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TopicsCryptoDeductionsFamilyIrsLlc & S CorpPayrollPersonal TaxesReal EstateRetirementSide HustleSmall BusinessTax FundamentalsTax Strategy
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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0:29shorts
How S corp deductions keep money in your pocket
Let your S corp pay for meals, travel, and miles so you keep more of your income instead of giving it to the government.
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1:00shorts
Airbnb deductions your tax preparer is missing
Most Airbnb owners miss mileage, internet, phone, and cleaning expenses because no one reviews their returns.
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1:08shorts
Renting your home to your business still creates taxable income
If your business pays you rent, you must report that rent as personal income even though you own the business.
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1:01shorts
Rental property write-offs people miss all the time
Your phone and internet are deductible rental expenses if you use them to manage tenants or list properties.
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0:33shorts
Your tax guy should be catching missed deductions
If you own rental property miles away, you should be deducting mileage to visit it.
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0:57shorts
Tax rules for inherited assets vs inherited IRAs
Inherited property often has no capital gains if sold quickly, but inherited IRAs are fully taxable when withdrawn.
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0:59shorts
Two tax deduction myths that aren't true
You can still deduct mileage without a log and meals don't require a 30-mile distance from your office.
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1:07shorts
Mileage vs actual expenses depends on your situation
Whether mileage or actual vehicle costs saves more depends on how much you drive and your specific tax situation.
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1:07shorts
Why you can't just skip filing your taxes
The IRS will file for you if you don't, and you'll end up with penalties, interest, and a huge bill.
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0:53shorts
Why your tax preparer should understand business
Many tax preparers just enter numbers without understanding what running a business actually takes.
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1:08shorts
Actual expenses vs mileage still requires business use percentage
You can only deduct the percentage of vehicle expenses that match your actual business use, not the full amount.
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701 videos in the library