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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

S corps let you create pension plans that LLCs cannot

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S corps let you create pension plans that LLCs cannot

S corps can set up old-fashioned pension plans to shelter large profits, while LLCs are limited to 401k and SEP options.

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First time abatement can remove IRS penalties

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First time abatement can remove IRS penalties

If you've paid taxes on time for 4-5 years, you can request a first time abatement to remove late filing and payment penalties.

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Why business deductions still help the economy

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Why business deductions still help the economy

When you spend on your business, the recipient pays tax on that income instead of you.

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Why starting a business just to lose money backfires

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Why starting a business just to lose money backfires

The IRS can reclassify your money-losing business as a hobby, denying losses and adding penalties.

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How a cruise can become a tax deductible business expense

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How a cruise can become a tax deductible business expense

Hosting professionals for investment and retirement planning sessions can make a week-long cruise tax deductible.

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Your tax guy should be asking these questions

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Your tax guy should be asking these questions

A detailed review found $25,000 in missing deductions that saved a construction business owner $12,000.

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Why stopping tax payments isn't a real option

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Why stopping tax payments isn't a real option

Responding to comments suggesting people should just stop paying taxes entirely.

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Most business returns I review overpay by $3,000 to $5,000

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Most business returns I review overpay by $3,000 to $5,000

80% of business returns I review have missed deductions worth $3,000 to $5,000 that went straight to the IRS.

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

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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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Augusta rule requirements most people ignore

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Augusta rule requirements most people ignore

You need fair market rent, actual employees attending, and real business conducted to qualify.

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How a side business can lower your overall tax bill

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How a side business can lower your overall tax bill

Start a business to write off meals, travel, and mileage tax-free, then only pay taxes on the remaining profit.

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Why amended returns shouldn't cost as much as the original

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Why amended returns shouldn't cost as much as the original

A quick correction shouldn't cost you a whole new return fee — ask what the refund is worth before paying to amend.

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Why IRS secrets videos are baloney

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Why IRS secrets videos are baloney

Tax clickbait claiming the IRS hides secrets from you is nonsense from people with no real experience.

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How to check if you qualify for an IRS offer in compromise

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How to check if you qualify for an IRS offer in compromise

Use the free IRS OIC tool online before paying anyone thousands to file an offer in compromise for you.

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Internet tax lies that could get you audited

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Internet tax lies that could get you audited

Be wary of tax advice online that could trigger an audit.

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Why self-employed people build wealth faster than W-2 employees

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Why self-employed people build wealth faster than W-2 employees

Self-employed individuals can keep more money by reducing taxes compared to W-2 employees.

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Can you write off your cell phone as a business expense

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Can you write off your cell phone as a business expense

Unlike old landlines, you can generally write off your cell phone for business without splitting personal use.

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Real estate as an alternative retirement plan

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Real estate as an alternative retirement plan

Tenants pay your mortgage and repairs while the property appreciates over 20-25 years.

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What travel upgrades are deductible on a business cruise

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What travel upgrades are deductible on a business cruise

Shuttle service, upgraded cabins, and first class travel can be deductible when tied to a business conference.

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How business owners reduce taxable income

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How business owners reduce taxable income

By taking a lower salary and using legitimate business deductions like mileage, meals, and travel, profits get reduced before taxes.

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Why business deductions aren't cheating the system

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Why business deductions aren't cheating the system

Your deductions shift taxable income to other businesses who then pay taxes or take their own deductions.

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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 options to keep money from taxes than W-2 employees do.

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Why cash payments can backfire in an IRS audit

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Why cash payments can backfire in an IRS audit

If you pay rent or expenses in cash with no bank records, auditors will notice the gap and ask questions.

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Why I work seven days a week during tax season

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Why I work seven days a week during tax season

Tax professionals should explain what they're doing, not just file returns and hand them back.

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701 videos in the library