The WealthAbility Channel

Best and Worst States for Taxes
12 Questions to Ask Your CPA: https://cclnk.net/1qlm-rj9o Work With My Team: https://cclnk.net/daq-elmb Timestamps 00:00 Why no 1099 does not mean no taxable income 01:10 Schedule C audits and your bank deposits 02:30 Why your books matter more than your 1099s 06:06 1099-K forms, LLCs and tax classifications Many business owners calculate their income by adding up the 1099 forms they receive. That is not how taxable business income is determined. In this video, Tom Wheelwright explains why income generally must be reported even when a client never issues a 1099. He also reveals what the IRS may examine during a Schedule C audit, why business owners need accurate books, and what happens when their records do not match their information returns. You will learn the difference between gross payments and taxable profit, why an LLC does not automatically change your federal tax treatment, and how sole proprietorships, S corporations, C corporations and partnerships are taxed differently. Your 1099s should be used to check your records, not create them. Self-employed business owners generally must report taxable business income even when a customer does not issue a Form 1099. An LLC is a legal structure, not a federal tax classification, and it may be taxed as a sole proprietorship, partnership, S corporation or C corporation. Accurate bookkeeping helps business owners reconcile 1099 forms, cash receipts, payment-platform transactions and bank deposits before filing their tax returns. During an IRS examination, unexplained bank deposits may be treated as taxable income unless the taxpayer can document that they were loans, transfers, capital contributions or other nontaxable deposits. LLC taxes, LLC tax mistakes, Schedule C, Schedule C audit, self-employment income, self-employment tax, 1099 income, no 1099 income, Form 1099, 1099-K, IRS audit, IRS bank statements, business income reporting, LLC tax classification, sole proprietorship taxes, S corporation taxes, S Corp election, business bookkeeping, taxable business income, unreported income, IRS penalties, small-business taxes, self-employed tax mistakes, Tom Wheelwright, WealthAbility, Tax-Free Wealth
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Red Flag or Green Flag? Best States for Taxes
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Why Not to Hold Real Estate in a C Corp
12 Questions to Ask Your CPA: https://cclnk.net/1qlm-jj28 Work With My Team: https://cclnk.net/daq-ldlm Timestamps 00:00 Why cutting retirement expenses can backfire 01:31 Why tax planning still matters after retirement 03:42 Insurance, maintenance, and the risks you absorb 06:47 Liquidity, forced selling, and income-producing assets Retirees should be careful when cutting expenses because eliminating tax planning, insurance, property maintenance, and cash reserves can expose their retirement savings to larger financial losses. Keeping sufficient liquidity can prevent retirees from being forced to sell investments during a market downturn or create unnecessary taxes when an unexpected expense occurs. Before selling an income-producing asset in retirement, compare its after-tax cash flow and risk with the income the sale proceeds could realistically generate elsewhere. retirement expenses, expenses not to cut in retirement, retirement planning, retirement mistakes, retirement budget, wealthy retirement, tax planning in retirement, retirement tax strategy, retirement insurance, insurance after retirement, retirement cash reserves, retirement liquidity, sequence of returns risk, income producing assets, retirement income, selling assets in retirement, property maintenance, CPA retirement planning, how to protect retirement savings, Tom Wheelwright, WealthAbility, Tax Free Wealth
Never Cut These 5 Expenses After You Retire
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