 1099s are way up here everybody
they drop into your s corp or your llc
the standard deduction is down here on
your 1040 level and so there are totally
two different spots and and that's okay
you just need to learn this and that's
why one of the tips here is do not jack
up your tax return by trying to do it
yourself okay
giving away another book what your cpa
isn't telling you
love this book it's a story it'll put
you to sleep at night it's it's a story
i want it to be a made for tv movie so i
even worked in a sex scene i think you
guys will like it it's got a little
viagra action in it no it's pg okay
who's my winner lily lopez louis lopez
lilly lopez lilly lily lopez lily lopez
you're a winner email diane and go diane
i won and then she's gonna get your
mailing address and send you the book
okay
next i've only got a couple more tips
here to avoid an irs audit the next one
is
payroll and i love this if you're doing
s corp see this s corp right here we're
still on the screen
if you got an s corp you got to give
yourself a freaking w-2 and you have to
do that quarterly and you're going to be
issuing it in april july october and
then again in january so at the end of
each quarter first second third quarter
fourth quarter you're going to do a
little payroll report it's called the
941.
now we do this in our office we charge
about 200 bucks a quarter we do all your
payroll this is a service service at
costco i mean you can get payroll
services anywhere adp paychecks whatever
but you you need to be involved in is
choosing the payroll number because too
many accounts are way too conservative
and they're going to make you take more
payroll than i want you to so be careful
there don't take more payroll than you
need to and then you do your you got to
do your payroll reports or you're going
to freaking get audited
okay um
says facts i'm like interesting irs
won't call you todd good job okay in my
first year county line
convenience says
it's my first year getting a 1099 from
ebay and facebook marketplace congrats
that's awesome
should be around 20 grand
any specific items i might not be
thinking about for write-offs
let's have fun everybody let's play with
this okay let's just screw around here
for a minute so county line
is going to have a 10 40 down here
so 10 40 tax return
um
county line made 20 grand in 1099's so
we know we're going to want to be an llc
to grow into the future into an s corp
accounting line is going to be doing a
schedule
c is in charlie all right now this
schedule c
is a form that feeds into your 1040
okay and county line says
what should i be thinking about let's
have fun okay so 1099s drop in about 20
grand
i want to do dining
i want to do travel
definitely going to do some auto you got
to drive to the
apple store at the very least or best
buy
we're going to do electronics i want to
be writing off cell phones cell phone
service computers um supplies i'm going
to put supplies down here anything at
officemax staples home depot
which brings in equipment you might have
equipment scenarios maybe you're running
this could be a schedule e for those of
you that are doing a rental property
you're going to have some different ones
there
i want to put the kids on payroll the
kids may be helping out quit paying
taxes and giving your kids money
have the kids help out with home um
janitorial shredding paper marketing
you're gonna have some marketing
expenses don't forget about that you
might have a little bit of legal getting
your llc set up
um
i want to be funding your retirement
account i'm going to be thinking about
are we going to be doing a little roth
are we going to be doing an ira we got
to be thinking about health care
write-offs what are you doing are you
doing an hsa
do you have health insurance and you say
well health insurance is paid for at my
work okay well do they pay for
everything could we be doing something
on the side should we do it doing an hra
oh what else is in my normal list of
things that i love
gosh there's something i'm missing here
i think this is pretty good that's what
i've been thinking about people we want
to be taking rhinos for all that jazz
all right okay couple last items here
and then i'm gonna give away our last of
our books
um okay of my 10 tips which one am i
missing here attaching additional
statements and comments
that goes along with preparing your
return
with a a um
a professional or really knowing what
you're doing okay i think i'm on the
last one here and that is going to be
be aware of industry averages or common
expenses if you're a realtor you're
going to have a lot in mileage
auto
dining because you're out on the road
whining and dining a dentist is going to
have a lot of payroll
rent
supplies equipment so whenever i see a
dentist with a lot of auto expense i'm
like whoa whoa whoa that doesn't look
right
you're going to get audited you want to
be kind of being certain boundaries now
if you're using good software or tax
professional they're going to be able to
look at your business for your
landscaper a consultant whatever and go
based on your industry code you got some
expenses here that are kind of weird
like why do you have that expense no one
else does in your industry you kind of
want to be thinking logically is this
going to grab attention you want to be
you want to be under the radar you don't
want to be michael anthony hall and 16
candles at jake's party getting noticed
you don't want to do that you want to be
under the radar you want to be jason
bourne you're just blending you're just
blending no one sees you coming all
