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

The tax deductible cruise for self-employed people

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The tax deductible cruise for self-employed people

Self-employed individuals may be able to deduct a cruise as a business expense.

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What rental renovations can you deduct right away

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What rental renovations can you deduct right away

Capital improvements like roofs and countertops depreciate over time, while repairs like carpet and paint can be written off immediately.

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Why W-2 employees have so few tax deductions

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Why W-2 employees have so few tax deductions

W-2 income offers limited deductions, but a side business lets you write off expenses and save more for retirement tax-free.

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Will you get a DOGE rebate if you haven't filed taxes

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Will you get a DOGE rebate if you haven't filed taxes

If a DOGE rebate happens, it will likely work like COVID stimulus and require a filed return to receive payment.

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How to write off a trip to the Bahamas

Business trips need a real business purpose like client meetings, scouting office space, or corporate retreats.

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Why an airplane can be a huge business deduction

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Why an airplane can be a huge business deduction

High-profit business owners can deduct 100% of an airplane purchase, potentially saving 30-40% in taxes.

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How the IRS actually reviews your tax return

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How the IRS actually reviews your tax return

The IRS uses computers to match forms to your return, and audits just verify you can document your deductions.

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Selling stuff online: personal property vs business income

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Selling stuff online: personal property vs business income

Personal property sales like garage sales aren't taxable, but regularly buying and reselling items may be treated as business income by the IRS.

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Inherited IRAs come with tax rules that can cost you big

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Inherited IRAs come with tax rules that can cost you big

Cashing out an inherited IRA early can trigger a 10% penalty plus income tax on the full amount.

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End of year tax moves for small business owners

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End of year tax moves for small business owners

Pay your bills before year-end, estimate your tax liability, and find extra deductions if needed.

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Selling your personal car is tax free, even for a profit

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Selling your personal car is tax free, even for a profit

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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What it takes for the IRS to put you in jail

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What it takes for the IRS to put you in jail

You can go to jail for tax fraud when you knowingly do something wrong.

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Gift money from parents and the $19,000 limit

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Gift money from parents and the $19,000 limit

Gifts up to $19,000 aren't taxable income, but larger amounts for home down payments may create reporting issues.

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What happens if your business keeps losing money

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What happens if your business keeps losing money

Continuous business losses could create tax problems that need professional attention.

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How to count business travel days for tax purposes

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How to count business travel days for tax purposes

Travel days plus any day with meetings or substantial work count as business days for deductions.

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How people avoid filing taxes for years

Some people skip filing for years by simply not giving money to the government upfront.

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Bad tax advice that can get you in trouble with the IRS

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Bad tax advice that can get you in trouble with the IRS

Some common tax advice floating around online can actually land you in hot water with the IRS.

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How much money before switching to an S corp

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How much money before switching to an S corp

Addresses the income threshold question for converting to S corp status.

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End of year tax planning for S corps and excavating businesses

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End of year tax planning for S corps and excavating businesses

Equipment purchases must follow timing rules to qualify as write-offs for your S corp.

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Tax deductible cruise information available

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Tax deductible cruise information available

Check the bio link for updates on a tax deductible cruise opportunity.

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Why the Augusta rule isn't as easy as people think

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Why the Augusta rule isn't as easy as people think

You need fair rent, employees who attend, and actual business conducted to claim the Augusta rule deduction.

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Will the Doge rebate be taxable

A government rebate of taxes you already paid shouldn't be taxable since it's after-tax money coming back to you.

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What happens if you lie on your tax returns

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What happens if you lie on your tax returns

The IRS can audit seven years back and stack penalties and interest on each year they find cheating.

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Which business expenses are actually deductible

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Which business expenses are actually deductible

Mileage, meals, travel, home office, equipment, and more can be deductible if used for business purposes.

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688 videos in the library