Recap of Coop’s Tax Tips

As the economy keeps changing, I am noticing how you are adapting to it. I have enclosed the future top ten jobs. Two things I want to notice:

1)    All of the listed jobs requires a minimum of a BS degree.
2)    I am about to mentioned the A-word, one of the top three jobs is Accounting/Auditor. Auditor is the A-word. The IRS, FTB and BOE are hiring auditors. They are terminating other staff people, but are hiring a boat load of auditors and their sole purpose is to retrieve money for our pockets. Our government is broke, so please learn how to be in compliance on the new rules and regulations.

Remember, there is “no premium on ignorance.” Being Average is over with people, our new economy does not allow for being average.

Q. Why would having your e-mail end with hotmail, AOL, yahoo, etc. make your business lack credibility?

A. I got this info from an IRS auditor. It is called pre-screening and it does hurt your credibility in other areas. By having your email end with the aforementioned domains, this does not show that your business is credible. If the IRS should see your email which contains one of the previously mentioned servers then they can view your company as a “hobby” rather than a business. If you are applying for MBE this could have a negative impact on your company as well.

Q. Can you name the 4 items that will sniff out an IRS audit?

A. Your e-mail address, the type of entity you are established, home base business and if you self-prepared the returns.
Single member LLC, Schedule C & E business, and home based businesses

Q. Did you know that one entity can have a 35% chance of being audited why another one has only 10%?

A. Sole proprietorships have 35% while corporations have 10%

Q. Do you know what the IRS requires as a tax deduction?

A. The qualifications for a tax deduction are: proof of receipt and proof of payment.

Other questions: Do you know what MBE is? What are the pros & cons for buying/leasing a car? Who do you need to build a great team?

A. MBE is Minority Business Enterprise certification. Most white men are excluded from this category, unless they can prove their heritage. Examples of MBE would be: White husband & wife, and the wife owns 60% of the business (wife-woman is a minority-one part), black husband & wife own a business (black man, black woman, and woman-three part).

Lease Buy
Gas Gas
Insurance Insurance
Repairs Repairs
Lease Payments Auto Interest & Depreciation

How to build a great team using MBA: Marketer, Banker, and Accountant

M- Website, blog, and social media, (catapults your business)
B- You should know the name of branch manager and loan personnel. They need to know you as a human being not just an account number
A-they are able to catch all safety net of building your business

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