November 22, 2020

Where is My Amended Refund 2020

Where is My Amended Refund 2020 welcome to Humvees tax talk my name is lissandra Everett I am the home biz tax lady where I hope home business owners win the tax game home biz tax. Talk airs Monday through Friday and when you tune into my show you're gonna, hear about topics are important to the home business community alright today we are talking about five audit red flags going into. 2020 okay there are some of these you'll know and some of these might be new alright so number five alright amending your taxes, after obtaining a mortgage alright so there is absolutely nothing wrong with amending your taxes okay you, amend your taxes because there is a mistake however if you amend your taxes like going back in amending three years worth of taxes after you, obtain a mortgage loan in order to claim those expenses that you didn't claim to get a refund that is something wrong okay because you, either lied on the taxes or, you lied on the mortgage application both of those are felonies all right so you know it has already been shown I was reading this the study that's. Showing that mortgage fraud is on the rise okay and so this is one of the. Telltale ways to determine if you have committed mortgage fraud then go back and look at those tax returns like oh you've amended those tax returns so based on what. You recently filed you know that. Company may not have approved that loan based on what you based on your amended amount okay so if you are planning to buy a home if you are completely self-employed and this is where you, know where your your income is coming from and its funding, your lifestyle be prepared to pay taxes because you're gonna need to be able to show profit enough to obtain that.

Mortgage but just know that if you turn around and go back and amend those taxes afterward and you get busted then yeah, you can get a whole lot of trouble for that and so there was somebody, that left a comment previous they said oh is not such as big a deal as you make it sound no it's not a big deal until. You get caught new when, you get caught then is gonna be a really big deal okay so that's number five number four excessive business losses okay this is not new so you know when you hear. About the IRS determining whether you have a business, or a hobby they're going to be looking at your you know your tax returns they base it off of you know did you. Make a profit three out of five years so if you have filed nothing but business losses. You know three years in a row now that's gonna start to raise some eyebrows does that mean that you have a hobby not necessarily and the reason I say that is because you know you're, one you may lose fifteen thousand year, two you may have only lost four thousand year three you may have only lost a thousand you see a you see progression of getting better. But if you're consistently showing these large amounts of losses on your Schedule C on your business return yeah I people, call it.

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