Businesses owners this tax season

Biden said Average Americans wouldn’t be targeted by the expanded IRS. 

I think it was recently said that 90% of investigations will focus on Americans that make less than $400,000. When asked Biden laughed. 
 

Things are going to get bad. 

Don't give any more money to these crooks than you absolutely have to. Make shit up if you have to. lol. Claim you had unreimbursed losses from BLM riots or something.  You are in Chicago, they ain't coming after you.

edit: just kidding, get a second opinion and some tax strategy from a good accountant 

We sold some real estate and really liked the idea of a 1031 exchange, which would let us avoid taxes by reinvesting or profits over into a similar property within 90 days. We asked our dumbass accountant and she said we didn't have to worry about doing the exchange because we were buying the property in the same year. She was wrong and we trusted her. Now we're going to have to pay taxes on our profits. We're probably going to sue her. Probably going to end up costing us 10k. 

Unrelated but related.... After the BLM riots, my rental property insurance carrier started requiring an additional "protest/terrorism" rider on all policies.  This is part of why rents only go up. 

If you guys acquired investment properties in 2022, it's the last tax year to capture 100% accelerated depreciation. I believe you still have time to get the cost seg study completed for 2022 taxes

Mine was ok, my year end is August 31st.  My total sales was down from prior year because of less employees.  I own a body shop. I also had some expensive equipment die and replaced it.  I am fearful of the future though.

Taxed to death.  Sub-chapter-S, last year after making quarterly estimated payments of +/-$5k, and took advantage of every deduction available still had a bill or +$20k.  2022, made quarterly estimated payments of +$10k, and still will owe.  Getting with the CPA to play funny with my chart of accounts and see if we can juggle the P&L numbers.  I don't think we've seen the worst of it yet.     

Late to the game…nervous about it. I will know tomorrow 

You must be a multi-millionaire!

I am afraid to say online. 

Dude, what is wrong with you. That was a pussy move

I,m paid 1099 working for the 1099 Chicago Russian mod trucking co.s. So I hv a lot of write offs. I did a walk away lease which they call renting. With all the deductions trk,trl, insurance plans, etc, etc. 3,000 a week for a pile of crap. I pulled the plug b4 for went up to 7.89 & switched to co still a 1099 job. Renting. I ran the ne because it pays the most but the tolls r crazy expensive . I had my ez pass setup for a 100.00 refresh . Just crossing a bridge my headset pinged twice 200 bucks. The trk only got 3.7 mpg it was such a pile & that’s pulling 10k lb loads. It couldn’t pull a hill but was governed at 84mph. I got a check - 288.00 I thought my head was going to explode. 25 hr days 7 days a week & get a check - 288.00. I was broke down 2+ days every week. It becomes extremely stressful & draining. I,ve been adding up receipts for days. Will probably show a positive gain of 10k maybe. That co owes me 19,000 yet. I got a attorney in Chicago Oct he sent a letter stating he can not represent me. I called him & his 2 extensions of paralegals numerous times for months. I finally got my documents back yesterday. So that’s 19k I can use for a tax write off. The irs hate truckers they see a big gross but the profit is not much. There’s nothing they can do & they don’t want to audit because it would takes days to go over everything. And they know there’s no money on the trucker claim. 

While our current administration is meticulously scrutinizing with fastidious precision the next blunder they'll be floundering into, I thought it might be a good time to find ways in helping   finance their conversant strategies.  I like to call it, The Varner Statute, but the IRS has another name for it. 

 Taxes 2023: If you commit a crime, report it on your taxes, IRS says (usatoday.com)