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Listen "Top Tax Mistakes That Can Land You in Hot Water"
Episode Synopsis
Episode Summary
In this episode of Thorgood Tax Talk, tax defense attorney Shamsey Oloko addresses the most common tax mistakes that can lead to serious IRS consequences. The discussion covers underreporting income, overstating deductions, commingling personal and business funds, and relying too heavily on tax preparers. With real-world examples, such as a taxpayer hiding income through check-cashing schemes, the episode highlights the risks of non-compliance and offers practical strategies like maintaining accurate records and engaging professional help to avoid legal trouble.
Key Timestamps
00:00 - Show Introduction and Welcome
01:30 - Introduction to Common Tax Mistakes
04:00 - Underreporting Income and Its Consequences
08:00 - Overstating Deductions and Audit Risks
12:00 - Risks of Commingling Personal and Business Funds
16:00 - Dangers of Poor Bookkeeping and Over-Reliance on CPAs
20:00 - Red Flag Deductions That Trigger Audits
24:00 - How Tax Mistakes Can Escalate to Criminal Investigations
28:00 - Differences in Tax Issues for Individuals vs. Businesses
32:00 - Correcting Tax Mistakes After the Fact
36:00 - Key Steps to Avoid Tax Pitfalls
40:00 - Importance of Accurate Record-Keeping
44:00 - Conclusion and Call to Action
About the Show
Thorgood Tax Talk is a podcast dedicated to explaining complex tax issues and helping listeners avoid legal pitfalls. Shamsey Oloko, a criminal tax defense attorney and founder of Thorgood Law in New York, the show provides expert insights into IRS audits, tax evasion, and compliance strategies. Through practical advice and real-world examples, Thorgood Tax Talk empowers individuals and businesses to navigate tax challenges with confidence.
In this episode of Thorgood Tax Talk, tax defense attorney Shamsey Oloko addresses the most common tax mistakes that can lead to serious IRS consequences. The discussion covers underreporting income, overstating deductions, commingling personal and business funds, and relying too heavily on tax preparers. With real-world examples, such as a taxpayer hiding income through check-cashing schemes, the episode highlights the risks of non-compliance and offers practical strategies like maintaining accurate records and engaging professional help to avoid legal trouble.
Key Timestamps
00:00 - Show Introduction and Welcome
01:30 - Introduction to Common Tax Mistakes
04:00 - Underreporting Income and Its Consequences
08:00 - Overstating Deductions and Audit Risks
12:00 - Risks of Commingling Personal and Business Funds
16:00 - Dangers of Poor Bookkeeping and Over-Reliance on CPAs
20:00 - Red Flag Deductions That Trigger Audits
24:00 - How Tax Mistakes Can Escalate to Criminal Investigations
28:00 - Differences in Tax Issues for Individuals vs. Businesses
32:00 - Correcting Tax Mistakes After the Fact
36:00 - Key Steps to Avoid Tax Pitfalls
40:00 - Importance of Accurate Record-Keeping
44:00 - Conclusion and Call to Action
About the Show
Thorgood Tax Talk is a podcast dedicated to explaining complex tax issues and helping listeners avoid legal pitfalls. Shamsey Oloko, a criminal tax defense attorney and founder of Thorgood Law in New York, the show provides expert insights into IRS audits, tax evasion, and compliance strategies. Through practical advice and real-world examples, Thorgood Tax Talk empowers individuals and businesses to navigate tax challenges with confidence.
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