018 - Audits, S-Corps, and Shenanigans: What Can You Actually Get Away With?

You’ve probably heard someone say, “Just become an S-Corp, the IRS doesn’t audit those.” Today, we dig into whether that’s actually true (spoiler: mostly, yes), and what that means for your tax strategy.Travis walks through real IRS data showing S-Corps are audited way less than sole proprietors, like 1 in 12,000 vs. 1 in 5,000 or fewer. But fewer audits ≠ free rein to deduct your Tesla or dog as “stress relief assets.”We unpack:Why S-Corps fly under the IRS radarWhat the IRS considers legal vs. illegal (hint: tax avoidance = good, tax evasion = orange jumpsuit)Whether having sloppy receipts is criminal (nope, but risky)Form 8275: the IRS-sanctioned way to take a bold but honest tax positionPlus, Travis shares 5 key questions to ask before writing something off — including whether you’d feel good explaining that expense to an IRS agent with a straight face.Whether you love the gray area or run from it, this one’s for you.CONTINUE THE CONVERSATIONComment in SpotifyACCESS THE WORKSHEET TO CALCULATE YOUR INCOMEhttps://uluruadvisors.com/resources/LET’S CONNECTInstagram: https://www.instagram.com/travisslade.cpa/TikTok: https://www.tiktok.com/@travis.slade.cpaLET’S CONNECTInstagram: https://www.instagram.com/travisslade.cpa/TikTok: https://www.tiktok.com/@travis.slade.cpa