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TopicsCryptoDeductionsFamilyIrsLlc & S CorpPayrollPersonal TaxesReal EstateRetirementSide HustleSmall BusinessTax Strategy
0:43shorts
How travel influencers deduct their trips
Travel creators can deduct expenses when doing 2-4 hours of business daily, but personal vacation days don't qualify.
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1:09shorts
What triggers an IRS audit and how to avoid it
Unusual patterns like high losses against high income can trigger review; best defense is accurate reporting with receipts.
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0:56shorts
Why the all-cash strategy eventually catches up to you
If you can't show where your cash came from when paying business bills, a random audit will expose the gap.
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1:01shorts
How contractors can avoid an audit
Track everything, use cards not cash, keep receipts, and just tell the truth on your taxes.
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1:21shorts
Is it deductible? Quick-fire tax questions answered
Common expenses like podcast gear, meals, and travel can be deductible if they have a legitimate business purpose.
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1:00shorts
Why the IRS calls your business a hobby
If you start a business just to lose money and offset W2 income, the IRS may call it a hobby and disallow all those losses.
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0:55shorts
Why business deductions still help the economy
When you spend on your business, the recipient pays tax on that income instead of you.
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0:56shorts
Why starting a business just to lose money backfires
The IRS can reclassify your money-losing business as a hobby, denying losses and adding penalties.
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1:07shorts
How a cruise can become a tax deductible business expense
Hosting professionals for investment and retirement planning sessions can make a week-long cruise tax deductible.
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1:10shorts
Your tax guy should be asking these questions
A detailed review found $25,000 in missing deductions that saved a construction business owner $12,000.
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0:30shorts
Most business returns I review overpay by $3,000 to $5,000
80% of business returns I review have missed deductions worth $3,000 to $5,000 that went straight to the IRS.
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1:07shorts
Venmo 1099 thresholds are dropping, here's what to know
The reporting threshold drops from $20K to $600 by 2026, but you must still report all income regardless of whether you get a 1099.
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0:59shorts
Augusta rule requirements most people ignore
You need fair market rent, actual employees attending, and real business conducted to qualify.
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1:03shorts
How a side business can lower your overall tax bill
Start a business to write off meals, travel, and mileage tax-free, then only pay taxes on the remaining profit.
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1:27shorts
Why amended returns shouldn't cost as much as the original
A quick correction shouldn't cost you a whole new return fee — ask what the refund is worth before paying to amend.
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1:02shorts
Why self-employed people build wealth faster than W-2 employees
Self-employed individuals can keep more money by reducing taxes compared to W-2 employees.
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0:31shorts
Can you write off your cell phone as a business expense
Unlike old landlines, you can generally write off your cell phone for business without splitting personal use.
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1:02shorts
What travel upgrades are deductible on a business cruise
Shuttle service, upgraded cabins, and first class travel can be deductible when tied to a business conference.
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1:17shorts
How business owners reduce taxable income
By taking a lower salary and using legitimate business deductions like mileage, meals, and travel, profits get reduced before taxes.
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1:28shorts
Why business deductions aren't cheating the system
Your deductions shift taxable income to other businesses who then pay taxes or take their own deductions.
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1:00shorts
Why W-2 employees struggle to build wealth vs self-employed
Self-employed individuals have more options to keep money from taxes than W-2 employees do.
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1:09shorts
Why cash payments can backfire in an IRS audit
If you pay rent or expenses in cash with no bank records, auditors will notice the gap and ask questions.
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1:08shorts
Why I work seven days a week during tax season
Tax professionals should explain what they're doing, not just file returns and hand them back.
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0:40shorts
The IRS knows your income even without a 1099
Bank deposits reveal unreported income to the IRS, so claim it and use deductions instead of risking penalties.
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415 videos in this filter