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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

How to deduct rental property losses on your taxes

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How to deduct rental property losses on your taxes

Self-managing your rental property can qualify you as a real estate professional, turning passive losses into active deductions.

36 views👍 0

Selling your personal car doesn't trigger capital gains tax

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Selling your personal car doesn't trigger capital gains tax

Personal property like cars isn't subject to capital gains tax, and Minnesota lets you flip up to five cars per year tax-free.

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Why real estate investing is harder than influencers claim

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Why real estate investing is harder than influencers claim

Real estate properties get tied together financially, tenants cause problems, and the profits are often much less than promised online.

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Why fake business trips are a bad idea

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Why fake business trips are a bad idea

Picking up business cards on vacation doesn't make it a legitimate business trip you can write off.

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When your kid goes to college and your taxes

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When your kid goes to college and your taxes

Brief mention of how having a child in college affects the parent's tax return.

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What happens if you ignore a 1099 from Venmo

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What happens if you ignore a 1099 from Venmo

The IRS can see unreported 1099 income during audits, so don't ignore payment app tax forms.

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Why W-2 employees struggle to build wealth vs self-employed

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Why W-2 employees struggle to build wealth vs self-employed

Self-employed individuals have more tax strategies available to keep money that W-2 employees pay to the government.

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How to track business expenses without saving every receipt

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How to track business expenses without saving every receipt

Use one dedicated bank account and credit card for business to create automatic records the IRS accepts.

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When your LLC should become an S corp

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When your LLC should become an S corp

If you're paying a lot in self-employment tax as a single-member LLC, it might be time to shift to an S corp.

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How to maximize deductible days on a business trip

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How to maximize deductible days on a business trip

Travel days plus any half-day business days are deductible, so spacing meetings over a weekend can add extra deductible days.

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Your tax preparer should be maximizing your deductions

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Your tax preparer should be maximizing your deductions

Many tax preparers avoid legitimate deductions like mileage and meals out of excess caution.

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Venmo 1099 thresholds are dropping fast

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Venmo 1099 thresholds are dropping fast

The Venmo reporting threshold drops from $20K to $600 by 2026, but you still owe tax on all income regardless of whether you get a form.

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The ribeye effect explains why deductions matter

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The ribeye effect explains why deductions matter

Business expenses effectively cost half price because you deduct them, unlike W2 wages where taxes come out first.

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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

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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.

33 views👍 0

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.

39 views👍 0

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