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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

Your tax preparer should catch obvious mistakes like this

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Your tax preparer should catch obvious mistakes like this

A tow truck business showed only $325 in gas on $400k in sales, and the paid preparer never questioned it.

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Business expenses don't have to be cheap to be deductible

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Business expenses don't have to be cheap to be deductible

The IRS allows necessary and reasonable business expenses, so keep a complete list for your tax preparer.

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End of year small business tax planning basics

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End of year small business tax planning basics

Pay bills before year-end, run a trial balance, and see if you need extra deductions.

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You don't need an LLC to be considered a business

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You don't need an LLC to be considered a business

As soon as you start buying or selling, you're a sole proprietor and owe taxes, no LLC required.

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The 50% meal deduction still means you eat 100% of the meal

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The 50% meal deduction still means you eat 100% of the meal

Even though meal deductions are only 50%, you still consume the whole meal, so it's still worth claiming.

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You can write off deductions even with no profit

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You can write off deductions even with no profit

The IRS requires you to claim deductions in the year you spent the money, whether or not you had income.

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How a business cruise could be tax deductible

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How a business cruise could be tax deductible

A cruise focused on business education and learning may qualify as a deductible business expense.

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How to tell if you're missing business deductions

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How to tell if you're missing business deductions

Compare your Schedule C profit to what you actually pocketed—if they don't match, you've likely missed deductions.

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Putting kids on your board to write off trips is fraud

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Putting kids on your board to write off trips is fraud

Adding children to your board just to deduct family vacations is tax fraud the IRS will catch.

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What would Santa's tax return look like

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What would Santa's tax return look like

A fun breakdown of Santa's potential deductions from elf payroll to sleigh mileage to reindeer expenses.

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Buy assets and pay bills before year end to reduce taxes

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Buy assets and pay bills before year end to reduce taxes

Accelerate asset purchases and pay outstanding bills before December 31 to maximize this year's deductions.

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How to write off a business trip to the Bahamas

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How to write off a business trip to the Bahamas

Travel days, work days, and weekends between meetings all count toward making a trip tax-deductible.

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Your tax preparer should be teaching you about deductions

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Your tax preparer should be teaching you about deductions

If your tax preparer isn't explaining what you can write off, you might be missing money on your return.

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Why the IRS created hobby loss rules

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Why the IRS created hobby loss rules

The IRS created hobby loss rules in the 70s and 80s to stop people from deducting personal losses from side businesses like Mary Kay.

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The truck write-off is about towing capacity, not weight

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The truck write-off is about towing capacity, not weight

The IRS heavy vehicle deduction is meant for work trucks, not buying an Escalade for your small side business.

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What I do after tax season ends

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What I do after tax season ends

Free tax return reviews often find missed deductions because everything you need for your business is deductible.

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Why fake business losses will catch up with you

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Why fake business losses will catch up with you

The IRS watches for repeated business losses and will eventually catch fabricated deductions.

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What I mean by playing the tax game

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What I mean by playing the tax game

Tax planning means meeting with your accountant in October to make strategic moves before year-end, not just handing over numbers in January.

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Why online tax software fails small business owners

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Why online tax software fails small business owners

Online tax software limits Schedule C categories, causing self-employed filers to miss thousands in legitimate deductions.

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What tax code 162 actually means for business deductions

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What tax code 162 actually means for business deductions

Any expense you spend for your business is a business deduction; there's no special list by industry at the IRS.

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Your tax preparer should ask you questions

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Your tax preparer should ask you questions

A good CPA will talk through your expenses to make sure you're claiming everything you actually spent.

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DBA vs LLC: what they actually mean for taxes

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DBA vs LLC: what they actually mean for taxes

A DBA is just a name you operate under, while an LLC must be paired with a tax classification like sole proprietor, partnership, or S corp.

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How business expenses reduce your taxable income

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How business expenses reduce your taxable income

Use your business to pay for legitimate expenses like meals, travel, phone, and supplies before calculating profit.

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You don't need income to claim deductions

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You don't need income to claim deductions

Deductions must go on the year you spent the money, even if you had no income from the business yet.

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