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All the Hacks with Chris Hutchins
Debunking Tax Myths, Avoiding Audits and Maximizing Savings with Jasmine DiLucci
Nov 6, 2024
49:33
Snipd AI
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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Quick takeaways
- Many misconceptions about tax deductions exist, particularly regarding personal expenses like grooming, which must meet stringent criteria to qualify.
- Hiring family members for business tasks involves complexities, requiring proper documentation and genuine workload evidence to ensure IRS compliance.
Deep dives
Misconceptions About Tax Advice on Social Media
Many individuals misunderstand the complexities of tax law, leading to the spread of misinformation on platforms like social media. The speaker highlights that people often misinterpret tax statutes without considering additional layers, such as treasury regulations and court cases, that provide context and depth to tax law. It is common for those sharing tax advice online to lack comprehensive expertise, often resulting in incorrect assertions. Consequently, individuals should approach tax advice found online with skepticism, recognizing that it may stem from superficial understanding rather than expertise.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode