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

Why starting a side business beats a W-2 for building wealth

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Why starting a side business beats a W-2 for building wealth

Self-employment offers more deductions and retirement options than a regular job, so you keep more of what you earn.

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Why the IRS knows about your 1099 income even if you ignore it

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Why the IRS knows about your 1099 income even if you ignore it

The IRS gets copies of all your 1099s, so ignoring them just means they'll file for you with zero deductions.

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Why skipping business deductions costs you money

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Why skipping business deductions costs you money

Small side jobs might not need deductions, but larger income without expenses means paying unnecessary self-employment and income tax.

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W-2 employees don't get many deductions

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W-2 employees don't get many deductions

A side business lets you write off expenses and save more for retirement than a W-2 alone allows.

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Why the IRS knows about your 1099 income even if you don't file

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Why the IRS knows about your 1099 income even if you don't file

The IRS gets copies of all your 1099s, so ignoring them just means they'll file for you with zero deductions.

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Do you have to report Venmo business income

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Do you have to report Venmo business income

Yes, business income received through Venmo must be reported on your taxes.

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What to do when you get a 1099 form

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What to do when you get a 1099 form

Report 1099 income on a Schedule C as a business so you can deduct expenses like mileage, meals, and phone.

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You can't hide Venmo and Cash App from the IRS

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You can't hide Venmo and Cash App from the IRS

The IRS now tracks digital payment apps and issues 1099s, so separate personal from business transactions.

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How travel influencers write off their trips

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How travel influencers write off their trips

Travel influencers can deduct trips because travel is their job and they're making money marketing for hotels.

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Do you have to report Venmo business income

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Do you have to report Venmo business income

Yes, business income through Venmo must be reported on your taxes.

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TikTok shop sellers: don't forget your inventory costs

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TikTok shop sellers: don't forget your inventory costs

Track inventory costs, internet, phone, mileage, and other expenses to reduce your TikTok shop 1099 income.

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You might still owe taxes on small 1099 income

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You might still owe taxes on small 1099 income

The IRS can file a return for you and bill you for self-employment tax on 1099 income, even if you didn't file.

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TikTok shop income is taxable even without a 1099

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TikTok shop income is taxable even without a 1099

You must report TikTok shop earnings because the IRS can see your bank deposits, and waiting means penalties and interest.

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Why you should have a separate Venmo for business

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Why you should have a separate Venmo for business

The IRS struggles to distinguish personal from business Venmo payments, so keep a separate account for business transactions.

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Why your business profit is too high for taxes

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Why your business profit is too high for taxes

Shift personal expenses like internet, phone, and travel to your side business to reduce taxable profit.

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TikTok shop income is taxable even without a 1099

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TikTok shop income is taxable even without a 1099

You must report TikTok shop earnings even if you didn't get a 1099 because the IRS can see your bank deposits.

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How a side business can lower your overall taxes

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How a side business can lower your overall taxes

Business expenses like meals, travel, and mileage come out tax-free, reducing your taxable profit even if total income rises.

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Why fake mileage deductions catch up to you years later

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Why fake mileage deductions catch up to you years later

The IRS may not audit immediately, but inflated mileage deductions add up and they eventually go back multiple years.

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How to use a side business to reduce your W2 taxes

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How to use a side business to reduce your W2 taxes

Shift personal expenses like internet, cell phone, and travel to your side business to lower your overall taxable income.

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You still owe self-employment tax under the standard deduction

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You still owe self-employment tax under the standard deduction

Business income under the standard deduction still triggers self-employment tax, even if you owe no income tax.

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Why ignoring your 1099 is a bad idea

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Why ignoring your 1099 is a bad idea

If you're self-employed with a 1099, report the income but deduct your expenses to reduce what you actually owe.

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Selling your personal car doesn't trigger capital gains tax

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Selling your personal car doesn't trigger capital gains tax

Personal property like cars isn't subject to capital gains tax, and in Minnesota you can flip up to five cars per year tax-free.

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You still owe taxes if the company that paid you shuts down

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You still owe taxes if the company that paid you shuts down

Income you already received is taxable even if the business that paid you closes or gets banned.

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How to report Venmo 1099-K income on your taxes

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How to report Venmo 1099-K income on your taxes

Split Venmo 1099 between business income and personal transactions on schedule one.

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