1
00:00:00,040 --> 00:00:02,120
Speaker 1: What a weird, weird tax here, man, I don't even

2
00:00:02,160 --> 00:00:04,240
Speaker 1: know what's going on. Let's talk to somebody smart about this.

3
00:00:04,280 --> 00:00:09,640
Speaker 1: It's Armstrong and Getty extra large because four hours, simply enough,

4
00:00:10,480 --> 00:00:15,840
Speaker 1: this is Armstrong and Getty extra large. So two years

5
00:00:15,880 --> 00:00:18,360
Speaker 1: in a row, because of the pandemic, the government said, nah,

6
00:00:18,480 --> 00:00:21,600
Speaker 1: tax days, not April fifteenth. We're putting off this year.

7
00:00:21,600 --> 00:00:23,319
Speaker 1: They put it off till what is it is? It

8
00:00:23,400 --> 00:00:27,360
Speaker 1: May fifty fifteen falls on a weekend, so May seventeenth,

9
00:00:27,400 --> 00:00:30,840
Speaker 1: I believe, is the official deadline. But let's delve into

10
00:00:30,880 --> 00:00:33,559
Speaker 1: that question much more with longtime friend of the Armstrong

11
00:00:33,600 --> 00:00:36,960
Speaker 1: and Getty show, tax attorney a cp A Stephen Moscow.

12
00:00:37,000 --> 00:00:39,200
Speaker 1: It's Stephen. How are you, sir? Great and happy because

13
00:00:39,200 --> 00:00:41,159
Speaker 1: you know how much I love talking about tax and

14
00:00:41,240 --> 00:00:44,000
Speaker 1: thanks so much inviting me. Sure, you're a man who

15
00:00:44,040 --> 00:00:46,080
Speaker 1: loves what he does, which is a great What do

16
00:00:46,120 --> 00:00:48,640
Speaker 1: you think is going to be the biggest like, I

17
00:00:48,680 --> 00:00:52,360
Speaker 1: don't know, mistake or or a problem that people run

18
00:00:52,360 --> 00:00:55,240
Speaker 1: into with not so much the moving of the tax date,

19
00:00:55,280 --> 00:01:00,520
Speaker 1: but just this whole crazy year that was good. Remant

20
00:01:00,600 --> 00:01:05,399
Speaker 1: is giving away so much that my biggest concern for

21
00:01:05,480 --> 00:01:07,959
Speaker 1: people is they're going to miss out on all types

22
00:01:08,000 --> 00:01:10,000
Speaker 1: of benefit because most of the things you have to

23
00:01:10,040 --> 00:01:13,640
Speaker 1: ask for him to get them would be a crying change. Well,

24
00:01:13,680 --> 00:01:15,440
Speaker 1: I need to pay attention. I got pencil in hand.

25
00:01:15,440 --> 00:01:18,600
Speaker 1: What what what can I get? Well, all kinds of things.

26
00:01:19,000 --> 00:01:21,080
Speaker 1: First of all, a lot of people have said, hey,

27
00:01:21,080 --> 00:01:25,240
Speaker 1: they didn't get their rebate money. What's going on? No problem,

28
00:01:25,319 --> 00:01:27,400
Speaker 1: you can claim it on your tax return on the

29
00:01:27,480 --> 00:01:30,800
Speaker 1: ten forty line thirty. You go ahead and claim what

30
00:01:30,840 --> 00:01:32,440
Speaker 1: you didn't get and that's how you get it back.

31
00:01:33,280 --> 00:01:35,720
Speaker 1: And another thing is a lot of people will say, hey,

32
00:01:35,920 --> 00:01:39,399
Speaker 1: when's my money coming? What's going on here? The I

33
00:01:39,600 --> 00:01:43,360
Speaker 1: r S has a mobile app, it's i RS to Go.

34
00:01:44,600 --> 00:01:47,280
Speaker 1: It's i r S the number to go, and you

35
00:01:47,280 --> 00:01:50,280
Speaker 1: can check your refund status on that. You can all

36
00:01:50,520 --> 00:01:55,960
Speaker 1: yeah really, and you can also get free tax preparation assistance.

37
00:01:56,040 --> 00:02:00,280
Speaker 1: So basically in these laws there's something for every body. There.

