Why Sole Proprietors Get Audited More (Why S-Corps Are Better!)

Being audited can feel like a scary occurrence that more than a few of us go through each year. Well, if you're a sole proprietor your chances of getting audited are slightly increased rather than having an s-corp. Let's discuss the best practices to avoid being audited.

There are steps you can take to prevent yourself from falling into the web of auditing.

Don't ever represent yourself in an audit 0:50

First off, what does it mean to be audited?

Simply put, it can mean a mountain of consequences if you have not been properly keeping your accounts in order.

"They are going to take a look at your return and they are going to want to see backup" 3:45

When audited, you’ll have someone looking into your records and accounts to make sure you have been doing everything by the book.

You get an audit, they're going to say do you have this information, you say yes right here 17:49

Claim Your FREE 45-minute Investment Strategy Session to receive business planning tips and asset protection. 👉 https://aba.link/lhj

We hope you were able to learn something from this video and that it helps you get your taxes under control.

Are there any comments, questions, or topic suggestions you would like to share with us? We check our comments section regularly and love to hear from each and every one of you watching, so be sure to leave us something positive.

We also ask that you share this video with those you feel would benefit from it. Audits can hit anyone, so sharing this video could really help your loved ones out.

Lastly, like and subscribe! If you enjoyed the content you witnessed, then consider showing your support and admiration by doing these quick actions.

Thank you for watching, and have a great day!

0:00 Intro
0:15 Misconceptions Surrounding Audits
1:35 How One Gets Picked for Auditing
7:16 Schedule C Fillers
10:11 Numbers Related to Auditing
13:02 Dirty Dozen List and Audits
15:33 Do Not Worry, Keep Records, and Hire Professionals
19:00 Outro

---------------------------------------------------------------------------------------------------------
SUBSCRIBE
https://www.youtube.com/c/TobyMathisE...

~~~~

FREE REAL ESTATE INVESTMENT STRATEGY SESSION

Claim Your FREE 45-minute Investment Strategy Session to receive business planning tips and asset protection. 👉 https://aba.link/lhj

FREE TAX & ASSET PROTECTION WORKSHOP

Learn about Real Estate & Asset Protection from Clint Coons, Esq, and Toby Mathis, Esq. at our next all-day free Livestream 9 am to 4 pm PT. on Saturdays. Our attorneys and specialists will answer ALL questions: 👉 Save Your Seat: https://aba.link/359

TAX TUESDAY LIVE

Toby Mathis, Esq. and Jeff Webb, CPA will answer ALL your questions LIVE on Tax Tuesdays every other Tues 👉 https://aba.link/3cs

OTHER ANDERSON ADVISOR EVENTS

Learn a rich selection of subjects like tax and asset protection, business, investing, and much more. Our partners, attorneys, and other skilled experts will help you learn what you need to know in order to better your chances of success in your professional life.
https://aba.link/tobyevents

~~~~

FINANCIAL PLANNING & TAX RESOURCES

📚 Order Your Copy of "Infinity Investing: How The Rich Get Richer And How You Can Do The Same" Here: 👉👉 👉 https://aba.link/IIWbook

Order Your Copy of ”Tax-Wise Business Ownership" and find greater success through taking advantage of tax laws for your business. Here 👉 https://aba.link/tobyshop

Visit Anderson Advisor's website for content, like articles, podcasts, and more that we publish alongside my channel. 👉 https://aba.link/tobyaba

~~~~

FOLLOW US:

Instagram: https://aba.link/instagram
Facebook: https://aba.link/facebook
Twitter: https://aba.link/twitter
LinkedIn: https://aba.link/linkedin
TikTok:   / tobymathisesq  

~~~~

CONTACT US
Phone: 800.706.4741
Email: [email protected]
Fax: 702.664.0545

ABOUT TOBY MATHIS

Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at https://aba.link/tobyaba

---------------------------------------------------------------------------------------------------------
The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

#tobymathis #audit