Are You Filing Your Taxes Correctly? IRS Warns Small Businesses | The Millionaire’s Roundtable

Tax Experts Warn of IRS Audits for Small Business Owners
Welcome to The Millionaire’s Roundtable episode with MC Lyte + Attorney Stokes.
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[@TheEsterp5776]

Just started my first new business so excited for my future never felt so free ❤️👏

[@mercyjalpert4494]

I bought the Get Your Money Back and found it very useful and I'm sharing it with my friends. Thank you, Lynn, for your knowledge and expertise!

[@alisonfranklin4494]

This was so helpful however; it’s a little bit overwhelming and can be discouraging to start a business that’s a passion and deal with the IRS coming after the small business. My interest and purpose with my small business that I started 8-31-2022 is to empower people but more importantly, I want to stimulate the economy. My goal is to hire 2 employees in 2023. If the IRS wants to stress out small businesses; I’m going to rethink this thing. Nevertheless, your information is so valuable. It’s just that I am so fed up with so many scare tactics.

[@tashirose1244]

I've dealt with auditors for large corporations for accounting and HR and it has always gone smoothly because it's about keeping good records and being organized.
Have a tax professional do your yearly taxes and you can also have them come in and manage your quarterly or monthly taxes depending on how much your business is making. You can have a bookkeeper handle you receipts and document your expenses, etc.
It can be overwhelming at first until you actually see for yourself what it entails. You can pay ADP to generate and cut your checks for wages which will include distribution of you state and Fed taxes for you and your employees.
If you are working alone it's simple make sure you file your quarterly or monthly taxes whichever applies to you for your state and when you file your income taxes your accountant will attach the tax form for your business to your personal taxes you'll pay more for the business tax vs. your personal taxes but it's not complicated just more expensive because maintaining a business can be expensive.
This info is what I know of for LLCs... for S Corps, etc I'm not sure of the details of how those entities are handled tax wise.
Hope this helps
Just keep records of every transaction and keep up with the insurance and taxes. Keep everything organized and be prepared to reserve 20% to pay your taxes.
All the best

[@travelone753]

Thanks for all of your money tips Lynn!!

[@BKMeMa]

I’m a BK consultant I need to hear this.

[@melaniehicks7815]

Thank you ❤

[@shoeaholik1]

I have a small business Home based business and I was Audited. I had to pay $269.00. The letter basically said pay or else. So I just paid it. Also another thing is that if you deposit more than $200.00 They are requesting an ID to deposit your money. I live in Boston MA.

[@marciamarcia7449]

Did they explain the 269?

[@gailnorman6040]

Thanks for all the knowledge shared (Golden Nuggets)

[@tracydavis148]

Hey Auntie! 👋🏽

[@valeriemartini6315]

I need help to save on taxes. What choices can I make differently? What training would help?

[@jtdillard1452]

Thank you so much for this info....

[@paulettepra]

Thank you so much

[@scorpiogeyser5211]

I was informed how I should never owe or be owed too much..But how much is too much?😑

[@tashirose1244]

Basically stay on top of paying your taxes and you'll be ok 👍

[@mcdollard7469]

MC LYTE is there listen to mm mm mm😊😊😊