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

How to write off a trip to the Bahamas

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How to write off a trip to the Bahamas

Business trips need a real business purpose like client meetings, scouting office space, or corporate retreats.

5 views👍 0

Why an airplane can be a huge business deduction

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Why an airplane can be a huge business deduction

High-profit business owners can deduct 100% of an airplane purchase, potentially saving 30-40% in taxes.

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End of year tax moves for small business owners

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End of year tax moves for small business owners

Pay your bills before year-end, estimate your tax liability, and find extra deductions if needed.

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What happens if your business keeps losing money

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What happens if your business keeps losing money

Continuous business losses could create tax problems that need professional attention.

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How to count business travel days for tax purposes

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How to count business travel days for tax purposes

Travel days plus any day with meetings or substantial work count as business days for deductions.

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How much money before switching to an S corp

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How much money before switching to an S corp

Addresses the income threshold question for converting to S corp status.

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End of year tax planning for S corps and excavating businesses

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End of year tax planning for S corps and excavating businesses

Equipment purchases must follow timing rules to qualify as write-offs for your S corp.

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Why the Augusta rule isn't as easy as people think

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Why the Augusta rule isn't as easy as people think

You need fair rent, employees who attend, and actual business conducted to claim the Augusta rule deduction.

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Which business expenses are actually deductible

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Which business expenses are actually deductible

Mileage, meals, travel, home office, equipment, and more can be deductible if used for business purposes.

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When DIY taxes cost you money you never knew you lost

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When DIY taxes cost you money you never knew you lost

Complex situations like kids, business income, or credits have hidden savings you'll miss without professional help.

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What's your favorite business deduction?

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What's your favorite business deduction?

TJ asks about favorite deductions and offers to help with any kind of business.

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When you can actually write off meals as a business expense

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When you can actually write off meals as a business expense

Business meals that benefit your company are deductible, but keep them reasonable and trust your gut on what makes sense.

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Why shell companies to lose money don't actually work

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Why shell companies to lose money don't actually work

Start a real business, enjoy legitimate expenses tax-free, and pay a little more tax on real profit.

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What really happens if you don't file a tax return

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What really happens if you don't file a tax return

The IRS usually won't jail you for not filing, but they may file a return for you with no deductions.

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What to do if you get a 1099 from Venmo

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What to do if you get a 1099 from Venmo

Report personal Venmo payments on Schedule 1; business payments can be offset with expenses.

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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

Compares the wealth-building challenges W-2 employees face versus self-employed individuals.

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Do you really need to keep boxes of receipts

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Do you really need to keep boxes of receipts

Use one dedicated card or bank account for business expenses and let the statements do your bookkeeping.

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How to get the most deductions legally

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How to get the most deductions legally

Tell the truth and actually claim the business expenses you're entitled to, like phone, internet, meals, and mileage.

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Why W-2 employees love tax season but business owners don't

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Why W-2 employees love tax season but business owners don't

W-2 employees often get refunds while small business owners typically owe taxes at filing time.

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How to shift personal expenses to your business side

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How to shift personal expenses to your business side

Use your business income for deductible expenses like meals, travel, internet, and phone, then pay taxes only on the leftover profit.

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What actually makes a meal tax deductible

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What actually makes a meal tax deductible

The IRS can't verify if you discussed business, so focus on meals that legitimately help your business and keep them proportionate.

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Why a side business is the key to building wealth

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Why a side business is the key to building wealth

A W-2 job plus a business with legitimate deductions keeps your taxable income low while you live well.

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The IRS can't tell you what to buy for your business

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The IRS can't tell you what to buy for your business

You don't have to buy the cheapest option to deduct it—the IRS just asks you to record your expenses.

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How buying an airplane can wipe out your business taxes

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How buying an airplane can wipe out your business taxes

A business airplane purchase can be fully deducted in year one, potentially zeroing out your taxable profit.

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