right
um kitkat says is your office taking new
clients here's thank you kitkat for
throwing me a little softball there let
me
okay kitkat let me say this everybody
out there one of the first things i
recommend
is get a tax consult with one of my tax
lawyers and build a trifecta plan do you
need to do entity do you need to clean
up one of your llc's or corporations
that's laying around we can look at a
couple years tax returns
and i want to save you 10 times whatever
you pay us
now we've got all sorts of options you
might just pay for one hour you know we
do a full consult it's gonna be around a
thousand bucks or something like that
some of you are just starting your
business don't pay for that take your
time soak up our podcasts my youtube
videos
come to one of my workshops this fall i
got five workshops get over to mark j
kohler.com great workshops you can watch
online come in person
but
kitkat um
we are not doing new clients for tax
returns for last year
we have a a list we're getting a list of
all of our clients that want to be
a new patrons that want to be clients
this coming year so call the office
you want to
gosh
can you put some of those links down in
there caney cpas and and the law firm
some of the phone numbers i would start
out with just going to kkos lawyers
or
ke-cpas.com
those will be down in the description
and just line up
an initial consult get a review of your
tax returns get a plan now between now
and october 15th the accounting firm
swamped it's a good time between october
and christmas to get a little consul at
the accounting firm law firm we can we
will find a spot for you within the next
10 days two weeks and really kind of
help you get on a plan
um
adam says can you speak to how when we
take our most maximum deduction but then
if we want to sell people want to see
their taxes might not look as good as
profit and loss
okay can you speak to how when we take
our most excellent action then we want
to sell people
we want to see the taxes might look as
good as profit
okay here's what i think adam whitney's
saying
mark you make my taxes look so low i
can't go to the bank and get a loan
and so your write-offs are great i'm not
getting audited
and it's freaking awesome but now i got
to go get a bank loan and i want to show
more profit in my business
that's a balancing act um one of the
best things to do is be working with a
lender that understands small business
and they're freaking not going to beat
you up for having a really smart tax
return
uh if you walk into your local credit
union and you don't fit in our little
box you're not going to get a loan right
and so you want to be um
aggressive and
networking to find the right lender if
you're trying to show a tax return that
has profit but also not getting screwed
by the irs and it's a balance it really
is some clients will show more revenue
one year to refinance their home or buy
a new home and then next year they get
back to writing off everything under the
sun so
be careful um
b payne says with this new 80 billion
dollars going to the irs what is your
gut feeling on how this will affect
small business owners well that's the
whole point of this freaking broadcast
be paying and that is the irs is going
to be auditing more people that's what
i'm trying to say that's why i want to
tell you these are some tricks to avoid
the audit
they and the irs doesn't know who the
cheats are they're going to throw a big
net out there they're going to audit you
know a random selection based on these
10 things that i'm talking about so you
don't want to be in that cast of a net
and the irs is wondering if you're using
round numbers if you're cheating if
you've got out of line numbers or you're
not filing on time or you're not filing
payroll or is all these little tips i'm
giving you is going to keep you
hopefully out of the fray when the irs
starts doing more audits which they're
going to do they're doubling the size of
the irs
um
kazuzi says how backed up are you at the
office i need a trifecta i can get you
with one of my tax lawyers in the next
two weeks easily to get your trifecta
built for you people and what oh my gosh
they look so freaking cool i do a
trifecta with all these bubbles and
where's your money going and how's your
ira and your 401k and your data and we
build a plan for your next year and
we're not talking five ten thousand
dollars and some of these companies that
are not even freaking lawyers that are
ripping people off watch out for them if
you're not talking to a real lawyer
that's affordable and simple and making
sense
you're at the wrong space and we are i
really am worried about customer service
you call my office if you're frustrated
and you talk to us about what you
received and what you paid for and the
team the scheduling paralegals are
amazing they'll make sure you get the
right person all right let's see if
there's any final i'm going to give away
another book let's give away um a tax
and legal playbook diane give me a
winner todd e oh todd e oh tadio's been
boom he's been asking questions we love
you todd you're a winner
email diane markjaykoller.com get over
your address we're good to go
uh let me hit another question bridget
do you have to set up an llc for rental
properties yes bridgette you do okay
this is great whiteboard everybody
whiteboard a lot of people say mark when
do i set up an llc okay there's two
instances where i want to see many of
you in an llc
first
you might need your revocable living
trust if you're just getting started
married or single here's your 10 40.
