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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

What actually triggers an IRS audit

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What actually triggers an IRS audit

The IRS uses computers to flag returns with numbers that don't make sense, like losses bigger than your income.

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Why business owners build wealth faster than W2 employees

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Why business owners build wealth faster than W2 employees

Businesses deduct expenses before taxes while W2 workers pay taxes on their full income first.

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Hand models can deduct manicures as a business expense

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Hand models can deduct manicures as a business expense

A hand model's manicures are a legitimate business expense since maintaining her hands is required for her career.

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What you can write off for a business cruise conference

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What you can write off for a business cruise conference

Quick overview of tax deductions available when attending a business conference on a cruise ship.

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How to turn gift cards into business deductions

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How to turn gift cards into business deductions

Gift cards can become deductible business expenses if you use them for legitimate business meals and follow the rules for your entity type.

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How deductions put real money in your pocket

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How deductions put real money in your pocket

Business deductions like mileage reimbursement and meals let you move money from your company to yourself tax-free.

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How important is tracking mileage for your business

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How important is tracking mileage for your business

Consistent mileage tracking matters when you regularly drive for business supplies and errands.

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Business travel expenses are fully deductible

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Business travel expenses are fully deductible

Track all travel costs including first class flights, hotels, rental cars, and mileage — they all reduce your taxable income.

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You can't write off missed appointments as lost income

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You can't write off missed appointments as lost income

You can only deduct money you actually made and lost, not income you never received from no-shows.

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How business deductions help you keep more money

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How business deductions help you keep more money

Turn everyday expenses into tax-free benefits through a business, then only pay tax on the remaining profit.

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The ribeye effect explains why business deductions save money

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The ribeye effect explains why business deductions save money

Business owners can deduct expenses, effectively paying half price compared to W2 employees who pay with after-tax dollars.

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Three business deductions most people miss

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Three business deductions most people miss

Meals, mileage, and phone or internet are commonly overlooked deductions for small business owners.

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Year-end business expenses need to happen before December 31st

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Year-end business expenses need to happen before December 31st

Review your profit and loss, then make necessary purchases before year-end to deduct them on this year's taxes.

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Home office expense is only a percentage of your home

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Home office expense is only a percentage of your home

You can only deduct the percentage of your home used as an office, not your whole mortgage or utilities.

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How I decide if a deduction is too aggressive

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How I decide if a deduction is too aggressive

I walk clients through whether a deduction like business meals is reasonable before putting my name on the return.

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LLC vs S corp and why you need to know the difference

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LLC vs S corp and why you need to know the difference

Check your IRS SS4 letter to see if you're a single-member LLC or S corp, since S corps skip that 12% self-employment tax.

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Three business deductions most people miss

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Three business deductions most people miss

Meals, mileage, and phone or internet costs are commonly overlooked because people forget to track them or fear audits.

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When to switch from sole proprietor to S corp

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When to switch from sole proprietor to S corp

Switch to an S corp when you're making enough that the self-employment tax savings on profits outweigh the payroll requirements.

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Why business owners build wealth faster than W2 employees

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Why business owners build wealth faster than W2 employees

Lower your taxable income by taking a smaller salary and using legitimate business reimbursements for mileage, meals, and travel.

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How contractors lose their profit margin to hidden costs

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How contractors lose their profit margin to hidden costs

The third-third-third rule explains why contractors often have nothing left after paying staff and overhead due to unbid expenses.

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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

There's no IRS rule requiring business meals to be 30+ miles from your office to be deductible.

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What counts as a business deduction

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What counts as a business deduction

If you needed an expense to make your business better or move forward, it's a business expense.

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Common business deductions explained quickly

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Common business deductions explained quickly

Quick yes-or-no rundown of what counts as a business deduction, from mileage and meals to home offices and travel.

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How the IRS catches people who inflate deductions

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How the IRS catches people who inflate deductions

The IRS computer flags returns where deductions are disproportionate to reported income, like huge mileage claims on small earnings.

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