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Classic Rewind: Jeff Hockett: Working with the IRS
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About Jeff Hockett: Jeff Hockett is an experienced tax expert, licensed realtor, author, and podcast host based in Peoria, Arizona. With over 30 years of experience in the tax industry, Jeff has helped numerous clients save money on taxes and provided audit services and tax resolution work. He is an Enrolled Agent and has been an active member of various organizations over the years, always donating his time to many volunteer positions. Jeff's dedication to his clients is reflected in the awards he has received for top-notch services in both individual and team categories. Along with running Hockett Tax, he also manages the Hockett Team and West Valley Management. His book Tax Code Game Strategy and podcast More Money in Your Pocket have been well-received, and Jeff often travels across the country to put on seminars.
In this episode, Ryan and Jeff Hockett discuss:
- Common mistakes business owners make with their taxes and how to avoid them.
- How to help business owners who haven't filed taxes in years and accrued penalties, interest, and debts navigate the IRS forgiveness process.
- The importance of filing tax returns as a business owner is to update the IRS on true income and avoid incorrect audits and tax liability, with a focus on pass-through income.
- Maximizing tax savings by accurately reporting business expenses to the IRS through timely tax return filing.
Key Takeaways:
- Working with a professional to be IRS compliant can prevent penalties, liens, and frozen bank accounts, leading to financial ruin, so it's important to open IRS letters and seek help.
- A tax expert assists business owners in complying with the IRS, avoiding trouble, and offering solutions for tax resolution.
- Filing tax returns accurately and on time is crucial to avoid penalties and to report accurate income, which can affect tax credits.
- Reporting business expenses in tax returns is necessary to provide proof to the IRS and reduce the amount owed in taxes.
"Once you get compliant, stay compliant. That's what the IRS wants. That's why they'll give you a fresh start, but if you keep messing it up, they're gonna want to come talk to you and find out what's going on." — Jeff Hockett
Connect with Jeff Hockett:
Website: https://www.hocketttax.com/
Book: Tax Code Game Strategy
Show: https://podcasts.apple.com/us/podcast/more-money-in-your-pocket/id1656050908
LinkedIn: https://www.linkedin.com/in/jeff-hockett-8544614/
Facebook: https://www.facebook.com/hocketttaxandpayroll/
Instagram: https://www.instagram.com/hocketttax/
Schedule your free 1:1 Profit Breakthrough Session with Ryan here: https://go.oncehub.com/profit
Connect with Ryan Kimler:
Net Profit CFO Home Page: www.netprofitcfo.com
Email: ryan@netprofitcfo.com
Facebook: www.facebook.com/rkimler
LinkedIn: www.linkedin.com/in/ryankfinancialclarityllc/
LinkedIn NPC Company: https://www.linkedin.com/company/netprofitcfo/
LinkedIn FC Company: https://www.linkedin.com/company/financial-clarity-llc/
Show notes by Podcastologist Andy Santiago
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.
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