Podcasts Business Investing Your Money, Your Wealth Will Your Taxes Get Audited? - 69

Will Your Taxes Get Audited? - 69

Published: Oct. 1, 2016, 5 p.m.

Joe Anderson, CFP\xae & Alan Clopine, CPA discuss the latest statistics on who\u2019s 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 Note that content may be outdated as rules and regulations have changed.\xa0

00:00 - Intro

00:56 - \u201cThe latest stats on how often we\u2019re being audited. Who\u2019s more likely to get audited? I\u2019ll take it one step further \u2013 what do you do if you get audited?\u201d

09:44 - \u201cThere\u2019s such a lack of planning, and that\u2019s why we do the show.\u201d

13:30 - \u201cThe oldest baby boomers are turning 70 \xbd; those who were born in the first half of 1946. When they turn 70 \xbd that triggers a required minimum distribution (RMD)

17:42 - \u201cThe truth is, our tax rates now are lower than most times in our history...\u201d

22:28 \u201cA sole proprietorship goes on your tax return on what\u2019s called schedule C. You show your income, you show your deductions, and whatever the profit is \u2013 that\u2019s what you pay income taxes and self-employment taxes on.\u201d

26:22 - \u201cIn general, corporations have a lesser chance of being audited than individuals.\u201d

34:02 - \u201cIf you have to go to an audit office, here\u2019s what you do\u2026\u201d