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

How a side business can lower your overall taxes

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How a side business can lower your overall taxes

Business expenses like meals, travel, and mileage come out tax-free, reducing your taxable profit even if total income rises.

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Why rich people seem to pay less in taxes

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Why rich people seem to pay less in taxes

Business owners use perks, dividends, and loans against stock to lower personal taxable income legally.

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Airbnb deductions most owners forget to claim

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Airbnb deductions most owners forget to claim

Many Airbnb owners miss mileage, internet, phone, and cleaning costs because no one reviews their expenses.

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Why a bouncy castle can be a business deduction

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Why a bouncy castle can be a business deduction

Expenses that bring customers in, like a bouncy castle at an open house, count as business deductions.

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Use one bank account for your business expenses

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Use one bank account for your business expenses

Track all business spending through one account so you don't miss deductions at tax time.

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Why fake mileage deductions catch up to you years later

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Why fake mileage deductions catch up to you years later

The IRS may not audit immediately, but inflated mileage deductions add up and they eventually go back multiple years.

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Where to find me if TikTok goes away

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Where to find me if TikTok goes away

You can find all my tax content on Instagram if TikTok has issues.

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There are no secret tax loopholes the IRS hides

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There are no secret tax loopholes the IRS hides

Everything is publicly available on the IRS website; there are no hidden tax secrets.

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Why you can't just stop paying taxes

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Why you can't just stop paying taxes

Comments suggest not paying taxes, but that's not how it works.

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When the IRS calls your business a hobby

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When the IRS calls your business a hobby

If your business loses money for years, the IRS may reclassify it as a hobby and limit your deductions.

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How a business cruise can be tax deductible

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How a business cruise can be tax deductible

A cruise with business education sessions can be deductible because you're there to learn for your business.

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How much of a trip needs to be business to write it off

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How much of a trip needs to be business to write it off

You need a real business reason for the trip and should spend at least four hours a day on business activities.

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The IRS doesn't care how much you spend on business travel

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The IRS doesn't care how much you spend on business travel

Business travel expenses like first class flights are fine if they're proportional to your income.

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How to use a side business to reduce your W2 taxes

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How to use a side business to reduce your W2 taxes

Shift personal expenses like internet, cell phone, and travel to your side business to lower your overall taxable income.

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How to check if your tax preparer missed deductions

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How to check if your tax preparer missed deductions

Review your Schedule C or S corp return for mileage, meals, phone, and internet to spot missing deductions.

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If the IRS isn't sending you letters, you might be owed money

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If the IRS isn't sending you letters, you might be owed money

People who haven't filed and aren't hearing from the IRS likely have refunds waiting for them.

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Tax-deductible cruise for business owners

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Tax-deductible cruise for business owners

A business cruise where you learn during the day and have fun at night can qualify as a deductible expense.

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How to tell if your tax preparer is worth it

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How to tell if your tax preparer is worth it

A good tax preparer reviews everything with you and teaches you what records to keep.

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You still owe self-employment tax under the standard deduction

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You still owe self-employment tax under the standard deduction

Business income under the standard deduction still triggers self-employment tax, even if you owe no income tax.

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Business owners can still lower taxes before year end

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Business owners can still lower taxes before year end

Review your profit and loss now and pay bills or buy assets before December 31st to reduce taxable profit.

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Year-end tax moves for business owners before December 31

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Year-end tax moves for business owners before December 31

Buy equipment, pay bills ahead, or give bonuses before year-end to maximize deductions on your business taxes.

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The IRS can reclassify your business as a hobby

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The IRS can reclassify your business as a hobby

If your business only loses money year after year, the IRS may call it a hobby and disallow your deductions.

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Why cancellation of debt counts as taxable income

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Why cancellation of debt counts as taxable income

Debt forgiven by creditors like credit cards is taxable because you already received the goods you bought.

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Real estate professional status saved him $25,000

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Real estate professional status saved him $25,000

Clicking the real estate professional box made $37,000 in rental losses deductible after they were previously disallowed.

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701 videos in the library