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The IRS can't track where you ate; a business meal is a legitimate deductible expense.
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A data entry error put $19 million instead of $19,000 for Social Security income, fixed by filing an amended return.
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Sign up for a free membership with extensive tax information to help you understand taxes and avoid IRS trouble.
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Most tax preparers just plug in what you give them without checking for mileage, internet, phone, or cleaning costs.
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A fun breakdown of Santa's potential deductions from elf payroll to sleigh mileage to reindeer expenses.
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Government services, military, and programs like the earned income credit would lose funding, hurting those who benefit most.
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Most returns I review have missed deductions, so I offer free reviews to help people get money back.
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You can deduct business miles, but not your commute from home to your first stop or back home at night.
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Travel for conferences, retreats, or client meetings can be deductible if the primary purpose is business.
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There's no magic income number; consider S corp status when you have significant profit to reduce self-employment tax.
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A real estate agent's mileage and meals were barely claimed, so we amended three years and recovered $22,000.
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Business expenses like meals, travel, and mileage come out tax-free, reducing your taxable profit even if total income rises.
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Business owners use perks, dividends, and loans against stock to lower personal taxable income legally.
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Many Airbnb owners miss mileage, internet, phone, and cleaning costs because no one reviews their expenses.
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Expenses that bring customers in, like a bouncy castle at an open house, count as business deductions.
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Track all business spending through one account so you don't miss deductions at tax time.
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The IRS may not audit immediately, but inflated mileage deductions add up and they eventually go back multiple years.
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You can find all my tax content on Instagram if TikTok has issues.
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Everything is publicly available on the IRS website; there are no hidden tax secrets.
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Comments suggest not paying taxes, but that's not how it works.
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If your business loses money for years, the IRS may reclassify it as a hobby and limit your deductions.
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A cruise with business education sessions can be deductible because you're there to learn for your business.
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You need a real business reason for the trip and should spend at least four hours a day on business activities.
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Business travel expenses like first class flights are fine if they're proportional to your income.
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