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All Shorts Podcasts Education Real Stories

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

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.

8 views👍 0

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.

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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 may have deduction options worth reviewing with a tax professional.

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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 attending, and actual business conducted to qualify for the Augusta rule.

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What's the craziest thing people try to deduct

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What's the craziest thing people try to deduct

A question about unusual deductions people have attempted to claim on their taxes.

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Don't pre-calculate your meal expense deduction at 50%

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Don't pre-calculate your meal expense deduction at 50%

Give your accountant the full meal expense amount because the tax software automatically cuts it in half for you.

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Why some people are afraid to use deductions

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Why some people are afraid to use deductions

The IRS just verifies you actually spent the money you claimed as deductions.

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Why small business owners should prep taxes in summer

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Why small business owners should prep taxes in summer

Get your books ready in summer so you can review strategies in fall and act before year end.

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You can offset gambling winnings with losses

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You can offset gambling winnings with losses

If you get a W2G for gambling winnings, you can deduct your documented losses up to the amount you won.

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Why your S corp donations might not transfer to your personal return

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Why your S corp donations might not transfer to your personal return

Large donations made through your S corp may not fully carry over to your individual tax return due to deduction limits.

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Why there are no real tax loopholes or secrets

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Why there are no real tax loopholes or secrets

There are no secret tricks—just understand the tax code and use legitimate strategies.

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What to do if you sold your home and got a 1099S

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What to do if you sold your home and got a 1099S

Report a 1099S from a home sale on your return even if it's not taxable, or the IRS will send you a letter.

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Shop equipment is a write-off, stop missing it

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Shop equipment is a write-off, stop missing it

Equipment purchases for your business are deductible, and missing them for years means thousands lost to the IRS.

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Why business owners have more tax options than W2 employees

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Why business owners have more tax options than W2 employees

Businesses deduct expenses before taxes while W2 workers pay tax on their full income first.

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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

The Augusta Rule requires meeting specific conditions and isn't a guaranteed deduction for everyone.

8 views👍 0

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688 videos in the library