121 | Unlocking Tax Secrets: Tracking, Avoiding Audits & How to Get Out of IRS Debt with Claudia Moncarz, Certified Tax Geek! (Plus PayPal & Venmo Tips)

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All the tax secrets you need to know are coming to you in this podcast courtesy of Claudia Moncars, Certified Tax Geek (aka Tax Attorney)! She helps people navigate and resolve tax issues with the IRS and she's telling us all the behind the scenes things we didn't know! Listen in to hear all about:

• Claudia shares that most individuals who approach her have unintentionally made mistakes on their taxes, emphasizing that mistakes are common even among those who are knowledgeable. (Yes, we're talking about you smarty pants! 🤓)
• How small business owners often struggle with managing taxes while focusing on growing their businesses. Claudia emphasizes the importance of proper record-keeping.
• Maintaining Separate Business Records: Claudia suggests the importance of maintaining separate records for business expenses and personal expenses to avoid potential audits.
• Tracking Cash Transactions: Claudia explains how cashless transactions are being tracked more rigorously, and she advises keeping documentation even for small transactions to avoid discrepancies. She's giving you the details about PayPal, Venmo and what you need to know to avoid flagging an audit!
• Dealing with IRS Debt: Claudia outlines a framework for dealing with IRS debt. She advises acknowledging mistakes, opening IRS letters promptly, evaluating your financial situation, and taking action to address the debt.
• Negotiating with the IRS: Claudia explains that negotiating with the IRS involves understanding allowable living expenses and finding ways to reduce the amount you owe. She gives examples of how certain business expenses can be used to reduce the tax liability.
• Freezing Accounts: Claudia mentions that the IRS can place accounts in a "currently not collectible" status, giving individuals a temporary break from collection efforts to stabilize their finances.
• Strategies for business owners to manage payroll and withholdings, including using payroll services.
• How to track your IRS account and being proactive in understanding your tax liabilities.

Find out more about Claudia here: www.moncarzlaw.com or check out her YouTube channel here: https://www.youtube.com/askthetaxattorney

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