38
00:02:00,320 --> 00:02:04,280
Speaker 1: There's people that are lower income, people that are higher income,

39
00:02:04,800 --> 00:02:07,760
Speaker 1: all kinds of things. And some common things we take

40
00:02:07,760 --> 00:02:11,200
Speaker 1: a look at is like the required memium distribution out

41
00:02:11,200 --> 00:02:12,799
Speaker 1: of pension plans, because if we don't do that, there's

42
00:02:12,800 --> 00:02:16,840
Speaker 1: a big exercise penalty. However, the government raised the age

43
00:02:16,880 --> 00:02:19,520
Speaker 1: from seventy and a half to seventy two, and then

44
00:02:19,520 --> 00:02:22,040
Speaker 1: they said, you know what for just forget about it,

45
00:02:22,480 --> 00:02:24,680
Speaker 1: so you don't have to go ahead and take the

46
00:02:24,720 --> 00:02:30,360
Speaker 1: distribution in there will be no penalty. Then also with

47
00:02:30,400 --> 00:02:36,040
Speaker 1: retirement plans, you can take out five thousand two help

48
00:02:36,080 --> 00:02:38,919
Speaker 1: you with the expenses of having a baby or adopting

49
00:02:38,919 --> 00:02:41,360
Speaker 1: a child, which I think is a beautiful thing. And

50
00:02:41,400 --> 00:02:46,600
Speaker 1: another thing is you know, the government went ahead and

51
00:02:46,720 --> 00:02:49,239
Speaker 1: waved the penalty for people under fifty nine and a

52
00:02:49,280 --> 00:02:53,400
Speaker 1: half to take up to a hundred thousand dollars out

53
00:02:53,400 --> 00:02:59,480
Speaker 1: of their accounts. This is terrific. There's no penalty. That's wonder. Yeah,

54
00:03:00,120 --> 00:03:01,560
Speaker 1: I didn't know that. I mean, I'm not going to

55
00:03:01,600 --> 00:03:02,960
Speaker 1: do it. But you can take up to a hundred

56
00:03:02,960 --> 00:03:06,360
Speaker 1: grand out of your four own k without a penalty. Yes,

57
00:03:06,880 --> 00:03:10,680
Speaker 1: however you have to go ahead and pay tax on it.

58
00:03:10,760 --> 00:03:13,519
Speaker 1: But you have the option to go ahead and say,

59
00:03:13,520 --> 00:03:15,480
Speaker 1: well wait a minute, instead of putting the whole hundred

60
00:03:15,480 --> 00:03:19,520
Speaker 1: grand in my tax return, I only want to do

61
00:03:19,960 --> 00:03:23,040
Speaker 1: one third. So I put one third, to have three

62
00:03:23,120 --> 00:03:26,639
Speaker 1: years to put one third. And then it used to

63
00:03:26,639 --> 00:03:28,640
Speaker 1: be to get the money back in sixty days. But

64
00:03:28,720 --> 00:03:30,920
Speaker 1: now they gave you three years to get the money back,

65
00:03:31,639 --> 00:03:34,200
Speaker 1: and if you put the money back within three years,

66
00:03:35,480 --> 00:03:37,600
Speaker 1: no tax, So you'd have to found the menu return

67
00:03:37,680 --> 00:03:43,320
Speaker 1: get your money back. You'd use for for that. Also,

68
00:03:44,160 --> 00:03:47,280
Speaker 1: if you had to make repayments on a retirement plan,

69
00:03:48,040 --> 00:03:50,520
Speaker 1: they let you delay it for you don't have to

70
00:03:50,520 --> 00:03:52,760
Speaker 1: do that. You know, I was gonna put the whole

71
00:03:52,840 --> 00:03:55,760
Speaker 1: hundred grand on doge coin, so I should have plenty

72
00:03:55,800 --> 00:03:59,520
Speaker 1: of money to pay the government back. Are you planning

73
00:03:59,520 --> 00:04:02,440
Speaker 1: on you and paying for that with your next space flight? Yes,

74
00:04:02,560 --> 00:04:04,240
Speaker 1: that's what they're doing now to make up for what

75
00:04:04,240 --> 00:04:06,680
Speaker 1: he said on Starry Night Love. So a lot of

76
00:04:06,680 --> 00:04:10,880
Speaker 1: people worked from home through all, like almost the entire year,

77
00:04:10,920 --> 00:04:12,720
Speaker 1: and so their bedroom was their office and there all

