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

Why S corp deductions are my favorite tax strategy

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Why S corp deductions are my favorite tax strategy

Use your S corp to pay for meals, travel, and miles so you keep more of your personal income.

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What happens when you don't file taxes for years

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What happens when you don't file taxes for years

If the IRS isn't chasing you, you either owe little or have a refund waiting that you're missing out on.

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Do you really need to keep all those paper receipts

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Do you really need to keep all those paper receipts

Use one dedicated bank account and credit card for business expenses to create automatic records the IRS accepts.

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What happens if you stop paying taxes

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What happens if you stop paying taxes

The IRS computer files a return for you, sends a bill, and puts a lien on you to collect later.

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How to think about business write-offs with W2 income

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How to think about business write-offs with W2 income

If you have W2 income and a side business, maximize legitimate business deductions to lower your overall taxable income.

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Common business deductions explained quickly

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Common business deductions explained quickly

A rapid-fire list of what counts as a business deduction, from mileage and meals to home office and travel.

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The IRS already has your W2s and 1099s

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The IRS already has your W2s and 1099s

The IRS gets copies of all your income forms and matches them to your return in summer, so report everything.

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How the IRS catches people who inflate deductions

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How the IRS catches people who inflate deductions

The IRS uses computers to flag returns where deductions are disproportionate to reported income.

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What to do if you can't pay your tax bill

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What to do if you can't pay your tax bill

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

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How buying an airplane can be a 100% business deduction

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How buying an airplane can be a 100% business deduction

High-profit business owners can deduct the full cost of an airplane purchase, potentially saving 30-40% in taxes.

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Are these three expenses deductible or not

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Are these three expenses deductible or not

Quick rundown on whether beach work trips, client Christmas gifts, and yearly laptop upgrades are tax deductible.

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How to deduct rental property losses on your taxes

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How to deduct rental property losses on your taxes

Self-managing your rental property can qualify you as a real estate professional, turning passive losses into active deductions.

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Selling your personal car doesn't trigger capital gains tax

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Selling your personal car doesn't trigger capital gains tax

Personal property like cars isn't subject to capital gains tax, and Minnesota lets you flip up to five cars per year tax-free.

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Why real estate investing is harder than influencers claim

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Why real estate investing is harder than influencers claim

Real estate properties get tied together financially, tenants cause problems, and the profits are often much less than promised online.

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Why fake business trips are a bad idea

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Why fake business trips are a bad idea

Picking up business cards on vacation doesn't make it a legitimate business trip you can write off.

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When your kid goes to college and your taxes

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When your kid goes to college and your taxes

Brief mention of how having a child in college affects the parent's tax return.

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What happens if you ignore a 1099 from Venmo

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What happens if you ignore a 1099 from Venmo

The IRS can see unreported 1099 income during audits, so don't ignore payment app tax forms.

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Why W-2 employees struggle to build wealth vs self-employed

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Why W-2 employees struggle to build wealth vs self-employed

Self-employed individuals have more tax strategies available to keep money that W-2 employees pay to the government.

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How to track business expenses without saving every receipt

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How to track business expenses without saving every receipt

Use one dedicated bank account and credit card for business to create automatic records the IRS accepts.

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When your LLC should become an S corp

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When your LLC should become an S corp

If you're paying a lot in self-employment tax as a single-member LLC, it might be time to shift to an S corp.

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How to maximize deductible days on a business trip

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How to maximize deductible days on a business trip

Travel days plus any half-day business days are deductible, so spacing meetings over a weekend can add extra deductible days.

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Your tax preparer should be maximizing your deductions

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Your tax preparer should be maximizing your deductions

Many tax preparers avoid legitimate deductions like mileage and meals out of excess caution.

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Venmo 1099 thresholds are dropping fast

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Venmo 1099 thresholds are dropping fast

The Venmo reporting threshold drops from $20K to $600 by 2026, but you still owe tax on all income regardless of whether you get a form.

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The ribeye effect explains why deductions matter

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The ribeye effect explains why deductions matter

Business expenses effectively cost half price because you deduct them, unlike W2 wages where taxes come out first.

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