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

How business deductions actually work

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How business deductions actually work

Deductions reduce your taxable profit, so you only pay tax on what's left after legitimate business expenses.

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Can college students really make $400k tax-free with real estate?

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Can college students really make $400k tax-free with real estate?

Brief mention of tax-free income for college students, but no specific strategy is actually explained.

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Why the IRS reclassifies fake businesses as hobbies

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Why the IRS reclassifies fake businesses as hobbies

If you start a business just to create paper losses, the IRS can call it a hobby and make you repay years of deductions plus penalties.

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Could Santa claim tax deductions for his operation

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Could Santa claim tax deductions for his operation

Room and board for volunteer elves and mileage for worldwide deliveries could technically be deductible.

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When the IRS will actually settle your tax debt

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When the IRS will actually settle your tax debt

IRS will settle debt if you truly can't pay, but home equity counts against you.

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Why your friend who 'pays all their money to the government' is wrong

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Why your friend who 'pays all their money to the government' is wrong

If you have profit going to taxes, you should be buying assets or expanding to reduce your tax burden.

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Why cookie cutter tax strategies don't work

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Why cookie cutter tax strategies don't work

Generic tax plans from template services won't fit your individual business and life situation.

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Post-tax season review for small business owners

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Post-tax season review for small business owners

Bring in last year's taxes for a free review to see if you overpaid.

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How I spend business money on nicer travel and hotels

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How I spend business money on nicer travel and hotels

Business expenses can go toward better flights, hotels, and meals—the IRS just wants you to account for what you spent.

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Higher-end rentals may mean better tenants and cash flow

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Higher-end rentals may mean better tenants and cash flow

Renting pricier properties can attract responsible tenants who pay more and take care of the place.

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What the Augusta rule actually requires to be valid

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What the Augusta rule actually requires to be valid

You need fair market rent, employees attending, and actual business conducted at your home.

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What travel influencers get to write off

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What travel influencers get to write off

Travel influencers can deduct trips as business expenses if they're actively working two to four hours daily.

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If you overpay taxes and don't know it, you don't miss it

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If you overpay taxes and don't know it, you don't miss it

Many people overpay taxes without realizing it, especially on deductions like food and per diem for truck drivers.

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The 30 mile rule for meal deductions is a myth

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The 30 mile rule for meal deductions is a myth

There's no IRS rule limiting meal deductions based on distance from your office or home.

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Realtors are often missing deductions on mileage and meals

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Realtors are often missing deductions on mileage and meals

A realtor's tax return showed only 100 miles and $10 in meals monthly, so we amended three years and got back $22,000.

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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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Why I spend my summer fixing other people's tax mistakes

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Why I spend my summer fixing other people's tax mistakes

Tax returns prepared without client involvement often contain errors worth reviewing for missed money.

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Why $10,000 tax strategy pitches are usually scams

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Why $10,000 tax strategy pitches are usually scams

Be skeptical of anyone guaranteeing specific tax savings before seeing your actual tax situation.

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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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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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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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