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

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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What happens if you don't file when you owe taxes

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What happens if you don't file when you owe taxes

If you owe taxes and don't file, a tax professional can help you figure out the damage for free.

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How buying equipment saved one client $60k in taxes

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How buying equipment saved one client $60k in taxes

A client with $375k profit bought equipment before year-end and saved nearly $60,000 by following depreciation rules.

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How business owners write off vacations as conferences

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How business owners write off vacations as conferences

Business travel to conferences with learning activities can be deductible, including hotels and upgraded rooms.

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You don't need a mileage log for the IRS

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You don't need a mileage log for the IRS

The IRS wants to know where you drive and how often, not a daily written log.

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We're planning a cruise for clients and followers

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We're planning a cruise for clients and followers

Announcement about an upcoming cruise trip with a link to sign up for updates.

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Why most business owners miss deductions

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Why most business owners miss deductions

Many business owners overlook deductions and overpay taxes; a consultation can help identify what you're missing.

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Three ways small business owners can prepare for 2024 taxes

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Three ways small business owners can prepare for 2024 taxes

Get receipts organized, wait for tax documents, and track business expenses paid from personal accounts.

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Business deductions don't cheat the government

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Business deductions don't cheat the government

When you deduct a business expense, the money goes to someone else who pays tax on it as income.

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S corp vs schedule C saved this client $60,000

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S corp vs schedule C saved this client $60,000

High-income business owner with low overhead saved $60k in self-employment tax by using an S corp instead of schedule C.

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Home office deductions don't include your whole mortgage

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Home office deductions don't include your whole mortgage

You can only deduct the percentage of home expenses for the space you use, not your entire mortgage or utilities.

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Why self-employment changes your tax situation

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Why self-employment changes your tax situation

W-2 employees pay tax on everything, but self-employed people deduct meals, mileage, and home office before calculating taxes.

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Three business deductions most people miss

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Three business deductions most people miss

Meals, mileage, and phone or internet are commonly forgotten because people pay with personal accounts or are scared to claim them.

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Business meal deductions are legal to take

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Business meal deductions are legal to take

The IRS can't track where you ate; a business meal is a legitimate deductible expense.

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