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

Why ignoring Venmo income could become tax fraud

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Why ignoring Venmo income could become tax fraud

Small unreported amounts may slide, but consistently hiding large Venmo income can lead to fraud charges.

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Venmo 1099 thresholds are dropping fast through 2026

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Venmo 1099 thresholds are dropping fast through 2026

The 1099 reporting threshold drops from $20K to $600 by 2026, but you still owe tax on all income regardless.

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Online business tax mistakes to avoid

Brief mention of common tax issues for e-commerce and online businesses.

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Why you shouldn't ignore Venmo 1099s from the IRS

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Why you shouldn't ignore Venmo 1099s from the IRS

Report Venmo income on Schedule C, deduct expenses, and pay the tax rather than risk IRS garnishing wages or bank accounts.

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Uber drivers can deduct miles between rides too

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Uber drivers can deduct miles between rides too

The miles you drive waiting for your next Uber job are deductible, not just the ones shown in the app.

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Venmo 1099 thresholds are dropping, here's what to know

1:07

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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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Why W-2 employees have fewer deductions than business owners

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Why W-2 employees have fewer deductions than business owners

W-2 income is taxed at the top, but a side business lets you deduct expenses and save more for retirement before paying tax.

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Why self-employment gives you more tax control than a W-2 job

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Why self-employment gives you more tax control than a W-2 job

Self-employed people can write off business expenses and pay lower taxes than W-2 employees with the same income.

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Why self-employment gives you more tax deductions than a W-2

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Why self-employment gives you more tax deductions than a W-2

W-2 workers have limited write-offs while business owners can deduct travel, phones, and expenses used to run their lives.

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Selling your personal car is tax free in most cases

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Selling your personal car is tax free in most cases

Personal property like cars isn't subject to capital gains tax, and in Minnesota you can flip up to five cars per year tax free.

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Why a side business beats a W-2 for building wealth

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Why a side business beats a W-2 for building wealth

A side business lets you deduct expenses and save more for retirement before paying taxes, unlike W-2 income.

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How to think about business write-offs when you have a W2 job

1:06

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How to think about business write-offs when you have a W2 job

If you have W2 income plus a side business, maximize legitimate business deductions to lower your overall taxable income.

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Selling your personal car doesn't trigger capital gains tax

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Selling your personal car doesn't trigger capital gains tax

Personal property like vehicles isn't subject to capital gains tax, and you can flip up to five cars per year in Minnesota tax-free.

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Why lying about mileage deductions will catch up to you

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Why lying about mileage deductions will catch up to you

The IRS knows inflated mileage claims don't match your income, and when they catch up it hurts.

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Door dashers are missing half their mileage deductions

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Door dashers are missing half their mileage deductions

The app only tracks miles during active deliveries, but driving between jobs and to pickups is also deductible.

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Why fake mileage deductions will get you audited

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Why fake mileage deductions will get you audited

Writing off way more miles than you actually drove is lying and the IRS will catch it.

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How to think about business write-offs with W2 income

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How to think about business write-offs with W2 income

If you have W2 income and a side business, maximize legitimate business deductions to lower your overall taxable income.

2 views👍 0

0:55

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Selling your personal car doesn't trigger capital gains tax

Personal property like cars isn't subject to capital gains tax, and Minnesota lets you flip up to five cars per year tax-free.

2 views👍 0

What happens if you ignore a 1099 from Venmo

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What happens if you ignore a 1099 from Venmo

The IRS can see unreported 1099 income during audits, so don't ignore payment app tax forms.

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1:02

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Venmo 1099 thresholds are dropping fast

The Venmo reporting threshold drops from $20K to $600 by 2026, but you still owe tax on all income regardless of whether you get a form.

2 views👍 0

Why W-2 employees have so few tax deductions

1:05

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Why W-2 employees have so few tax deductions

W-2 income offers limited deductions, but a side business lets you write off expenses and save more for retirement tax-free.

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Selling stuff online: personal property vs business income

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Selling stuff online: personal property vs business income

Personal property sales like garage sales aren't taxable, but regularly buying and reselling items may be treated as business income by the IRS.

2 views👍 0

Selling your personal car is tax free, even for a profit

0:48

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Selling your personal car is tax free, even for a profit

Personal property like cars isn't subject to capital gains tax, and in Minnesota you can flip up to five cars per year tax free.

2 views👍 0

0:40

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What happens if you ignore a Venmo 1099

Small amounts may slide, but ignoring large Venmo income year after year can look like tax fraud to the IRS.

2 views👍 0

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