78
00:04:12,840 --> 00:04:14,960
Speaker 1: are there things that they can do, like home office

79
00:04:15,000 --> 00:04:18,200
Speaker 1: deductions and stuff that they don't normally do. Most people

80
00:04:18,320 --> 00:04:22,960
Speaker 1: don't qualify for home office. However, there's a provision the

81
00:04:22,960 --> 00:04:27,359
Speaker 1: tax law where if your employer gives you money to

82
00:04:27,640 --> 00:04:32,040
Speaker 1: go ahead and facilitate setting up that set up, the

83
00:04:32,080 --> 00:04:35,600
Speaker 1: employer still gets the tax deduction, but it's not income

84
00:04:35,640 --> 00:04:37,720
Speaker 1: to you. So what you should do is talk to

85
00:04:37,760 --> 00:04:41,599
Speaker 1: the employer and say, look, you know, here's what I spent,

86
00:04:41,920 --> 00:04:44,560
Speaker 1: and you should go ahead and correct my W two.

87
00:04:44,839 --> 00:04:46,880
Speaker 1: And everybody's better off because the employer still gets a

88
00:04:46,920 --> 00:04:50,480
Speaker 1: tax deduction, but the employee doesn't report his income, which

89
00:04:50,520 --> 00:04:53,480
Speaker 1: is better than deducting it. But so merely sitting at

90
00:04:53,480 --> 00:04:55,960
Speaker 1: a desk in my bedroom, even though I worked there

91
00:04:55,960 --> 00:04:57,760
Speaker 1: every single day and that's how I made my living

92
00:04:58,000 --> 00:05:00,240
Speaker 1: with my laptop, that's not good enough to call that

93
00:05:00,320 --> 00:05:03,920
Speaker 1: a home office. Huh. You'd have to qualify for home office.

94
00:05:03,920 --> 00:05:06,240
Speaker 1: So the first thing is when you said in bedroom

95
00:05:06,240 --> 00:05:09,359
Speaker 1: with home office, there's a different rule. You have to

96
00:05:09,440 --> 00:05:12,159
Speaker 1: use the portion of the house exclusively for business. Almost

97
00:05:12,160 --> 00:05:14,680
Speaker 1: anything else there like a car. If you used for business,

98
00:05:14,680 --> 00:05:18,479
Speaker 1: you can present deduction. If you used your your home

99
00:05:18,520 --> 00:05:23,080
Speaker 1: office for an office and one for a bedroom, you

100
00:05:23,160 --> 00:05:26,880
Speaker 1: get zero. That's that's one of the problems. Another, Wow,

101
00:05:26,920 --> 00:05:30,080
Speaker 1: that's interesting. See it's got to have a special room.

102
00:05:30,120 --> 00:05:32,039
Speaker 1: And you know, I don't know how the uncle Jim

103
00:05:32,120 --> 00:05:34,159
Speaker 1: comes over and stays the night you're dead, or if

104
00:05:34,200 --> 00:05:36,880
Speaker 1: I practice my guitar in there on the weekends. It

105
00:05:36,960 --> 00:05:38,920
Speaker 1: doesn't have to be a special room, but it has

106
00:05:38,960 --> 00:05:42,200
Speaker 1: to be exclusively used for the business. And there's another

107
00:05:42,200 --> 00:05:44,599
Speaker 1: problem if you do it, if you go ahead and

108
00:05:44,600 --> 00:05:47,120
Speaker 1: take home office and some people qualify for it, you

109
00:05:47,200 --> 00:05:52,000
Speaker 1: convert a portion of your house from principal residents to

110
00:05:52,040 --> 00:05:54,640
Speaker 1: business property, and then when you sell it, you don't

111
00:05:54,640 --> 00:05:57,719
Speaker 1: get the forgiveness benefits. So that's why I tell clients,

112
00:05:57,720 --> 00:06:00,479
Speaker 1: if you're going to do that, I think two plus

113
00:06:00,480 --> 00:06:03,240
Speaker 1: that's a very high audit area. So there's a lot

114
00:06:03,279 --> 00:06:05,480
Speaker 1: of things involved. Again, I'm not saying not do it,

115
00:06:06,000 --> 00:06:09,200
Speaker 1: but if you qualify, think about that changing that portion

116
00:06:09,240 --> 00:06:11,720
Speaker 1: of your home. That's why you might want to talk

117
00:06:11,760 --> 00:06:14,440
Speaker 1: to the employer a first. And having switched that portion

118
00:06:14,520 --> 00:06:18,440
Speaker 1: and not taxable, why that seems crazy to me, especially

119
00:06:18,520 --> 00:06:23,480
Speaker 1: you know, given the modern circumstance. But uh, consulting crazy.

