Top Tax Mistakes That Can Land You in Hot Water

Episode Summary In this episode of Thorgood Tax Talk, tax defense attorney Shamsey Oloko addresses the most common tax mistakes that can lead to serious IRS consequences. The discussion covers underreporting income, overstating deductions, commingling personal and business funds, and relying too heavily on tax preparers. With real-world examples, such as a taxpayer hiding income through check-cashing schemes, the episode highlights the risks of non-compliance and offers practical strategies like maintaining accurate records and engaging professional help to avoid legal trouble. Key Timestamps 00:00 - Show Introduction and Welcome 01:30 - Introduction to Common Tax Mistakes 04:00 - Underreporting Income and Its Consequences 08:00 - Overstating Deductions and Audit Risks 12:00 - Risks of Commingling Personal and Business Funds 16:00 - Dangers of Poor Bookkeeping and Over-Reliance on CPAs 20:00 - Red Flag Deductions That Trigger Audits 24:00 - How Tax Mistakes Can Escalate to Criminal Investigations 28:00 - Differences in Tax Issues for Individuals vs. Businesses 32:00 - Correcting Tax Mistakes After the Fact 36:00 - Key Steps to Avoid Tax Pitfalls 40:00 - Importance of Accurate Record-Keeping 44:00 - Conclusion and Call to Action About the Show Thorgood Tax Talk is a podcast dedicated to explaining complex tax issues and helping listeners avoid legal pitfalls. Shamsey Oloko, a criminal tax defense attorney and founder of Thorgood Law in New York, the show provides expert insights into IRS audits, tax evasion, and compliance strategies. Through practical advice and real-world examples, Thorgood Tax Talk empowers individuals and businesses to navigate tax challenges with confidence.