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

How S corp deductions keep money in your pocket

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How S corp deductions keep money in your pocket

Let your S corp pay for meals, travel, and miles so you keep more of your income instead of giving it to the government.

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Airbnb deductions your tax preparer is missing

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Airbnb deductions your tax preparer is missing

Most Airbnb owners miss mileage, internet, phone, and cleaning expenses because no one reviews their returns.

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Renting your home to your business still creates taxable income

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Renting your home to your business still creates taxable income

If your business pays you rent, you must report that rent as personal income even though you own the business.

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Rental property write-offs people miss all the time

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Rental property write-offs people miss all the time

Your phone and internet are deductible rental expenses if you use them to manage tenants or list properties.

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Your tax guy should be catching missed deductions

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Your tax guy should be catching missed deductions

If you own rental property miles away, you should be deducting mileage to visit it.

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Tax rules for inherited assets vs inherited IRAs

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Tax rules for inherited assets vs inherited IRAs

Inherited property often has no capital gains if sold quickly, but inherited IRAs are fully taxable when withdrawn.

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Two tax deduction myths that aren't true

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Two tax deduction myths that aren't true

You can still deduct mileage without a log and meals don't require a 30-mile distance from your office.

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Mileage vs actual expenses depends on your situation

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Mileage vs actual expenses depends on your situation

Whether mileage or actual vehicle costs saves more depends on how much you drive and your specific tax situation.

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Why you can't just skip filing your taxes

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Why you can't just skip filing your taxes

The IRS will file for you if you don't, and you'll end up with penalties, interest, and a huge bill.

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Why your tax preparer should understand business

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Why your tax preparer should understand business

Many tax preparers just enter numbers without understanding what running a business actually takes.

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Actual expenses vs mileage still requires business use percentage

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Actual expenses vs mileage still requires business use percentage

You can only deduct the percentage of vehicle expenses that match your actual business use, not the full amount.

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What the IRS means by necessary and reasonable

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What the IRS means by necessary and reasonable

Business expenses must pass the IRS test of being both necessary and reasonable, not just justifiable to yourself.

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What happens if Trump gets rid of income taxes?

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What happens if Trump gets rid of income taxes?

Brief speculation on the possibility of eliminating income taxes and the IRS shutting down.

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Why cash-only income eventually catches up with you

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Why cash-only income eventually catches up with you

The IRS catches unreported cash when your spending doesn't match your reported sales.

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What happens if you make a mistake on your tax return

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What happens if you make a mistake on your tax return

The IRS will send a letter if they find an error, not show up at your door, so report honestly and correct mistakes.

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Internet tax lies that could get you audited

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Internet tax lies that could get you audited

Introduction to common tax myths spread online that may trigger an IRS audit.

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Business meals are more deductible than you think

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Business meals are more deductible than you think

If a meal helps your business, you can write it off—not just meals with clients.

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Qualified business income deduction explained

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Qualified business income deduction explained

The QBI deduction takes up to 20% off your business income, now flowing from partnerships and S corps to your 1040.

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Selling your personal car is tax free in most cases

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Selling your personal car is tax free in most cases

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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Can the IRS tell you how to spend your money?

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Can the IRS tell you how to spend your money?

The IRS can't dictate your spending, they just require you to record business expenses accurately.

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Rental property deductions most people miss

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Rental property deductions most people miss

Mileage to your rental, meals while working on it, and knowing repairs vs capital improvements can save you money.

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Why business experience matters for your tax preparer

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Why business experience matters for your tax preparer

I spent 12 years reading IRS publications and running businesses before helping others with taxes.

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

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

Be cautious about Augusta Rule claims - it's not as simple as an automatic $40,000 deduction.

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Business deductions aren't cheating the tax system

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Business deductions aren't cheating the tax system

When you deduct business expenses, that money still gets taxed when the restaurant or supplier reports their income.

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