remember you're trifecta this is your
foundation
then if you buy a rental property
and anything goes wrong on the rental
bridget you're getting sued
they're going to come after your home
equity garnish your wages come after any
asset you got when you have a rental
property people that's when you set up
an llc and we don't set it up in
freaking nevada or delaware or wyoming
we set up the llc now we have advanced
strategies down the road but you're
going to set up an llc
in the state where your rental is so if
bridges got a rental in tennessee we're
going to set up a tennessee llc and
we're going to transfer the rental into
the llc and you're going to go well mark
i have a bank and they're going to freak
out no they're not the due on sale
clause is i've had one time in 20 years
thousands and thousands of deed
transfers to llcs and the bank was like
what's going on
do you don't go into the bank they've
already sold your damn mortgage you're
gonna set up an llc after you close and
then transfer the property
into the llc let the llc be on the lease
agreement
and you're going to collect rent you're
going to take all the freaking
write-offs you're going to relove all
these write-offs and you're going to
report on a schedule e bridget call my
office get an l we have an 800 llc set
up you talk to a real lawyer they're
going to get you dialed in if you want
to pay a little bit more we'll design a
trifecta for you and a plan for the year
maybe look at tax returns all sorts of
goodies but give the office a call
anybody you can go to kqslawyers.com
don't use my law firm if you don't like
us that's fine but use someone don't
don't go freaking try to knock this out
on turbo tax or on um legalzoom and
think you're going to do it right it's
your first time be careful
so bridget you want an llc for that now
the second time i want an llc is for you
people that are starting to side hustle
if you're starting a side hustle let's
start as an llc
and then we can graduate to an s corp
when the time's right do you know how
much we charge to convert to an s corp
200 bucks 200 bucks
you can convert to an escort in the
times right i've i've been on the phone
with my daughter sydney several times a
day sydney shout out she's my realtor
down in southern california kicking butt
what did we do we set up an llc for her
as soon as she hits the income level we
want
we're going to convert her over to an s
corp her name doesn't change her ein
doesn't change it's all good okay last
question that i'm going to give away two
more books and we're wrapped up does the
irs negotiate the amount you might owe
so people that's in my article it's down
in the description what if i owe the irs
and can't pay you can do what's called
an offer and compromise
they're not easy they want to see you
dirt poor and they're going to make you
stay dirt poor until they cut you a deal
kit kat people
pay the damn irs and move on it is not
worth so it's you and there are i've had
cases where clients get they owe the irs
100 grand and they only owe a thousand
when you're done but guess what they're
dirt poor and they had to prove it for
two years and live
dirt poor before the irs cut them a deal
it is not um
it's crazy uh jared says marky mark uh
new vehicle purchase what tax and
complain
implications does it elevate my chances
okay first of all if you bought a new
car that was a great write-off love it
we're going to decide between mileage or
actual it is not going to get you
audited to put a vehicle in your
business freaking do it i want you to
write the hell off of that thing and
jared take advantage of every penny you
can i've got an article in my blog you
can go to markjaykohler.time mark
marjoller.com and in the blog just type
in auto just type auto in the blog
search i've got a great auto with seven
ways to write off your auto get over
there check it out you're gonna love it
um
alex says i need to set up an s corp
this year what is the last day i have to
do it by oh
okay alex
if you don't have an llc already when
you set up the s corp it's only good for
the rest of the year from the day you
set it up so if you set it up september
1st you only get to use it september
october november december you only got 4
months of benefit
so if you're making money alex you got
to get that thing set up call the office
immediately get your s corp going you
can't set it up in december and go oh
it's good for the whole year nope ira
says oh you set it up december 1st you
get to use it for the month of december
and then you're screwed for the last 11
months so alex get on it um
okay i thank you janie for making that
post people there's a fictitious mark
kohler that is not really there it is
not me and they are scam artists do not
listen to anybody that's got any 0.00
whatever the hell a bitcoin it is a scam
it is a bot stay away
um
my kids win certified tax preparer here
let me know mark my kids win i'm coming
out with the sweetest
tax certification program of tax
strategies you're gonna love it it's
affordable it's gonna make sense i'm
gonna have a referral network that you
can participate in to get clients you're
gonna love it okay everybody i'm giving
away the last two books and we're
wrapping it up financial freedom who's
my winner
marlee toredo marley
torreido toreto marley teredo make sure
you email diane with two n's at
markjaykohler.com
and what your cpa isn't telling you the
gameplay drug earl thomas earl thomas
thank you diane okay earl you're a
winner as well in life and of a book
everybody
the irs is getting bigger the irs has
doubled their budget they are going to
be auditing more people
get your crap together save taxes it's
okay to write things off it's okay to be
on top of it there are loopholes that
are legit and are not going to lose in
an audit but you got to be the captain
in your ship you got to be your own damn
quarterback people i'm not going
anywhere i have a podcast every week i'm
going live every week i got youtube
videos i've got articles out there i
love the american dream i want to see
you succeed don't give up keep learning
the dream is real and this tax illegal
making money and saving money same damn
thing see you next week