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

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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Why S corp deductions are my favorite tax strategy

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Why S corp deductions are my favorite tax strategy

Use your S corp to pay for meals, travel, and miles so you keep more of your personal income.

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Do you really need to keep all those paper receipts

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Do you really need to keep all those paper receipts

Use one dedicated bank account and credit card for business expenses to create automatic records the IRS accepts.

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Common business deductions explained quickly

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Common business deductions explained quickly

A rapid-fire list of what counts as a business deduction, from mileage and meals to home office and travel.

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What to do if you can't pay your tax bill

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What to do if you can't pay your tax bill

Bring in last year's taxes for a free review to see if you overpaid.

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How buying an airplane can be a 100% business deduction

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How buying an airplane can be a 100% business deduction

High-profit business owners can deduct the full cost of an airplane purchase, potentially saving 30-40% in taxes.

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Are these three expenses deductible or not

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Are these three expenses deductible or not

Quick rundown on whether beach work trips, client Christmas gifts, and yearly laptop upgrades are tax deductible.

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Why W-2 employees struggle to build wealth vs self-employed

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Why W-2 employees struggle to build wealth vs self-employed

Self-employed individuals have more tax strategies available to keep money that W-2 employees pay to the government.

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How to track business expenses without saving every receipt

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How to track business expenses without saving every receipt

Use one dedicated bank account and credit card for business to create automatic records the IRS accepts.

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When your LLC should become an S corp

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When your LLC should become an S corp

If you're paying a lot in self-employment tax as a single-member LLC, it might be time to shift to an S corp.

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How to maximize deductible days on a business trip

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How to maximize deductible days on a business trip

Travel days plus any half-day business days are deductible, so spacing meetings over a weekend can add extra deductible days.

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Your tax preparer should be maximizing your deductions

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Your tax preparer should be maximizing your deductions

Many tax preparers avoid legitimate deductions like mileage and meals out of excess caution.

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The ribeye effect explains why deductions matter

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The ribeye effect explains why deductions matter

Business expenses effectively cost half price because you deduct them, unlike W2 wages where taxes come out first.

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The tax deductible cruise for self-employed people

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The tax deductible cruise for self-employed people

Self-employed individuals may be able to deduct a cruise as a business expense.

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