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

Why amended tax returns shouldn't cost as much as a new one

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Why amended tax returns shouldn't cost as much as a new one

Simple corrections take about 15 minutes, so ask what the refund is worth before paying for a full amended return.

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Why ignoring your 1099 is a bad idea

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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Why online tax software fails business owners

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Why online tax software fails business owners

Online tax software misses deductions because it only shows main categories and people skip the 'other' section.

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When the IRS considers your farm a hobby

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When the IRS considers your farm a hobby

If farm expenses far exceed income from eggs or hay sales, the IRS may classify it as a hobby and disallow deductions.

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Meal expense documentation doesn't need to be complicated

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Meal expense documentation doesn't need to be complicated

Use a credit card to track where you ate and the amount; detailed notes about who you met aren't required.

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You don't need an LLC to be a business

You're a sole proprietor the moment you start selling, with or without an LLC.

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How to report Venmo 1099-K income on your taxes

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How to report Venmo 1099-K income on your taxes

Split Venmo 1099 between business income and personal transactions on schedule one.

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When business travel deductions are legitimate vs risky

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When business travel deductions are legitimate vs risky

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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Why you should sit down with your tax preparer

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Why you should sit down with your tax preparer

A farm client saved thousands just by having a conversation about expenses he forgot to claim.

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Soft audits vs hard audits and why neither is that scary

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Soft audits vs hard audits and why neither is that scary

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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Why TJ got into taxes 30 years ago

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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Why running your business on cash is a red flag

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Why running your business on cash is a red flag

The IRS gets suspicious when no bills are paid through a bank, and they'll assume you're avoiding taxes.

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You don't need an LLC to be a business

You're a sole proprietor the moment you start selling, with or without an LLC filing.

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Why your tax strategy depends on your specific situation

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Why your tax strategy depends on your specific situation

The right deductions depend on your business type, profits, and household income from W2 jobs.

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Will you go to jail for not filing your taxes

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Will you go to jail for not filing your taxes

Tax fraud can mean jail, but most non-filers just get a bill from the IRS that can often be reduced by filing properly.

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How to stretch a business trip into a longer deductible stay

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How to stretch a business trip into a longer deductible stay

Plan meetings on Friday and Monday to make weekend hotel and meals tax deductible as part of your business travel.

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Augusta rule requires actual staff meetings at your home

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Augusta rule requires actual staff meetings at your home

The Augusta rule deduction requires real staff visits and fair market value, not an automatic $40K write-off.

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What counts as a business trip for tax purposes

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What counts as a business trip for tax purposes

Business trips need a business purpose, and you can deduct travel days plus any days you work, including weekends between meetings.

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What counts as a deductible business meal

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What counts as a deductible business meal

Business meals don't require travel or client meetings; any meal that genuinely helps your business can qualify for a 50% deduction.

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What triggers an IRS audit on your tax return

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What triggers an IRS audit on your tax return

The IRS computer flags returns where things don't add up, like a high earner running a business that loses too much money.

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Can you deduct purchases made with gift cards

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Can you deduct purchases made with gift cards

Gift cards you receive can still count as a business deduction when used for business expenses.

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Which business expenses are actually deductible

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Which business expenses are actually deductible

Quick rundown of common deductions like mileage, meals, home office, and travel, plus what does not qualify.

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Where to find me if TikTok gets shut down

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Where to find me if TikTok gets shut down

All the same tax content is also posted on Instagram if TikTok goes away.

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How a business cruise could be tax-deductible

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How a business cruise could be tax-deductible

A trip with business education as its primary purpose may qualify as a tax-deductible expense.

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