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

Two tax deduction myths that aren't true

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Two tax deduction myths that aren't true

You can still deduct mileage without a log and meals don't require a 30-mile distance from your office.

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Mileage vs actual expenses depends on your situation

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Mileage vs actual expenses depends on your situation

Whether mileage or actual vehicle costs saves more depends on how much you drive and your specific tax situation.

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Why your tax preparer should understand business

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Why your tax preparer should understand business

Many tax preparers just enter numbers without understanding what running a business actually takes.

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Actual expenses vs mileage still requires business use percentage

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Actual expenses vs mileage still requires business use percentage

You can only deduct the percentage of vehicle expenses that match your actual business use, not the full amount.

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What the IRS means by necessary and reasonable

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What the IRS means by necessary and reasonable

Business expenses must pass the IRS test of being both necessary and reasonable, not just justifiable to yourself.

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Why cash-only income eventually catches up with you

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Why cash-only income eventually catches up with you

The IRS catches unreported cash when your spending doesn't match your reported sales.

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Business meals are more deductible than you think

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Business meals are more deductible than you think

If a meal helps your business, you can write it off—not just meals with clients.

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Qualified business income deduction explained

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Qualified business income deduction explained

The QBI deduction takes up to 20% off your business income, now flowing from partnerships and S corps to your 1040.

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Can the IRS tell you how to spend your money?

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Can the IRS tell you how to spend your money?

The IRS can't dictate your spending, they just require you to record business expenses accurately.

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Why business experience matters for your tax preparer

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Why business experience matters for your tax preparer

I spent 12 years reading IRS publications and running businesses before helping others with taxes.

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The Augusta rule isn't an automatic $40,000 deduction

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The Augusta rule isn't an automatic $40,000 deduction

Be cautious about Augusta Rule claims - it's not as simple as an automatic $40,000 deduction.

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Business deductions aren't cheating the tax system

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Business deductions aren't cheating the tax system

When you deduct business expenses, that money still gets taxed when the restaurant or supplier reports their income.

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How buying an airplane can offset business taxes

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How buying an airplane can offset business taxes

A business owner with large profits can use an airplane purchase as a major deduction to save 30-40% in taxes.

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How much income before switching to an S corp

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How much income before switching to an S corp

Addresses the common question of what income level justifies converting to S corp status.

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How business owners can pay less in taxes

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How business owners can pay less in taxes

Overview of strategies business owners can use to reduce their tax burden.

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Why business owners pay less tax than W2 employees

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Why business owners pay less tax than W2 employees

Businesses pay tax on bottom-line profit after expenses; W2 workers pay tax on their full income from the top.

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The fake 50-mile rule for business meals

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The fake 50-mile rule for business meals

There's no rule that you must drive 50 miles to deduct a business meal; if it's for business, it's deductible.

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You can write off business meals close to your office

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You can write off business meals close to your office

Business meals are deductible regardless of distance from your office, no 30-mile rule required.

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Why business deductions aren't cheating the system

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Why business deductions aren't cheating the system

Deductions shift taxable income to whoever actually received the money, like a hot potato game.

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How a business cruise could become tax deductible

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How a business cruise could become tax deductible

A cruise with business education sessions may qualify as a deductible conference expense.

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How to give bonuses without the tax hit

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How to give bonuses without the tax hit

Use student loan reimbursements or mileage stipends as tax-free bonuses that still deduct for the business.

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Single member LLC vs S corp tax differences explained

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Single member LLC vs S corp tax differences explained

When your LLC earns enough, self-employment tax may justify switching to an S corp structure.

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Are there deductions for W-2 employees?

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Are there deductions for W-2 employees?

W-2 employees have limited deductions, but small business owners have more options available.

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How business owners legally reduce their tax bill

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How business owners legally reduce their tax bill

Buy assets, use depreciation, and reimburse yourself to lower taxable profit instead of giving it to the government.

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