120
00:06:23,520 --> 00:06:26,800
Speaker 1: There's a whole internal revenue code. I'll give you crazy. Yeah, yeah,

121
00:06:26,839 --> 00:06:29,480
Speaker 1: I know it. So what are they cracking down on,

122
00:06:30,120 --> 00:06:33,039
Speaker 1: especially you mentioned the home office thing is an audit cart. Yeah.

123
00:06:33,080 --> 00:06:35,320
Speaker 1: And maybe with that question, where are we because you've

124
00:06:35,320 --> 00:06:37,320
Speaker 1: talked to us over the years about how they the

125
00:06:37,360 --> 00:06:41,040
Speaker 1: pendulum swings back and forth from like you know, auditing people.

126
00:06:41,279 --> 00:06:44,400
Speaker 1: Are we in a we're going after people hard period?

127
00:06:44,640 --> 00:06:47,640
Speaker 1: And then and and yes, or no, And then what

128
00:06:47,720 --> 00:06:50,800
Speaker 1: are they cracking down on? Like Joe said, well, number one,

129
00:06:51,360 --> 00:06:54,720
Speaker 1: you see that the spirit has changed because as far

130
00:06:54,760 --> 00:06:57,520
Speaker 1: as the I R S is concerned for people, codes

131
00:06:57,560 --> 00:06:59,839
Speaker 1: over back to business. They went back to their grabbing

132
00:06:59,839 --> 00:07:03,720
Speaker 1: your passports, you don't pay your taxes, and with crypto,

133
00:07:04,680 --> 00:07:08,599
Speaker 1: that's their big, big focus. Now they're looking at crypto

134
00:07:08,920 --> 00:07:11,400
Speaker 1: and we've talked to on the show about their operation

135
00:07:11,560 --> 00:07:15,080
Speaker 1: Hidden Treasure. They're going after people's civilian criminally, and they've

136
00:07:15,080 --> 00:07:18,080
Speaker 1: got a lot of information when they issued the summons

137
00:07:18,120 --> 00:07:21,440
Speaker 1: the coin base and there's a lot of information they

138
00:07:21,440 --> 00:07:24,040
Speaker 1: get with the blockchain, and a lot of people think, oh,

139
00:07:24,080 --> 00:07:27,280
Speaker 1: crypto is secret, it's not. There's good records and the

140
00:07:27,360 --> 00:07:30,160
Speaker 1: I R S has them and they've gone them. And

141
00:07:30,200 --> 00:07:33,800
Speaker 1: then it's a question of we'll wait a minute, houses taxes,

142
00:07:33,840 --> 00:07:36,560
Speaker 1: it short term or long term capital gain? Are you

143
00:07:36,680 --> 00:07:38,760
Speaker 1: using the foreign exchange? Oh you are? Then you have

144
00:07:38,840 --> 00:07:41,840
Speaker 1: the foreign rules, the f bars that we've talked about,

145
00:07:41,960 --> 00:07:44,680
Speaker 1: the other foreign supporting. So I don't have crypto, but

146
00:07:44,800 --> 00:07:48,239
Speaker 1: I'm interested in this. So if I invested a thousand

147
00:07:48,240 --> 00:07:51,200
Speaker 1: dollars in doage coin, you know, six months ago, and

148
00:07:51,200 --> 00:07:53,720
Speaker 1: it's now worth four dollars. Do I have to take

149
00:07:53,760 --> 00:07:57,040
Speaker 1: it out of and turn it into what I call

150
00:07:57,120 --> 00:08:00,680
Speaker 1: real money, um be to get taxed? Or if does

151
00:08:00,800 --> 00:08:04,679
Speaker 1: just does just that increase in the imaginary world of crypto,

152
00:08:04,760 --> 00:08:06,680
Speaker 1: is that enough to have to pay taxes on it?

