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

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.

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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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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.

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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

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

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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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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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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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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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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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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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Tax deductible cruise announcement

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Tax deductible cruise announcement

Sign up if you're interested in the tax deductible cruise.

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How buying an airplane can offset business taxes

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How buying an airplane can offset business taxes

A business owner with large profits can use an airplane purchase as a major deduction to save 30-40% in taxes.

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The fake 50-mile rule for business meals

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The fake 50-mile rule for business meals

There's no rule that you must drive 50 miles to deduct a business meal; if it's for business, it's deductible.

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You can write off business meals close to your office

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You can write off business meals close to your office

Business meals are deductible regardless of distance from your office, no 30-mile rule required.

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