Lori Ioannou
speaker
179 appearances
3 recordings
1 series
first heard Mar 2022
last heard Feb 2025
Lori Ioannou’s voice in public audio — every appearance, attributed to the second.
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WSJ Your Money Briefing · Want to Avoid a Tax Audit by the IRS? Watch These Red Flags. · 11 Mar 2022
podcast
Each year, about 25 million low and moderate income Americans seek a refundable earned income tax credit, often known as the EITC.
And the amount received depends on if they've worked and if they have an earned income under $57,414 and if they have investment income below $10,000 in the 2021 tax year.
The red flag to be wary of is claiming children who aren't the taxpayers qualifying children, using an incorrect filing status, earning $10,000 of investment income or more, and over-reporting or under-reporting your income.
Yeah, I mean, that was a very popular tax credit last year, especially during the pandemic when so many Americans were squeezed for money.
There are two types of education-related tax credits that were issued last year.
The $2,500 American Opportunity Tax Credit, primarily for students pursuing an undergraduate degree, and the $2,000 Lifetime Learning Credit for people pursuing a career change or an advanced educational training at a post-secondary school.
Well, some of the red flags, claiming the wrong credit or both in the same tax year, claiming multiple tax breaks for the same college expenses, and not submitting the right form.
You must submit Form 8863, and that's used to figure and claim your education expenses.
That's a great question.
Cryptocurrency transactions are a really red button, hot button issue for the IRS this year.
Anyone that thinks the IRS isn't taking cryptocurrency seriously is mistaken.
Would you believe that the number one question on this year's form, 1040, asks if you have received, sold, traded, or disposed of any financial interest in a virtual currency?
The IRS has a mandate to collect $30 billion in crypto tax revenue over the next 10 years, and it's treating all types of digital currency as property for tax purposes.
They even have partnered with crypto tax software companies to help them track cryptocurrency movements of U.S.
citizens.
They really are.
And so my best advice to anyone listening is to make sure if you're very, very active in the market that you work with a crypto tax specialist.
There are many of them out there who can help you with your tax filing.
There's even, you know, as I mentioned earlier, crypto tax software like Zen Ledger and Token Tax.
And these firms have specialists also that can help you with filing your tax returns.
Showing 121–140 of 179 · page 7 of 9
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