153
00:08:06,720 --> 00:08:10,840
Speaker 1: Just the imaginary increased is not taxable. But what a

154
00:08:10,840 --> 00:08:13,200
Speaker 1: lot of people miss is you go ahead and you

155
00:08:13,240 --> 00:08:14,840
Speaker 1: go to the grocery store and you say, you know what,

156
00:08:14,920 --> 00:08:17,400
Speaker 1: I think they accept crypto here, and I'm gonna pay

157
00:08:17,400 --> 00:08:20,400
Speaker 1: for it the minute you use the coin. Then they say,

158
00:08:20,560 --> 00:08:24,320
Speaker 1: uh huh, you have a taxable transaction. Then it says

159
00:08:24,360 --> 00:08:27,120
Speaker 1: a short term? Is it long term? Is it ordinary income?

160
00:08:27,400 --> 00:08:31,120
Speaker 1: And you get into all that wow wow, not to mention,

161
00:08:31,160 --> 00:08:33,960
Speaker 1: did you convert it from something else? And then you know,

162
00:08:34,000 --> 00:08:36,280
Speaker 1: did you do mining? Did you do an air drop,

163
00:08:36,440 --> 00:08:39,000
Speaker 1: as hard fork, soft forks, all all kinds of stuff.

164
00:08:39,000 --> 00:08:41,920
Speaker 1: They you add the complexity of the tax code to

165
00:08:41,960 --> 00:08:47,960
Speaker 1: my knowledge of crypto and fast yeah, yeah, Stephen, You've

166
00:08:48,000 --> 00:08:50,280
Speaker 1: always been a great defender of small business people. You

167
00:08:50,320 --> 00:08:53,600
Speaker 1: always have always have good advice for for those with

168
00:08:53,679 --> 00:08:56,840
Speaker 1: a few employees. What are you seeing a lot of now?

169
00:08:56,880 --> 00:08:58,720
Speaker 1: What should they be aware of or what should did

170
00:08:58,760 --> 00:09:02,760
Speaker 1: they be seeking. Well, one of the things is you

171
00:09:02,800 --> 00:09:06,240
Speaker 1: should go ahead and look at the employee Retention credit

172
00:09:06,840 --> 00:09:12,240
Speaker 1: because with this, for if you otherwise qualify and the

173
00:09:12,320 --> 00:09:17,559
Speaker 1: government is giving you five thousand dollars per year per employee,

174
00:09:17,600 --> 00:09:21,040
Speaker 1: but for one day up to it from five grand

175
00:09:21,120 --> 00:09:26,080
Speaker 1: to twenty eight thousand dollars per employee. So for example,

176
00:09:26,080 --> 00:09:28,720
Speaker 1: if you had ten employees, the government would give you

177
00:09:28,720 --> 00:09:31,079
Speaker 1: two hundred and eighty thousand dollars. And you say, well,

178
00:09:31,080 --> 00:09:34,480
Speaker 1: wait a minute, for the payroll taxes, I've already paid in.

179
00:09:35,800 --> 00:09:37,240
Speaker 1: What do I have to do? I have to file

180
00:09:37,240 --> 00:09:41,440
Speaker 1: an amended return of ninety But they're they're even doing

181
00:09:41,480 --> 00:09:43,520
Speaker 1: better than that. They're saying, well, rather than paying the

182
00:09:43,600 --> 00:09:46,040
Speaker 1: money in and then getting a check back, there's another form.

183
00:09:46,080 --> 00:09:49,560
Speaker 1: You can use it form and with the say, you know,

184
00:09:49,559 --> 00:09:51,520
Speaker 1: I r S. Let's make up a number. You know,

185
00:09:51,960 --> 00:09:54,720
Speaker 1: I'm do a hundred grand here with my employee Retention

186
00:09:54,760 --> 00:09:57,760
Speaker 1: credit and I would normally have to write you a

187
00:09:57,840 --> 00:10:00,560
Speaker 1: check here for thirty. So I'm just going to go

188
00:10:00,600 --> 00:10:02,440
Speaker 1: ahead and write you a check for zero, and you

189
00:10:02,480 --> 00:10:05,280
Speaker 1: write v a check for seventy and one of the

190
00:10:05,360 --> 00:10:07,040
Speaker 1: things we've done so this is terrific how do I

191
00:10:07,120 --> 00:10:10,800
Speaker 1: qualify in our firm? We created a free work paper

192
00:10:11,679 --> 00:10:14,000
Speaker 1: and this can tell you are you going to qualify

