90. The Most Boring Podcast Episode That You NEED To Listen To (How To Avoid Getting Audited) with Jon Frye
Understanding your business finances isn't scary - it’s empowering! Jon Frye, CPA, joins this episode to tackle a topic that may not be the most exciting to some, but personally hits home for Jennifer. She recaps her experience being audited in 2018, giving insight into why she was audited and how she came out unscathed. Jon shares advice on avoiding IRS audits and understanding the nuances of tax preparation. He also gives details on what constitutes legitimate business expenses, such as travel upgrades and tips, and emphasizes the low risk of audits for smaller inconsistencies. Learn how to take control of your business finances, avoid risks, and make informed decisions. At the end of the day, good financial practices aren't about doing everything perfectly. It's about understanding, planning, and preparing!
Connect with Jon Frye:
linkedin.com/in/jonathan-frye-758b3651
Today we will cover:
- (01:30) Jon’s professional background
- (04:09) Understanding tax documentation; avoiding tax audits
- (09:50) 1099s, K1s, and contractor payments
- (12:05) Tax underpayment consequences
- (15:40) Business expenses and deductions; bonus depreciation
- (25:15) Justifying business expenses; tips, coffee and meals, company vehicle
- (30:00) Understanding business finances
- (35:05) Preparing for tax season; using Quickbooks
- (39:10) Managing business expenses; tax prep strategies
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