In this video, Clint Coons, Esq. will reveal the seven red flags the IRS spots quickly—and more importantly, how you can clean up your books and records so you can sleep better at night.
Would you like to learn more about protecting your assets? Schedule a free consultation here 👉 https://aba.link/3t0
Bad bookkeeping isn’t just a tax issue. Sloppy records can also be used by plaintiffs’ lawyers to pierce the veil of your entities, putting your asset protection at risk.
18:20 Download Your FREE Landlord Audit Bookkeeping Binder Checklist 👉 https://aba.link/7rl
12:34 WATCH NEXT 👉 ELIMINATE Your W2 Taxes Using Real Estate) https://youtu.be/aba_AEWmJJw
You’ll see how to avoid common mistakes like co-mingling accounts, how to properly distinguish between repairs and improvements, and how to build habits that not only minimize your risk of IRS scrutiny but also preserve your asset protection.
Lastly, we would like to extend a thank you to everyone in our community. For helping us to grow and continuing our mission of spreading knowledge and aid to others, we appreciate all of you. Seeing as we upload regularly, we hope that all of you will join us again in the future and till then, consider checking out our website.
Show Notes
0:00 – Intro
1:14 — Red Flag #1: Co-mingling & no separate accounts
3:41 — Red Flag #2: Repairs vs. improvements
5:40 — Red Flag #3: Missing W-9s / 1099s for contractors
7:00 — Red Flag #4: Auto, travel & meals
9:21 — Red Flag #5: Depreciation errors
12:03 — Red Flag #6: Using passive losses to offset W-2 without REPS/STR
15:47 — Red Flag #7: Income mismatches & security deposits
18:19 – Outro
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FREE TAX & ASSET PROTECTION WORKSHOP
Register for an upcoming workshop today to protect your business and personal assets from snoopy lawyers, creditors, or even greedy people out to make a quick buck who want to take advantage of YOU. 👉 Save Your Seat: https://aba.link/v5o
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CONTACT US
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Email: info@andersonadvisors.com
Fax: 702.664.0545
ABOUT CLINT COONS
Clint Coons, Esq. has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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