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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 you don't need to fear an audit if you follow the rules

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Why you don't need to fear an audit if you follow the rules

If you do your taxes correctly from the start, you won't have to worry about audits or losing sleep.

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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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What makes a business trip tax deductible

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What makes a business trip tax deductible

Business trips need a business purpose, and each day must include work hours except weekends between meetings.

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Which business deductions actually work and which don't

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Which business deductions actually work and which don't

Dinner after work can be deductible, car wraps are deductible but not the car itself, and vacation trips need real business purpose.

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Do you need to keep boxes of receipts?

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Do you need to keep boxes of receipts?

Use one dedicated bank account and credit card for business expenses instead of keeping paper receipts.

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What happens if you miss a tax form when filing

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What happens if you miss a tax form when filing

The IRS matches forms like W-2s and 1099s over the summer and will send a letter if something's missing.

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What makes a meal a business expense

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What makes a meal a business expense

A business meal must benefit the business, but that doesn't mean it has to be a marketing expense.

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Free tax review for small business owners

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Free tax review for small business owners

Send us last year's taxes and we'll review them for free to see if you overpaid.

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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, an audit will expose the mismatch and create big problems.

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How real estate investing can reduce your taxes

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How real estate investing can reduce your taxes

Real estate offers tax advantages that let you keep more of your money instead of sending it to the government.

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Actual expenses vs mileage rate for vehicle deductions

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Actual expenses vs mileage rate for vehicle deductions

You can only deduct the business-use percentage of vehicle costs, whether using actual expenses or the mileage rate.

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Why business deductions feel like half-price purchases

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Why business deductions feel like half-price purchases

Business expenses reduce your taxes, so a $30 purchase effectively costs $20 compared to buying with after-tax W2 income.

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How business owners lower taxes with reimbursements

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How business owners lower taxes with reimbursements

By paying yourself a smaller salary and taking legitimate business reimbursements, you reduce taxable profit while keeping more money.

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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 and expenses in cash with no bank records, an audit will raise red flags you can't explain.

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Gift money from parents for a house down payment

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Gift money from parents for a house down payment

Up to $19,000 in gift money is not taxable income, but amounts over that trigger reporting requirements.

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This landlord's check fraud scheme will catch up to him

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This landlord's check fraud scheme will catch up to him

A landlord is altering checks and forging endorsements to inflate deductions, which is straight-up fraud.

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Why business owners pay less tax than W-2 employees

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Why business owners pay less tax than W-2 employees

W-2 income has limited deductions, but a side business lets you write off more expenses and save more for retirement.

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Signs you have the wrong tax preparer

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Signs you have the wrong tax preparer

If your tax preparer never talks to you about deductions for your business, you need a new one.

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How to turn rental property losses into active deductions

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How to turn rental property losses into active deductions

Managing your own rental property can qualify you as a real estate professional, letting you deduct passive losses against regular income.

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Cashing corporate checks to avoid taxes is fraud

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Cashing corporate checks to avoid taxes is fraud

Rent payments from your corporation to yourself must be deposited and reported as income, not cashed to hide it.

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Why W-2 employees have fewer deductions than business owners

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Why W-2 employees have fewer deductions than business owners

W-2 income is taxed at the top, but a side business lets you deduct expenses and save more for retirement before paying tax.

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Why you should review your tax return for errors

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Why you should review your tax return for errors

Most tax returns have $3,000 to $5,000 in errors that a second look can catch and fix.

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Why self-employment gives you more tax control than a W-2 job

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Why self-employment gives you more tax control than a W-2 job

Self-employed people can write off business expenses and pay lower taxes than W-2 employees with the same income.

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Why self-employment gives you more tax deductions than a W-2

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Why self-employment gives you more tax deductions than a W-2

W-2 workers have limited write-offs while business owners can deduct travel, phones, and expenses used to run their lives.

32 views👍 0

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701 videos in the library