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0:59shorts
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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1:07shorts
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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0:53shorts
Why your tax preparer should understand business
Many tax preparers just enter numbers without understanding what running a business actually takes.
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1:08shorts
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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0:55shorts
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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1:05shorts
Why cash-only income eventually catches up with you
The IRS catches unreported cash when your spending doesn't match your reported sales.
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1:00shorts
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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1:13shorts
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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0:33shorts
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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0:41shorts
Why business experience matters for your tax preparer
I spent 12 years reading IRS publications and running businesses before helping others with taxes.
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0:52shorts
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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1:28shorts
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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1:02shorts
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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1:14shorts
How much income before switching to an S corp
Addresses the common question of what income level justifies converting to S corp status.
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1:06shorts
How business owners can pay less in taxes
Overview of strategies business owners can use to reduce their tax burden.
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1:10shorts
Why business owners pay less tax than W2 employees
Businesses pay tax on bottom-line profit after expenses; W2 workers pay tax on their full income from the top.
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1:11shorts
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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1:07shorts
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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1:07shorts
Why business deductions aren't cheating the system
Deductions shift taxable income to whoever actually received the money, like a hot potato game.
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0:45shorts
How a business cruise could become tax deductible
A cruise with business education sessions may qualify as a deductible conference expense.
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0:49shorts
How to give bonuses without the tax hit
Use student loan reimbursements or mileage stipends as tax-free bonuses that still deduct for the business.
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0:49shorts
Single member LLC vs S corp tax differences explained
When your LLC earns enough, self-employment tax may justify switching to an S corp structure.
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1:05shorts
Are there deductions for W-2 employees?
W-2 employees have limited deductions, but small business owners have more options available.
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1:06shorts
How business owners legally reduce their tax bill
Buy assets, use depreciation, and reimburse yourself to lower taxable profit instead of giving it to the government.
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