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

How travel influencers deduct their trips

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How travel influencers deduct their trips

Travel creators can deduct expenses when doing 2-4 hours of business daily, but personal vacation days don't qualify.

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Extensions don't extend your time to pay taxes

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Extensions don't extend your time to pay taxes

Filing extensions only delay your return, not payment—unpaid taxes accrue 5% monthly penalties plus interest.

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What triggers an IRS audit and how to avoid it

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What triggers an IRS audit and how to avoid it

Unusual patterns like high losses against high income can trigger review; best defense is accurate reporting with receipts.

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Why the all-cash strategy eventually catches up to you

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Why the all-cash strategy eventually catches up to you

If you can't show where your cash came from when paying business bills, a random audit will expose the gap.

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How contractors can avoid an audit

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How contractors can avoid an audit

Track everything, use cards not cash, keep receipts, and just tell the truth on your taxes.

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A $4 million tax mistake from one wrong number

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A $4 million tax mistake from one wrong number

A client accidentally entered $19 million instead of $19,000 for Social Security, and tax software didn't catch the obvious error.

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Is it deductible? Quick-fire tax questions answered

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Is it deductible? Quick-fire tax questions answered

Common expenses like podcast gear, meals, and travel can be deductible if they have a legitimate business purpose.

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Why some people are afraid to use deductions

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Why some people are afraid to use deductions

The IRS's job is just to verify you actually spent the money you're claiming as deductions.

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Why the IRS ignores some non-filers but not others

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Why the IRS ignores some non-filers but not others

IRS only chases you if you owe them; if you're owed a refund, they stay quiet and keep your money.

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How to make $400k tax-free as a college student

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How to make $400k tax-free as a college student

Offers to review your situation in a consultation if you want to learn about tax-free income strategies for students.

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Why the IRS calls your business a hobby

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Why the IRS calls your business a hobby

If you start a business just to lose money and offset W2 income, the IRS may call it a hobby and disallow all those losses.

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S corps let you create pension plans that LLCs cannot

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S corps let you create pension plans that LLCs cannot

S corps can set up old-fashioned pension plans to shelter large profits, while LLCs are limited to 401k and SEP options.

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First time abatement can remove IRS penalties

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First time abatement can remove IRS penalties

If you've paid taxes on time for 4-5 years, you can request a first time abatement to remove late filing and payment penalties.

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Why business deductions still help the economy

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Why business deductions still help the economy

When you spend on your business, the recipient pays tax on that income instead of you.

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Why starting a business just to lose money backfires

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Why starting a business just to lose money backfires

The IRS can reclassify your money-losing business as a hobby, denying losses and adding penalties.

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How a cruise can become a tax deductible business expense

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How a cruise can become a tax deductible business expense

Hosting professionals for investment and retirement planning sessions can make a week-long cruise tax deductible.

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Your tax guy should be asking these questions

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Your tax guy should be asking these questions

A detailed review found $25,000 in missing deductions that saved a construction business owner $12,000.

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Why stopping tax payments isn't a real option

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Why stopping tax payments isn't a real option

Responding to comments suggesting people should just stop paying taxes entirely.

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Most business returns I review overpay by $3,000 to $5,000

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Most business returns I review overpay by $3,000 to $5,000

80% of business returns I review have missed deductions worth $3,000 to $5,000 that went straight to the IRS.

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Venmo 1099 thresholds are dropping, here's what to know

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Venmo 1099 thresholds are dropping, here's what to know

The reporting threshold drops from $20K to $600 by 2026, but you must still report all income regardless of whether you get a 1099.

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Augusta rule requirements most people ignore

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Augusta rule requirements most people ignore

You need fair market rent, actual employees attending, and real business conducted to qualify.

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How a side business can lower your overall tax bill

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How a side business can lower your overall tax bill

Start a business to write off meals, travel, and mileage tax-free, then only pay taxes on the remaining profit.

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Why amended returns shouldn't cost as much as the original

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Why amended returns shouldn't cost as much as the original

A quick correction shouldn't cost you a whole new return fee — ask what the refund is worth before paying to amend.

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Why IRS secrets videos are baloney

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Why IRS secrets videos are baloney

Tax clickbait claiming the IRS hides secrets from you is nonsense from people with no real experience.

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