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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

What the IRS means by necessary and reasonable

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What the IRS means by necessary and reasonable

Business expenses must pass the IRS test of being both necessary and reasonable, not just justifiable to yourself.

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What happens if Trump gets rid of income taxes?

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What happens if Trump gets rid of income taxes?

Brief speculation on the possibility of eliminating income taxes and the IRS shutting down.

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Why cash-only income eventually catches up with you

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Why cash-only income eventually catches up with you

The IRS catches unreported cash when your spending doesn't match your reported sales.

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What happens if you make a mistake on your tax return

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What happens if you make a mistake on your tax return

The IRS will send a letter if they find an error, not show up at your door, so report honestly and correct mistakes.

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Internet tax lies that could get you audited

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Internet tax lies that could get you audited

Introduction to common tax myths spread online that may trigger an IRS audit.

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Business meals are more deductible than you think

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Business meals are more deductible than you think

If a meal helps your business, you can write it off—not just meals with clients.

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Qualified business income deduction explained

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Qualified business income deduction explained

The QBI deduction takes up to 20% off your business income, now flowing from partnerships and S corps to your 1040.

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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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Can the IRS tell you how to spend your money?

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Can the IRS tell you how to spend your money?

The IRS can't dictate your spending, they just require you to record business expenses accurately.

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Rental property deductions most people miss

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Rental property deductions most people miss

Mileage to your rental, meals while working on it, and knowing repairs vs capital improvements can save you money.

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Why business experience matters for your tax preparer

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Why business experience matters for your tax preparer

I spent 12 years reading IRS publications and running businesses before helping others with taxes.

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The Augusta rule isn't an automatic $40,000 deduction

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The Augusta rule isn't an automatic $40,000 deduction

Be cautious about Augusta Rule claims - it's not as simple as an automatic $40,000 deduction.

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Business deductions aren't cheating the tax system

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Business deductions aren't cheating the tax system

When you deduct business expenses, that money still gets taxed when the restaurant or supplier reports their income.

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Tax deductible cruise announcement

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Tax deductible cruise announcement

Sign up if you're interested in the tax deductible cruise.

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Will a Doge rebate be taxable income

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Will a Doge rebate be taxable income

A rebate of taxes you already paid shouldn't be taxable since it's returning your own after-tax money.

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Why you still need to file even if the IRS seems chaotic

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Why you still need to file even if the IRS seems chaotic

The IRS computers track your income and will file for you without deductions if you skip filing.

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How buying an airplane can offset business taxes

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How buying an airplane can offset business taxes

A business owner with large profits can use an airplane purchase as a major deduction to save 30-40% in taxes.

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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 much income before switching to an S corp

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How much income before switching to an S corp

Addresses the common question of what income level justifies converting to S corp status.

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How business owners can pay less in taxes

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How business owners can pay less in taxes

Overview of strategies business owners can use to reduce their tax burden.

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Why business owners pay less tax than W2 employees

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Why business owners pay less tax than W2 employees

Businesses pay tax on bottom-line profit after expenses; W2 workers pay tax on their full income from the top.

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The fake 50-mile rule for business meals

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The fake 50-mile rule for business meals

There's no rule that you must drive 50 miles to deduct a business meal; if it's for business, it's deductible.

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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

Business meals are deductible regardless of distance from your office, no 30-mile rule required.

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Why business deductions aren't cheating the system

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Why business deductions aren't cheating the system

Deductions shift taxable income to whoever actually received the money, like a hot potato game.

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701 videos in the library