5 IRS Red Flags That Can Trigger an Audit & How to Avoid Them | News & Trends - Best Webhosting

ULTRAFAST, CHEAP, SCALABLE AND RELIABLE! WE STRONGLY RECOMMEND ACCU WEB HOSTING COMPANY

Watch WebHosting GoDaddy Video: 5 IRS Red Flags That Can Trigger an Audit & How to Avoid Them | News & Trends.
Don’t miss these red flags that may trigger a tax audit and hear The Self-Employed Tax Guy reveal important steps to prepare for Tax Day 2022. Subscribe to GoDaddy on YouTube: http://bit.ly/GoDaddy-Subscribe

0:00 Who is Tyrone Gregory?
0:25 What is an IRS tax audit?
0:45 Failing to report all your income
1:25 Taking high tax deductions
2:20 Claiming business deductions vs personal use
3:30 Taking losses
4:15 Guessing on your expenses
5:00 Preparing for Tax Day 2022

When you’re self-employed, the last thing you want to deal with is a tax audit. That’s why The Self-Employed Tax Guy, Tyrone Gregory, discusses the five red flags that might trigger an audit — and how to avoid them before Tax Day. Even though a tax audit is typically a random occurrence, it’s still important to be prepared in case the IRS comes knocking on your door. Tyrone says one of the biggest IRS triggers is failing to report all of your income, including 1099s, while self employed. Other IRS red flags, like taking higher than average deductions, claiming 100% business use for personal use items and “guessing” on your expenses, can also trigger an audit. As long as you’re totally accurate and have proof of all your expenses to back you up, you’ll have nothing to worry about. And when it comes to reporting losses, it’s a natural part of the entrepreneurial journey — but reporting losses more than two years in a row can make the IRS question if it’s a real business or just a hobby. As Tax Day 2022 approaches, Tyrone recommends making sure you have a business bank account and organized system in place to track all of your expenses in case a tax audit comes your way.

Learn more about Tyrone Gregory:
https://www.theselfemployedtaxcompany.com
https://www.youtube.com/c/TheSelfEmployedTaxGuy
https://www.twitter.com/TheSETaxGuy
https://www.instagram.com/theselfemployedtaxguy
https://www.linkedin.com/in/tyronegregory

Learn more about GoDaddy:
https://www.godaddy.com
https://www.youtube.com/user/godaddy
https://www.instagram.com/godaddy
https://www.facebook.com/godaddy
https://www.twitter.com/godaddy

The information contained in this video is provided for informational purposes only and should not be construed as an endorsement or advice from GoDaddy on any subject matter. This content does not constitute legal or tax advice. Consult your professional advisers prior to acting on any information set forth herein.

#GoDaddy #SmallBusinessNewsandTrends #SmallBusiness #SelfEmployed #TheSelfEmployedTaxGuy #AuditRedFlags #TaxDay2022 #IRSRedFlags #Taxes2022 #BusinessDeductions

Published: Thursday, July 14, 2022 9:31 PM
Category: WebHosting GoDaddy

18 Views

Related Videos

Google Trends & Holiday eCommerce Marketing Tips 2021 | News & Trends

by Best Webhosting Added 1 year ago 20 Views / 0 Likes

Google’s Head of eComm shares specific steps small businesses can take to optimize their holiday marketing strategy in 2021. Watch more Small Business News & Trends videos: https://bit.ly/biznewsandtrends 0:00 Who is Chris Moreno? 0:20 Holiday marketing shifts in 2021 1:02 Importance of having a strong online presence 1:43 Broadening your consumer audience 2:00 Google tools and platforms for holiday shopping 2:50 Importance of automation in ecommerce
5 Mistakes That Could Ruin Your Business | News & Trends

by Best Webhosting Added 1 year ago 17 Views / 0 Likes

Leadership coach Kathy Caprino reveals the risks, mistakes and rewards that small businesses must be aware of to reach long-term success. Watch more Small Business News & Trends videos: https://bit.ly/biznewsandtrends 0:00 Who is Kathy Caprino? 0:19 Business investment mistakes 0:40 When to take a financial risk in business 0:56 Finding the right business partners and employees 1:30 Being an effective business leader 1:57 Avoiding burnout as a small b
Tips for Becoming a Successful Gen Z Entrepreneur | News & Trends

by Best Webhosting Added 1 year ago 23 Views / 0 Likes

Gen Z blogger Marcus Cook shares tips to help fellow young entrepreneurs jump on the opportunities to build wealth and become your own boss. Watch more Small Business News & Trends videos: https://www.youtube.com/playlist?list=PLdg4YtrtIzunoi9ECq7dOotFU3ElwkQcR 0:00 Who is Marcus Cook? 0:27 Importance of Gen Z workers 0:53 Why Gen Zers should become a freelancer 1:27 Managing debt and reaching financial freedom in your 20s 2:09 Building wealth as a Ge
Does Business Credit Really Matter? | News & Trends

