The Ruby Freelancers Show 011 – Taxes and Finances with Scott Sweeney

by woody2shoes on April 6, 2012

Panel

  • E. Scott Sweeney, CPA ( 801-756-3394)
  • Charles Max Wood (   )
  • Eric Davis (  )
  • Jeff Schoolcraft (  )

Discussion

  • Why you want a CPA?
    • Accurate Returns
    • Tax Savings
    • Understanding of Tax Code
  • You’ll likely wind up paying taxes rather than getting a return.
  • Home Office Deductions
  • Itemizing Your Return
  • Likelihood of getting audited
  • Keep your receipts on every expediture
  • Mileage – Begin odometer reading and ending odometer reading
  • The IRS cannot audit you back 4 year
  • Statute of limitations on fraud is 7 years
  • Tax deadline for 2012 is April 17.
  • Failure to pay penalty
  • Filing an extension avoids the failure to file penalties
  • Officer’s salary in an S-Corp or a guaranteed payment in an LLC
  • Wages and salary vs draws and dividends
  • Self employment tax is 13.3%

Picks

  • (Eric)
  • (Jeff)
  • (Jeff)
  • (Jeff)
  • (Jeff)
  • (Chuck)
  • Scott Sweeney CPA (Chuck)
  • (Chuck)
  • (Chuck)
  • A good bookkeeper (Scott)
  • (Scott)

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