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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

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.

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How S corp deductions keep money in your pocket

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How S corp deductions keep money in your pocket

Let your S corp pay for meals, travel, and miles so you keep more of your income instead of giving it to the government.

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Airbnb deductions your tax preparer is missing

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Airbnb deductions your tax preparer is missing

Most Airbnb owners miss mileage, internet, phone, and cleaning expenses because no one reviews their returns.

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Renting your home to your business still creates taxable income

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Renting your home to your business still creates taxable income

If your business pays you rent, you must report that rent as personal income even though you own the business.

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Rental property write-offs people miss all the time

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Rental property write-offs people miss all the time

Your phone and internet are deductible rental expenses if you use them to manage tenants or list properties.

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Your tax guy should be catching missed deductions

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Your tax guy should be catching missed deductions

If you own rental property miles away, you should be deducting mileage to visit it.

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Tax rules for inherited assets vs inherited IRAs

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Tax rules for inherited assets vs inherited IRAs

Inherited property often has no capital gains if sold quickly, but inherited IRAs are fully taxable when withdrawn.

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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 you can't just skip filing your taxes

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Why you can't just skip filing your taxes

The IRS will file for you if you don't, and you'll end up with penalties, interest, and a huge bill.

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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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701 videos in the library