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You can find all my tax content on Instagram if TikTok has issues.
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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.
Business travel expenses like first class flights are fine if they're proportional to your income.
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Review your Schedule C or S corp return for mileage, meals, phone, and internet to spot missing deductions.
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A business cruise where you learn during the day and have fun at night can qualify as a deductible expense.
Business income under the standard deduction still triggers self-employment tax, even if you owe no income tax.
Review your profit and loss now and pay bills or buy assets before December 31st to reduce taxable profit.
Buy equipment, pay bills ahead, or give bonuses before year-end to maximize deductions on your business taxes.
If your business only loses money year after year, the IRS may call it a hobby and disallow your deductions.
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Small mistakes on your return can mean missed deductions, so work with someone who knows what's deductible.
Business meals, podcast gear, and even a conference cruise can be deductible if they meet IRS business-purpose rules.
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Simple corrections take about 15 minutes, so ask what the refund is worth before paying for a full amended return.
If you're self-employed with a 1099, report the income but deduct your expenses to reduce what you actually owe.
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Online tax software misses deductions because it only shows main categories and people skip the 'other' section.
If farm expenses far exceed income from eggs or hay sales, the IRS may classify it as a hobby and disallow deductions.
Use a credit card to track where you ate and the amount; detailed notes about who you met aren't required.
You're a sole proprietor the moment you start selling, with or without an LLC.
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Split Venmo 1099 between business income and personal transactions on schedule one.
If your business trip is real and necessary, the deduction is legal; if you're lying about it, you should worry.
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A farm client saved thousands just by having a conversation about expenses he forgot to claim.
Soft audits just ask you to verify info by mail; hard audits review bank statements and expenses, but both are manageable if you told the truth.
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TJ shares how helping bar owners find thousands in missed refunds turned into a 30-year passion for small business taxes.
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