Debunking Tax Myths, Avoiding Audits and Maximizing Savings with Jasmine DiLucci

All the Hacks with Chris Hutchins

#200: Take control of your taxes and save money with unique strategies from tax expert Jasmine DiLucci. Learn how to leverage IRS transcripts, identify misleading tax advice, and differentiate between personal and business deductions. We also cover common audit triggers and valuable tax planning advice for business owners.

Jasmine DiLucci is a seasoned tax attorney, Certified Public Accountant, and Enrolled Agent with over a decade of experience. She specializes in tax controversy, litigation, IRS collections, payroll debt disputes, penalty abatements, and audit representation.

Link to Full Show Notes: https://chrishutchins.com/tax-savings-2024-jasmine-dilucci

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Resources Mentioned

Jasmine DiLucci: YouTube | Website

• Are Credit Card Rewards Taxable?

Request IRS Transcripts

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ATH Podcast:

• Chris' Newsletter: Subscribe
• Ep #50: The Power (and Tax Savings) of Charitable Giving with Adam Nash
• Ep #62: Protect Your Family, Mitigate Taxes and Preserve Your Wealth with Patrick and Mani
• Ep #147: How to Save on Taxes with Ankur Nagpal

Full Show Notes

(00:00) Introduction

(02:09) Why There's So Much Bad Tax Advice

(05:17) Debating for Business Expenses vs. Personal Expenses

(07:36) Can You Hire Your Kids to Work for You?

(10:31) Ways to Identify Good and Bad Tax Advice Online

(14:07) What Actually Happens When You Get Audited by the IRS

(20:13) Do Credit Card Transactions Justify Receipts?

(21:32) Common Things That Would Flag Audits

(24:13) The Importance of IRS Transcripts

(28:55) What Happens When the IRS Delays a Payment

(30:33) Jasmine's Advice to Minimize Tax Penalties

(32:36) What Kind of Tax Documents Can Have Errors?

(34:44) Filing Using Tax Tool vs. Tax Expert

(38:55) Chris' EOY Tax Checklist

(43:41) Business Tax: Setting Up S Corps vs. LLCs

(45:07) Changes to Expect in the Near Future

(49:30) Where to Find Jasmine

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