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TopicsCrypto Deductions Family Irs Llc & S Corp Payroll Personal Taxes Real Estate Retirement Side Hustle Small Business Tax Fundamentals Tax Strategy

Why W2 employees miss out on business deductions

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Why W2 employees miss out on business deductions

W2 income gets taxed in full, but business owners deduct expenses and only pay tax on what's left.

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Are taxes voluntary or mandatory

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Are taxes voluntary or mandatory

Taxes are mandatory; skipping years just means penalties and interest when you eventually file.

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TikTok shop sellers: don't forget your inventory costs

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TikTok shop sellers: don't forget your inventory costs

Track inventory costs, internet, phone, mileage, and other expenses to reduce your TikTok shop 1099 income.

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You might still owe taxes on small 1099 income

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You might still owe taxes on small 1099 income

The IRS can file a return for you and bill you for self-employment tax on 1099 income, even if you didn't file.

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TikTok shop income is taxable even without a 1099

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TikTok shop income is taxable even without a 1099

You must report TikTok shop earnings because the IRS can see your bank deposits, and waiting means penalties and interest.

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Inherited IRA withdrawals are taxable, not free money

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Inherited IRA withdrawals are taxable, not free money

Cashing out an inherited IRA triggers taxes, unlike regular inheritance, so check before you sell.

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Inherited IRAs can trigger huge tax bills

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Inherited IRAs can trigger huge tax bills

Inherited IRAs come with tax rules attached, including income tax and potential early withdrawal penalties.

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Why a side business beats W-2 income for building wealth

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Why a side business beats W-2 income for building wealth

Side businesses let you deduct expenses and shelter more retirement money before paying tax, unlike W-2 wages.

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The best tax trick is just telling the truth

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The best tax trick is just telling the truth

Ignore clickbait tips and tricks; all tax info is public and the real strategy is honest reporting.

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Why you should have a separate Venmo for business

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Why you should have a separate Venmo for business

The IRS struggles to distinguish personal from business Venmo payments, so keep a separate account for business transactions.

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How to track business expenses without keeping boxes of receipts

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How to track business expenses without keeping boxes of receipts

Use one dedicated bank account and credit card for business expenses so your statements do the bookkeeping for you.

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Why the tax code is so complicated

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Why the tax code is so complicated

Tax rules exist so business owners can take deductions that move money and grow the economy.

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How business owners can lower their taxable income legally

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How business owners can lower their taxable income legally

Use business deductions like mileage and travel to reduce profit that stacks on top of your paycheck.

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How business deductions actually work

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How business deductions actually work

Deductions reduce your taxable profit, so you only pay tax on what's left after legitimate business expenses.

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Can college students really make $400k tax-free with real estate?

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Can college students really make $400k tax-free with real estate?

Brief mention of tax-free income for college students, but no specific strategy is actually explained.

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Why the IRS reclassifies fake businesses as hobbies

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Why the IRS reclassifies fake businesses as hobbies

If you start a business just to create paper losses, the IRS can call it a hobby and make you repay years of deductions plus penalties.

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Could Santa claim tax deductions for his operation

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Could Santa claim tax deductions for his operation

Room and board for volunteer elves and mileage for worldwide deliveries could technically be deductible.

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When the IRS will actually settle your tax debt

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When the IRS will actually settle your tax debt

IRS will settle debt if you truly can't pay, but home equity counts against you.

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Why your friend who 'pays all their money to the government' is wrong

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Why your friend who 'pays all their money to the government' is wrong

If you have profit going to taxes, you should be buying assets or expanding to reduce your tax burden.

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Why cookie cutter tax strategies don't work

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Why cookie cutter tax strategies don't work

Generic tax plans from template services won't fit your individual business and life situation.

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Post-tax season review for small business owners

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Post-tax season review for small business owners

Bring in last year's taxes for a free review to see if you overpaid.

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How I spend business money on nicer travel and hotels

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How I spend business money on nicer travel and hotels

Business expenses can go toward better flights, hotels, and meals—the IRS just wants you to account for what you spent.

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Higher-end rentals may mean better tenants and cash flow

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Higher-end rentals may mean better tenants and cash flow

Renting pricier properties can attract responsible tenants who pay more and take care of the place.

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What the Augusta rule actually requires to be valid

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What the Augusta rule actually requires to be valid

You need fair market rent, employees attending, and actual business conducted at your home.

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701 videos in the library