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

Why cash payments can backfire in an IRS audit

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Why cash payments can backfire in an IRS audit

If you pay rent and expenses in cash with no bank records, an audit will raise red flags you can't explain.

34 views👍 0

Gift money from parents for a house down payment

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Gift money from parents for a house down payment

Up to $19,000 in gift money is not taxable income, but amounts over that trigger reporting requirements.

45 views👍 0

This landlord's check fraud scheme will catch up to him

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This landlord's check fraud scheme will catch up to him

A landlord is altering checks and forging endorsements to inflate deductions, which is straight-up fraud.

36 views👍 0

Why business owners pay less tax than W-2 employees

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Why business owners pay less tax than W-2 employees

W-2 income has limited deductions, but a side business lets you write off more expenses and save more for retirement.

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Signs you have the wrong tax preparer

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Signs you have the wrong tax preparer

If your tax preparer never talks to you about deductions for your business, you need a new one.

35 views👍 0

How to turn rental property losses into active deductions

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How to turn rental property losses into active deductions

Managing your own rental property can qualify you as a real estate professional, letting you deduct passive losses against regular income.

38 views👍 0

Cashing corporate checks to avoid taxes is fraud

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Cashing corporate checks to avoid taxes is fraud

Rent payments from your corporation to yourself must be deposited and reported as income, not cashed to hide it.

35 views👍 0

Why W-2 employees have fewer deductions than business owners

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Why W-2 employees have fewer deductions than business owners

W-2 income is taxed at the top, but a side business lets you deduct expenses and save more for retirement before paying tax.

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Why you should review your tax return for errors

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Why you should review your tax return for errors

Most tax returns have $3,000 to $5,000 in errors that a second look can catch and fix.

33 views👍 0

Why self-employment gives you more tax control than a W-2 job

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Why self-employment gives you more tax control than a W-2 job

Self-employed people can write off business expenses and pay lower taxes than W-2 employees with the same income.

37 views👍 0

Why self-employment gives you more tax deductions than a W-2

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Why self-employment gives you more tax deductions than a W-2

W-2 workers have limited write-offs while business owners can deduct travel, phones, and expenses used to run their lives.

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Are there deductions for W-2 employees?

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Are there deductions for W-2 employees?

W-2 employees may have deduction options worth reviewing with a tax professional.

33 views👍 0

Why the Augusta rule isn't as easy as people think

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Why the Augusta rule isn't as easy as people think

You need fair rent, employees attending, and actual business conducted to qualify for the Augusta rule.

34 views👍 0

What's the craziest thing people try to deduct

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What's the craziest thing people try to deduct

A question about unusual deductions people have attempted to claim on their taxes.

32 views👍 0

Don't pre-calculate your meal expense deduction at 50%

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Don't pre-calculate your meal expense deduction at 50%

Give your accountant the full meal expense amount because the tax software automatically cuts it in half for you.

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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 just verifies you actually spent the money you claimed as deductions.

33 views👍 0

Why small business owners should prep taxes in summer

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Why small business owners should prep taxes in summer

Get your books ready in summer so you can review strategies in fall and act before year end.

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You can offset gambling winnings with losses

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You can offset gambling winnings with losses

If you get a W2G for gambling winnings, you can deduct your documented losses up to the amount you won.

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Why your S corp donations might not transfer to your personal return

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Why your S corp donations might not transfer to your personal return

Large donations made through your S corp may not fully carry over to your individual tax return due to deduction limits.

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Why there are no real tax loopholes or secrets

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Why there are no real tax loopholes or secrets

There are no secret tricks—just understand the tax code and use legitimate strategies.

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What to do if you sold your home and got a 1099S

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What to do if you sold your home and got a 1099S

Report a 1099S from a home sale on your return even if it's not taxable, or the IRS will send you a letter.

36 views👍 0

Shop equipment is a write-off, stop missing it

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Shop equipment is a write-off, stop missing it

Equipment purchases for your business are deductible, and missing them for years means thousands lost to the IRS.

34 views👍 0

Why business owners have more tax options than W2 employees

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Why business owners have more tax options than W2 employees

Businesses deduct expenses before taxes while W2 workers pay tax on their full income first.

45 views👍 0

The Augusta rule isn't an automatic $40,000 deduction

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The Augusta rule isn't an automatic $40,000 deduction

The Augusta Rule requires meeting specific conditions and isn't a guaranteed deduction for everyone.

35 views👍 0

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