This is a YouTube video titled "https://www.youtube.com/watch?v=ag_WE95Iwpg" containing a monologue or single-speaker discussion about common tax mistakes, specifically focusing on the issue of commingling personal and business expenses and the legal risks involved. The speaker explains the consequences of mixing personal and business finances and the potential for personal liability.
What's the biggest mistake people make on their taxes? For sure. Commingling their expenses. The beginners commingle their expenses like crazy. They'll use their amex personal credit card because it gets them all these points. And then they'll take their expenses off that personal credit card as business expenses. They're essentially piercing their corporate veil. If I come and sue you, bro, I'm coming after all your personal assets. I'm coming after your personal IRAs, your bank accounts, all of that, because the I can't distinguish your business from yourself. You commingled everything. Your business has an ein number, you have a Social Security number. But you blended everything together. So now if I sue you, all of it's in one lawsuit.
