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

Why you should have a separate Venmo for business

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Why you should have a separate Venmo for business

The IRS struggles to distinguish personal from business Venmo payments, so keep a separate account for business transactions.

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Why the IRS reclassifies fake businesses as hobbies

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Why the IRS reclassifies fake businesses as hobbies

If you start a business just to create paper losses, the IRS can call it a hobby and make you repay years of deductions plus penalties.

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When the IRS will actually settle your tax debt

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When the IRS will actually settle your tax debt

IRS will settle debt if you truly can't pay, but home equity counts against you.

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First time abatement can remove IRS penalties

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First time abatement can remove IRS penalties

If you've paid taxes on time for 4-5 years, you can request a first time abatement to remove late filing and payment penalties.

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One typo cost her $4 million in taxes

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One typo cost her $4 million in taxes

A client accidentally entered $19 million instead of $19,000 for Social Security, triggering a $4 million tax bill.

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Borrowing someone else's kids for the earned income credit

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Borrowing someone else's kids for the earned income credit

Claiming other people's kids for the earned income credit is fraud and can ban you from the credit for 10 years.

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There's no secret IRS conspiracy, just a public website

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There's no secret IRS conspiracy, just a public website

The IRS posts all their rules publicly online; tax pros just read it and get the answers.

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Why refusing to file your taxes as protest backfires

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Why refusing to file your taxes as protest backfires

The IRS will file a return for you, collect through levies, and seize future refunds automatically.

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Why the IRS created hobby loss rules

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Why the IRS created hobby loss rules

The IRS created hobby loss rules in the 70s and 80s to stop people from deducting personal losses from side businesses like Mary Kay.

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The truck write-off is about towing capacity, not weight

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The truck write-off is about towing capacity, not weight

The IRS heavy vehicle deduction is meant for work trucks, not buying an Escalade for your small side business.

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Why fake business losses will catch up with you

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Why fake business losses will catch up with you

The IRS watches for repeated business losses and will eventually catch fabricated deductions.

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What happens if you don't file when you owe taxes

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What happens if you don't file when you owe taxes

If you owe taxes and don't file, a tax professional can help you figure out the damage for free.

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Tax debt settlement ads are usually a ripoff

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Tax debt settlement ads are usually a ripoff

The IRS already settles debt for people who can prove they can't pay—no need to pay thousands to a middleman.

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TikTok shop income is taxable even without a 1099

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TikTok shop income is taxable even without a 1099

You must report TikTok shop earnings even if you didn't get a 1099 because the IRS can see your bank deposits.

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Why fake mileage deductions catch up to you years later

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Why fake mileage deductions catch up to you years later

The IRS may not audit immediately, but inflated mileage deductions add up and they eventually go back multiple years.

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There are no secret tax loopholes the IRS hides

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There are no secret tax loopholes the IRS hides

Everything is publicly available on the IRS website; there are no hidden tax secrets.

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Why you can't just stop paying taxes

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Why you can't just stop paying taxes

Comments suggest not paying taxes, but that's not how it works.

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When the IRS calls your business a hobby

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When the IRS calls your business a hobby

If your business loses money for years, the IRS may reclassify it as a hobby and limit your deductions.

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If the IRS isn't sending you letters, you might be owed money

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If the IRS isn't sending you letters, you might be owed money

People who haven't filed and aren't hearing from the IRS likely have refunds waiting for them.

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You still owe self-employment tax under the standard deduction

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You still owe self-employment tax under the standard deduction

Business income under the standard deduction still triggers self-employment tax, even if you owe no income tax.

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The IRS can reclassify your business as a hobby

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The IRS can reclassify your business as a hobby

If your business only loses money year after year, the IRS may call it a hobby and disallow your deductions.

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Why cancellation of debt counts as taxable income

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Why cancellation of debt counts as taxable income

Debt forgiven by creditors like credit cards is taxable because you already received the goods you bought.

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Will IRS layoffs delay my tax refund

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Will IRS layoffs delay my tax refund

Refunds are still coming on schedule despite IRS staffing cuts, so don't panic.

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Are taxes voluntary? Here's what actually happens

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Are taxes voluntary? Here's what actually happens

If you skip filing, the IRS will file for you and add penalties, interest, and collections.

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