193
00:10:14,240 --> 00:10:16,400
Speaker 1: for this or not? And because you were so kind

194
00:10:16,440 --> 00:10:18,760
Speaker 1: in writing me on your podcast, if any of your

195
00:10:18,760 --> 00:10:21,160
Speaker 1: listeners are interested, we'll just email that outcome and they

196
00:10:21,160 --> 00:10:23,040
Speaker 1: can figure out, Hey, am I entiled toll? Is money

197
00:10:23,080 --> 00:10:25,720
Speaker 1: or not? Cool? Hey Steven, you've been doing this a

198
00:10:25,760 --> 00:10:29,480
Speaker 1: long time. Um, over the years you've been doing taxes.

199
00:10:29,800 --> 00:10:32,839
Speaker 1: Where is the a graphic aggressiveness of the I R

200
00:10:32,960 --> 00:10:35,040
Speaker 1: S right now? I mean when was the most aggressive

201
00:10:35,080 --> 00:10:38,960
Speaker 1: time and where does this rank? That's changing because they

202
00:10:39,040 --> 00:10:40,720
Speaker 1: go up and down and they've gotten a lot more

203
00:10:40,760 --> 00:10:45,320
Speaker 1: aggressive because number one, they hired an additional two hundred

204
00:10:45,400 --> 00:10:48,559
Speaker 1: criminal agents. They trained them, and what we're seeing now

205
00:10:48,720 --> 00:10:51,719
Speaker 1: in the trenches a lot more criminal cases popping up.

206
00:10:52,120 --> 00:10:56,319
Speaker 1: And President Biden just announced that he wants to give

207
00:10:56,360 --> 00:10:58,959
Speaker 1: the I R S another eighty billion with a B

208
00:10:59,640 --> 00:11:02,720
Speaker 1: for an enforcement. Now, when you have turn over eighty

209
00:11:02,720 --> 00:11:06,600
Speaker 1: billion dollars, he's going to expect to see results. How

210
00:11:06,640 --> 00:11:09,360
Speaker 1: to get results? What that means is the I R

211
00:11:09,480 --> 00:11:12,200
Speaker 1: S is always complaining that there's so many people not

212
00:11:12,200 --> 00:11:14,760
Speaker 1: complying with the taxile I just can't get all of them. Well,

213
00:11:14,800 --> 00:11:17,920
Speaker 1: with the extra eighty billion in the extra criminal agents,

214
00:11:18,160 --> 00:11:19,920
Speaker 1: there's an awful lot of people they just didn't have

215
00:11:19,960 --> 00:11:21,760
Speaker 1: time for before they're going to go get now. So

216
00:11:22,160 --> 00:11:25,960
Speaker 1: I expected to get very aggressive. That eighty billion was

217
00:11:26,000 --> 00:11:30,040
Speaker 1: not the old days, kinder or gentleman. That because President

218
00:11:30,040 --> 00:11:32,720
Speaker 1: Biden said basically he expects a ten percent return on

219
00:11:32,760 --> 00:11:36,280
Speaker 1: the money. So he's looking to raise over eight hundred

220
00:11:36,640 --> 00:11:40,240
Speaker 1: billion from the eighty billion he's given them. And if

221
00:11:40,240 --> 00:11:44,880
Speaker 1: you're gonna get eight hundred billion dollars from taxpayers, that's

222
00:11:44,920 --> 00:11:47,720
Speaker 1: going to be a lot of aggression. So Steven, last

223
00:11:47,760 --> 00:11:50,240
Speaker 1: question for me anyway, and you touched on this a

224
00:11:50,240 --> 00:11:53,320
Speaker 1: little bit, but who gets audited these days? The answer

225
00:11:53,360 --> 00:11:55,320
Speaker 1: is it depends. The number one way kind of to

226
00:11:55,360 --> 00:11:58,000
Speaker 1: get audited is through a computer program called if D

227
00:11:58,160 --> 00:12:01,800
Speaker 1: I asked Discriminate income function, and that takes sixty six

228
00:12:01,840 --> 00:12:04,199
Speaker 1: different categories and they look at things. But to give

229
00:12:04,240 --> 00:12:08,319
Speaker 1: you an idea, as you go up in income, you

230
00:12:08,520 --> 00:12:11,680
Speaker 1: increase your chances of being audited. Ironically, if you have

