Profit First: The IRS Doesn’t Care About Your Intentions

Savvy or Surrender Podcast – Episode 4

Episode Description

The IRS doesn’t care about your excuses—they care about compliance.

In this eye-opening episode of the Savvy or Surrender Podcast, host Stephen Yang dives into the hidden truths about tax penalties, audits, and how procrastination can cost you thousands. From shocking client stories to the five biggest IRS red flags, Stephen shares practical strategies to keep you compliant, reduce stress, and protect your profits.

You’ll learn why messy bookkeeping, co-mingling accounts, and ignoring letters can destroy your business, and how taking proactive steps—like setting aside tax funds and filing on time—keeps you ahead of the IRS and your state.

Whether you’re a business owner, freelancer, or just trying to stay tax-smart, this episode gives you the tools to act now instead of paying the price later.

Episode Timestamps

00:50 – The IRS doesn’t care about excuses—only compliance. Why you shouldn’t put off filing and how penalties stack up fast.
01:30 – Real client story: 7 years of unfiled taxes and tens of thousands in penalties.
03:17 – Why the “taxes aren’t legal” argument won’t save you and what really gets you audited: the top 5 red flags.
07:00 – Keep up with your proof and more red flags.
09:53 – Schedule C vs. S-Corp: Which is more likely to trigger an audit?
12:41 – Filing on time vs. being truly compliant.
14:17 – How to proactively prepare for taxes with profit-first principles.
15:46 – How to stay out of trouble with the IRS or your state.
22:03 – Stephen’s challenge for listeners.

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Hashtags

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