by Best Webhosting Added 1 year ago 23 Views / 0 Likes

Don’t miss these common misconceptions about business credit from a Nav credit expert and why a credit score is much more than a number. Subscribe to GoDaddy on YouTube: http://bit.ly/GoDaddy-Subscribe 0:00 Who is Gerri Detweiler? 0:18 Does business credit matter? 0:31 Do lenders, vendors or suppliers check your business credit scores? 0:47 Do insurance companies check business credit? 0:51 How can your credit impact getting a business contract with a
3 Tips for a Successful Customer Experience | News & Trends

by Best Webhosting Added 1 year ago 12 Views / 0 Likes

PayPal executive describes how brand personalization impacts the customer experience for small business success. Subscribe to GoDaddy on YouTube: http://bit.ly/GoDaddy-Subscribe 0:00 Who is Rama Mallika? 0:28 The importance of brand personalization in 2021 0:50 Creating your brand purpose 1:30 Improving customer connection for your small business 2:00 Focusing on the customer experience for your online store With a growing demand for brand personaliza
3 Big Misconceptions about Business Credit & Financing | News & Trends

by Best Webhosting Added 1 year ago 22 Views / 0 Likes

Don’t miss these common misconceptions about business credit and how it can impact your financial growth as a small business owner. Subscribe to GoDaddy on YouTube: http://bit.ly/GoDaddy-Subscribe 0:00 Who is Rohit Arora? 0:21 Difference between personal credit and business credit 0:40 Negative impact on business credit due to AP/AR 1:12 Getting business loans with low credit scores 1:40 Does a large bank account mean a good credit score? 2:00 Will bo
Sell Anything with the Power of Marketing Psychology | News & Trends

by Best Webhosting Added 1 year ago 15 Views / 0 Likes

Marketing expert Adam Erhart shares a unique (but crucial) marketing strategy that helps small businesses make more sales. Watch more Small Business News & Trends videos: https://bit.ly/biznewsandtrends 0:00 Who is Adam Erhart? 0:19 Understanding consumer psychology 0:43 What is the anchoring effect? 1:19 What is the mere exposure effect? 2:29 What is the paradox of choice? With many marketing strategies out there, how can small business owners know w
Over 50 and Want to Start a Business? 3 Barriers to Overcome | News & Trends

by Best Webhosting Added 1 year ago 21 Views / 0 Likes

If you’re ready to turn your hobby into a business as an older adult, career expert Marc Miller reveals the mindset needed to overcome fear and succeed well beyond your golden years. View more News & Trends videos: https://bit.ly/biznewsandtrends Subscribe to GoDaddy on YouTube: http://bit.ly/GoDaddy-Subscribe 0:00 Who is Marc Miller? 0:31 How to overcome fear of failure 0:53 How to get a growth mindset as an entrepreneur 1:22 Free professional learni
Content Marketing Mistakes & How to Fix Them with Joe Pulizzi | News & Trends

by Best Webhosting Added 1 year ago 16 Views / 0 Likes

Serial entrepreneur and author, Joe Pulizzi, reveals content marketing tips that will totally change the way you reach customers online. Watch more Small Business News & Trends videos: https://bit.ly/biznewsandtrends 0:00 Who is Joe Pulizzi? 0:36 Building relationships online 1:15 Expanding your reach online 1:58 Which online platforms should your business be on? 3:07 Finding the sweet spot for effective content marketing 4:00 The power of being great
What is a Brand Archetype (and Why Your Small Business Needs One) | News & Trends

by Best Webhosting Added 1 year ago 19 Views / 0 Likes

Philip VanDusen, Founder of Brand Design Masters, breaks down the importance of a brand archetype and how it can bring major success for your small business. View more News & Trends videos: https://bit.ly/biznewsandtrends Subscribe to GoDaddy on YouTube: http://bit.ly/GoDaddy-Subscribe 0:12 Who is Philip VanDusen? 0:22 The importance of creating a brand personality 1:00 What is a brand archetype? 1:10 Types of brand archetypes 1:56 Steps a small busin
How Women of Color Can Negotiate in Business | News & Trends

by Best Webhosting Added 1 year ago 19 Views / 0 Likes

Do you struggle to ask for what you need as a business woman of color? Check out these 4 tactics to negotiate in the workplace and step into your power. View more News & Trends videos: https://bit.ly/biznewsandtrends Subscribe to GoDaddy on YouTube: http://bit.ly/GoDaddy-Subscribe 0:00 Who is Deepa Purushothaman? 0:20 How to negotiate by trading and bartering 1:18 Strategies to ask for what you want 2:16 Asking questions during negotiations 3:00 Shoul
Expert Tips for Becoming a Digital Nomad | News & Trends

by Best Webhosting Added 1 year ago 16 Views / 0 Likes

Digital nomad and small business owner talks about learnings and steps to help others work remotely across the world. Subscribe to GoDaddy on YouTube: http://bit.ly/GoDaddy-Subscribe 0:00 Who is Tasha Prados? 0:25 Types of digital nomads 0:58 What does it look like to be a digital nomad? 1:33 Communicating your remote work process with clients 2:03 Taking advantage of your remote work lifestyle 2:30 How to become a digital nomad as a small business ow