231
00:12:11,679 --> 00:12:14,719
Speaker 1: a real small income, that increases your chance of being

232
00:12:14,720 --> 00:12:16,880
Speaker 1: audited too, because the come and says, hey, you must

233
00:12:16,880 --> 00:12:20,360
Speaker 1: be a part of the cash underground economy. Another thing

234
00:12:20,559 --> 00:12:22,600
Speaker 1: that they do is they say, well, how do your

235
00:12:22,640 --> 00:12:27,960
Speaker 1: deductions compare to the overall deductions for the country. The

236
00:12:28,000 --> 00:12:30,600
Speaker 1: more you austray, the more they're interested in you. Then

237
00:12:30,640 --> 00:12:34,000
Speaker 1: who do you do business with? And if they're being audited,

238
00:12:34,000 --> 00:12:36,800
Speaker 1: they might audit you. Another one is if the person

239
00:12:36,800 --> 00:12:40,520
Speaker 1: that prepares your tax return is in the problem preparer's program,

240
00:12:40,600 --> 00:12:43,320
Speaker 1: where the others thinks, hey, that firm or that person

241
00:12:43,520 --> 00:12:47,040
Speaker 1: is preparing bad tax returns, they audit you just because

242
00:12:47,480 --> 00:12:50,440
Speaker 1: that preparer did you return. So there's lots of ways

243
00:12:50,440 --> 00:12:53,160
Speaker 1: to get audited. But it's interesting. So you you don't

244
00:12:53,160 --> 00:12:55,360
Speaker 1: really want to do business with people that you think

245
00:12:55,480 --> 00:12:57,360
Speaker 1: might be the kind of people to get audited, because

246
00:12:57,360 --> 00:13:01,080
Speaker 1: then you get audited. Interesting. Yeah, so well, Stephen, if

247
00:13:01,080 --> 00:13:03,000
Speaker 1: people want that. The one thing you refer to or

248
00:13:03,080 --> 00:13:06,559
Speaker 1: more information. I believe the website is Moscow it's l

249
00:13:06,760 --> 00:13:10,200
Speaker 1: LP dot com. Is that correct? Yes, Moscow it's LLLP

250
00:13:10,400 --> 00:13:14,120
Speaker 1: dot com. Or you can call us at eight tax deal.

251
00:13:14,200 --> 00:13:17,040
Speaker 1: That's eight eight eight t a x d E a

252
00:13:17,280 --> 00:13:19,920
Speaker 1: L eight eight tax deal. And what I would say

253
00:13:20,000 --> 00:13:24,160
Speaker 1: is we have barely barely barely scratched the surface of

254
00:13:24,440 --> 00:13:28,880
Speaker 1: so many things. The governments just given away the money

255
00:13:28,920 --> 00:13:30,960
Speaker 1: as a little teaser. There's a vehicle you can buy

256
00:13:31,000 --> 00:13:34,240
Speaker 1: now if the government'll give you up to forty dollars

257
00:13:34,320 --> 00:13:37,600
Speaker 1: credit for it. There's an investment that you can make

258
00:13:37,640 --> 00:13:41,360
Speaker 1: that the government will give you a thirty credit on it.

259
00:13:41,400 --> 00:13:45,000
Speaker 1: They're giving you back your money, not to mention employing

260
00:13:45,040 --> 00:13:48,559
Speaker 1: certain people like veterans, they'll give you back a credit.

261
00:13:49,200 --> 00:13:52,720
Speaker 1: The deduction for restaurants now used to be fifty now,

262
00:13:52,800 --> 00:13:55,480
Speaker 1: and so you get deduction. There's just it goes on

263
00:13:55,520 --> 00:13:57,200
Speaker 1: and on and on and on. You know, if you

264
00:13:57,240 --> 00:14:00,960
Speaker 1: limited me to just fifteen hours, I'd still have to Well.

265
00:14:01,080 --> 00:14:04,200
Speaker 1: I memorized the phone number years ago because I assumed Steven,

266
00:14:04,200 --> 00:14:06,240
Speaker 1: I'll be calling you from jail at some point in

267
00:14:06,240 --> 00:14:10,559
Speaker 1: my life. One triple a tax deal. Steven Moscotz, thanks

268
00:14:10,600 --> 00:14:14,920
Speaker 1: for your time today, my pleasure. Thanks, thanks extra large