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

Can you deduct a private jet to your rental property?

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Can you deduct a private jet to your rental property?

Travel expenses to rental properties are deductible, even a chartered jet, as long as you can justify the expense to the IRS.

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Business travel expenses are fully deductible

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Business travel expenses are fully deductible

Track all travel costs including first class flights, hotels, rental cars, and mileage — they all reduce your taxable income.

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You can't write off missed appointments as lost income

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You can't write off missed appointments as lost income

You can only deduct money you actually made and lost, not income you never received from no-shows.

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How business deductions help you keep more money

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How business deductions help you keep more money

Turn everyday expenses into tax-free benefits through a business, then only pay tax on the remaining profit.

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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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How 1031 exchanges postpone capital gains tax

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How 1031 exchanges postpone capital gains tax

A 1031 exchange lets you move capital gains to a new property, but you pay the tax when you eventually sell.

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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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Common real estate tax mistakes to avoid

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Common real estate tax mistakes to avoid

Real estate investors often miss valuable tax benefits they should be claiming.

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The ribeye effect explains why business deductions save money

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The ribeye effect explains why business deductions save money

Business owners can deduct expenses, effectively paying half price compared to W2 employees who pay with after-tax dollars.

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Three business deductions most people miss

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Three business deductions most people miss

Meals, mileage, and phone or internet are commonly overlooked deductions for small business owners.

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Year-end business expenses need to happen before December 31st

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Year-end business expenses need to happen before December 31st

Review your profit and loss, then make necessary purchases before year-end to deduct them on this year's taxes.

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Home office expense is only a percentage of your home

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Home office expense is only a percentage of your home

You can only deduct the percentage of your home used as an office, not your whole mortgage or utilities.

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How college students can reduce their tax burden

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How college students can reduce their tax burden

Encourages college students to consult a tax professional to keep more of their earnings.

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How I decide if a deduction is too aggressive

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How I decide if a deduction is too aggressive

I walk clients through whether a deduction like business meals is reasonable before putting my name on the return.

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LLC vs S corp and why you need to know the difference

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LLC vs S corp and why you need to know the difference

Check your IRS SS4 letter to see if you're a single-member LLC or S corp, since S corps skip that 12% self-employment tax.

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Three business deductions most people miss

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Three business deductions most people miss

Meals, mileage, and phone or internet costs are commonly overlooked because people forget to track them or fear audits.

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When to switch from sole proprietor to S corp

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When to switch from sole proprietor to S corp

Switch to an S corp when you're making enough that the self-employment tax savings on profits outweigh the payroll requirements.

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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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Why business owners build wealth faster than W2 employees

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Why business owners build wealth faster than W2 employees

Lower your taxable income by taking a smaller salary and using legitimate business reimbursements for mileage, meals, and travel.

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How contractors lose their profit margin to hidden costs

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How contractors lose their profit margin to hidden costs

The third-third-third rule explains why contractors often have nothing left after paying staff and overhead due to unbid expenses.

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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

There's no IRS rule requiring business meals to be 30+ miles from your office to be deductible.

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What counts as a business deduction

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What counts as a business deduction

If you needed an expense to make your business better or move forward, it's a business expense.

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Common business deductions explained quickly

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Common business deductions explained quickly

Quick yes-or-no rundown of what counts as a business deduction, from mileage and meals to home offices and travel.

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How the IRS catches people who inflate deductions

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How the IRS catches people who inflate deductions

The IRS computer flags returns where deductions are disproportionate to reported income, like huge mileage claims on small earnings.

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688 videos in the library