Episode 147 – 1099 or W-2? With John Briggs of InciteTax
Recently, I have started to see a trend where gym owners are increasingly being audited by the IRS. Today we talk about such things as how to survive an IRS audit, Tax Planning for the New Year, and what exactly is a 1099 contractor
As the year draws to a close, now is the time to start thinking about closing out your books and taxes for the year. Additionally, John has also bought himself his own CrossFit gym and we check in to see how his new venture is going!
1:41 – John Briggs Introduction
2:19 – Why CrossFit gyms are being audited for having 1099 subcontractors
4:58 – What does a letter from the IRS look like?
7:17 – Is it possible to navigate an audit without expert help?
9:45 – The process of answering questions from the IRS
11:25 – How long does it typically take for an audit to occur
12:59 – Why it is better to communicate with an auditor rather than ignore them
14:28 – When should you start to look at preparing your tax return?
21:02 – Which tax structure is right for me business? What is an LLC?
23:03 – How does tax reform affect a CrossFit gym this coming year?
24:15 – John on becoming a CrossFit gym owner!
27:50 – How to contact John with Incite Tax
30:58 – Two Brain Stories with Brian Bender