See Me on Better TV
I’m back from NYC and if you want to get a sneak peek on what I was doing there, check me out on Better TV. And, welcome to all of you new subscribers who saw me there!
You’ll be able to name guardians on the KidsProtectionPlan.com website very, very soon. It was supposed to be done last week, but … we had a few more tweaks before we could release it to you.
I promise you, it will be well worth the wait.
My kids were sick all week while I was gone much to the chagrin of my ex who was taking care of them all week (and did a fantastic job!), but just when I thought they were getting all better, Kaia got an earache and ruptured her eardrum!
The poor bean was in excruciating pain that is just now getting better.
Speaking of parenting, the Britney saga continues with her parents finally taking back control. And while you may think her case has no lessons from you, you’ll be surprised when you read this week’s article - check it out.
******************UPDATE*********************
Starting May 2, you can see me on Better TV every Friday as the new Family Financial and Legal Expert.
In May, I’ll be talking about why, as a parent, it’s not enough just to wear clean underwear when you leave your house and what else you should be doing, recession busters, why and how to be your family CFO and get your financial house in order, tips for planning your next family vacation on a budget, whether you need to worry about the nanny tax and, if so, what you should be doing.
“See” you there!
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The IRS Increases Audits of Those Making at Least $100,000
I’m in NYC again this week. Earlier in the week I taped a spot for Better TV and Parents.TV and met with a producer from the Today show! Super exciting!
Brian Wyatt, one of our Personal Family Lawyers in Sacramento, wrote an article on his blog about the increase in audits for high income earners and he’s got some great tips about what you can do to audit proof yourself.
I’ll be back next week!
~Alexis
“The IRS Increases Audits of Those Making at Least $100,000 Per Year”
By Brian D. Wyatt
According to the January 30, 2008 issue of The Wall Street Journal, the IRS has been feeling some pressure to put additional taxpayer money in Uncle Sam’s pockets. The Service has responded by increasing the number of audits of those who make more than $100,000 per year.
In particular, with regard to tax returns filed in 2007, the IRS increased audits of those making at least $100,000 per year by 14%. Those making more than $200,000 saw a 29% increase in audits, and those with at least $1 million in income saw an 89% jump. Even more audits are on the way for these demographics’ 2008 filings. (See, Herman, T., “High Earners Face Surge in Tax Audits,” The Wall Street Journal, January 30, 2008, Page D1.)
If you are self-employed (e.g., you have an S-Corp or are a sole proprietor) and you earn more than $100,000 year, you may want to speak with your accountant about dealing strategically with the increased audit risk.
In addition, The Journal’s Wealth Report Blog suggests three other things high-earning people should do as you look at your 2007 taxes over the next few months:
(1) Don’t get overly creative with your tax accounting. Keeping things simple should trigger fewer automatic “audit-flags” with the IRS.
(2) Try to be consistent with what you did last year, especially with regard to deductions. The software the IRS uses to determine who to audit looks for major variations from year-to-year.
(3) Stick with what the forms tell you. Don’t take a “different position” with respect to a 1099 or K-1 that you receive.
Good luck as you prepare and file your 2007 taxes!
Brian D. Wyatt is a Personal Family Lawyer in the Sacramento-Roseville Area specializing in estate planning, wealth protection, and small business issues. For more information about Brian or his practice, please visit www.wyattlegal.com.
