{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Simplify My Numbers | Saving 7-6-5 Entrepreneurs 5 Figures in Taxes","title":"Separating Tax Fact from Fiction | Social Media Reality Check","html":"","width":"100%","height":180,"duration":828,"description":"Are the tax strategies you're seeing online actually legit — or could they land you in serious trouble?Not every tax tip on social media tells the full story. In this episode, I put some popular tax strategies circulating online to the test — breaking down what's real, what's missing, and what could seriously backfire if you act on it without the full picture. We also tackle a real listener situation involving years of unfiled taxes, and why getting right with the IRS sooner rather than later is one of the most important financial moves you can make.HighlightsThe Augusta Rule is a legitimate tax strategy — but the rate you charge must be based on comparable market rates, not what sounds goodRetiring a spouse to pursue real estate professional status can create significant tax savings, but only if the real estate portfolio generates enough cash flow to replace the lost incomeFailure to file taxes is a federal criminal offense; failure to pay is not — this distinction matters enormouslyThe IRS likely already has your income data from W-2s, 1099s, and third-party reports — ignoring them doesn't mean they don't knowIf you let the IRS file for you, they will not account for your deductions and write-offs, resulting in a much higher tax billAlways consult a tax professional before acting on any tax strategy you find onlineChapters0:48 – Introduction: Tax Tips Reality Check1:23 – Augusta Rule Explained2:49 – Augusta Rule Caveats4:35 – Retiring Your Spouse Strategy5:27 – Running the Numbers7:55 – Listener Question: Unfiled Taxes Crisis8:33 – File Now, Not Later9:42 – Why Filing Matters12:20 – Wrap Up and Final AdviceResources MentionedIRS Section 280A – The Augusta Rule (renting your home to your business)IRS Tax Brackets & Rates (2025) – Referenced when discussing the \"Big Beautiful Bill\" tax rate updatesWant to keep more of what you earn? If you’re a 7-6-5 business owner ready to move from financial chaos to CFO-level comfort, visit www.simplifymynumbers.com to...","thumbnail_url":"https://img.transistorcdn.com/E0Gc0wU8bIWldC9D-uQsDKrcetNgirG15Ha3M58Rug8/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9mOWQy/MjhlZDliMTMzYTZk/Yjc5OTIzYzcxYzc5/NTYyNy5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}