All the Hacks with Chris Hutchins Debunking Tax Myths, Avoiding Audits and Maximizing Savings with Jasmine DiLucci
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Nov 6, 2024 In this chat, tax attorney and CPA Jasmine DiLucci shares her expertise on demystifying tax misconceptions and maximizing savings. She tackles the importance of leveraging IRS transcripts and avoiding misleading online tax advice. Jasmine highlights common audit triggers, the significance of proper documentation, and offers strategic tips for year-end planning. She also emphasizes the necessity of clear intent when categorizing business expenses and provides insights into the audit process, encouraging listeners to proactively manage their tax responsibilities.
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Misleading Tax Advice Online
- Many online tax advisors offer surface-level advice based on statutes without considering regulations or court cases.
- This often leads to incorrect interpretations and bad tax advice.
Clothing and Haircut Deductions
- A tax preparer incorrectly deducted haircuts and blue suits as business expenses, claiming they were part of his "brand."
- Court cases consistently reject such deductions for personal grooming and clothing suitable for personal use.
Hiring Your Kids
- Hiring your kids can be legitimate, but maintain strong procedural records.
- Have contracts, hours logs, and W-2s to demonstrate the legitimacy of their employment.