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

How travel influencers deduct their trips

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How travel influencers deduct their trips

Travel creators can deduct expenses when doing 2-4 hours of business daily, but personal vacation days don't qualify.

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What triggers an IRS audit and how to avoid it

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What triggers an IRS audit and how to avoid it

Unusual patterns like high losses against high income can trigger review; best defense is accurate reporting with receipts.

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Why the all-cash strategy eventually catches up to you

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Why the all-cash strategy eventually catches up to you

If you can't show where your cash came from when paying business bills, a random audit will expose the gap.

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How contractors can avoid an audit

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How contractors can avoid an audit

Track everything, use cards not cash, keep receipts, and just tell the truth on your taxes.

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Is it deductible? Quick-fire tax questions answered

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Is it deductible? Quick-fire tax questions answered

Common expenses like podcast gear, meals, and travel can be deductible if they have a legitimate business purpose.

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Why the IRS calls your business a hobby

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Why the IRS calls your business a hobby

If you start a business just to lose money and offset W2 income, the IRS may call it a hobby and disallow all those losses.

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Why business deductions still help the economy

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Why business deductions still help the economy

When you spend on your business, the recipient pays tax on that income instead of you.

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Why starting a business just to lose money backfires

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Why starting a business just to lose money backfires

The IRS can reclassify your money-losing business as a hobby, denying losses and adding penalties.

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How a cruise can become a tax deductible business expense

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How a cruise can become a tax deductible business expense

Hosting professionals for investment and retirement planning sessions can make a week-long cruise tax deductible.

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Your tax guy should be asking these questions

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Your tax guy should be asking these questions

A detailed review found $25,000 in missing deductions that saved a construction business owner $12,000.

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Most business returns I review overpay by $3,000 to $5,000

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Most business returns I review overpay by $3,000 to $5,000

80% of business returns I review have missed deductions worth $3,000 to $5,000 that went straight to the IRS.

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Venmo 1099 thresholds are dropping, here's what to know

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Venmo 1099 thresholds are dropping, here's what to know

The reporting threshold drops from $20K to $600 by 2026, but you must still report all income regardless of whether you get a 1099.

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Augusta rule requirements most people ignore

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Augusta rule requirements most people ignore

You need fair market rent, actual employees attending, and real business conducted to qualify.

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How a side business can lower your overall tax bill

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How a side business can lower your overall tax bill

Start a business to write off meals, travel, and mileage tax-free, then only pay taxes on the remaining profit.

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Why amended returns shouldn't cost as much as the original

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Why amended returns shouldn't cost as much as the original

A quick correction shouldn't cost you a whole new return fee — ask what the refund is worth before paying to amend.

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Why self-employed people build wealth faster than W-2 employees

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Why self-employed people build wealth faster than W-2 employees

Self-employed individuals can keep more money by reducing taxes compared to W-2 employees.

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Can you write off your cell phone as a business expense

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Can you write off your cell phone as a business expense

Unlike old landlines, you can generally write off your cell phone for business without splitting personal use.

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What travel upgrades are deductible on a business cruise

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What travel upgrades are deductible on a business cruise

Shuttle service, upgraded cabins, and first class travel can be deductible when tied to a business conference.

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How business owners reduce taxable income

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How business owners reduce taxable income

By taking a lower salary and using legitimate business deductions like mileage, meals, and travel, profits get reduced before taxes.

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Why business deductions aren't cheating the system

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Why business deductions aren't cheating the system

Your deductions shift taxable income to other businesses who then pay taxes or take their own deductions.

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Why W-2 employees struggle to build wealth vs self-employed

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Why W-2 employees struggle to build wealth vs self-employed

Self-employed individuals have more options to keep money from taxes than W-2 employees do.

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Why cash payments can backfire in an IRS audit

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Why cash payments can backfire in an IRS audit

If you pay rent or expenses in cash with no bank records, auditors will notice the gap and ask questions.

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Why I work seven days a week during tax season

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Why I work seven days a week during tax season

Tax professionals should explain what they're doing, not just file returns and hand them back.

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The IRS knows your income even without a 1099

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The IRS knows your income even without a 1099

Bank deposits reveal unreported income to the IRS, so claim it and use deductions instead of risking penalties.

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