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TopicsCryptoDeductionsFamilyIrsLlc & S CorpPayrollPersonal TaxesReal EstateRetirementSide HustleSmall BusinessTax Strategy
0:48shorts
Why cash payments can backfire in an IRS audit
If you pay rent and expenses in cash with no bank records, an audit will raise red flags you can't explain.
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1:10shorts
Gift money from parents for a house down payment
Up to $19,000 in gift money is not taxable income, but amounts over that trigger reporting requirements.
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1:35shorts
This landlord's check fraud scheme will catch up to him
A landlord is altering checks and forging endorsements to inflate deductions, which is straight-up fraud.
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0:39shorts
Why business owners pay less tax than W-2 employees
W-2 income has limited deductions, but a side business lets you write off more expenses and save more for retirement.
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0:34shorts
Signs you have the wrong tax preparer
If your tax preparer never talks to you about deductions for your business, you need a new one.
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1:00shorts
How to turn rental property losses into active deductions
Managing your own rental property can qualify you as a real estate professional, letting you deduct passive losses against regular income.
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1:02shorts
Cashing corporate checks to avoid taxes is fraud
Rent payments from your corporation to yourself must be deposited and reported as income, not cashed to hide it.
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1:05shorts
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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0:48shorts
Why you should review your tax return for errors
Most tax returns have $3,000 to $5,000 in errors that a second look can catch and fix.
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1:19shorts
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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0:53shorts
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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1:01shorts
Are there deductions for W-2 employees?
W-2 employees may have deduction options worth reviewing with a tax professional.
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0:57shorts
Why the Augusta rule isn't as easy as people think
You need fair rent, employees attending, and actual business conducted to qualify for the Augusta rule.
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0:36shorts
What's the craziest thing people try to deduct
A question about unusual deductions people have attempted to claim on their taxes.
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0:36shorts
Don't pre-calculate your meal expense deduction at 50%
Give your accountant the full meal expense amount because the tax software automatically cuts it in half for you.
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1:03shorts
Why some people are afraid to use deductions
The IRS just verifies you actually spent the money you claimed as deductions.
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0:48shorts
Why small business owners should prep taxes in summer
Get your books ready in summer so you can review strategies in fall and act before year end.
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1:05shorts
You can offset gambling winnings with losses
If you get a W2G for gambling winnings, you can deduct your documented losses up to the amount you won.
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0:29shorts
Why your S corp donations might not transfer to your personal return
Large donations made through your S corp may not fully carry over to your individual tax return due to deduction limits.
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1:05shorts
Why there are no real tax loopholes or secrets
There are no secret tricks—just understand the tax code and use legitimate strategies.
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0:42shorts
What to do if you sold your home and got a 1099S
Report a 1099S from a home sale on your return even if it's not taxable, or the IRS will send you a letter.
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0:47shorts
Shop equipment is a write-off, stop missing it
Equipment purchases for your business are deductible, and missing them for years means thousands lost to the IRS.
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1:14shorts
Why business owners have more tax options than W2 employees
Businesses deduct expenses before taxes while W2 workers pay tax on their full income first.
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1:08shorts
The Augusta rule isn't an automatic $40,000 deduction
The Augusta Rule requires meeting specific conditions and isn't a guaranteed deduction for everyone.
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688 videos in the library