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

Why taking business deductions isn't greedy

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Why taking business deductions isn't greedy

Deductions pass taxable income to the next business in the chain, so you're paying exactly what you owe.

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How home office deductions actually work

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How home office deductions actually work

You can only deduct the percentage of your home used for business, not your whole mortgage or utilities.

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How I found $25,000 in missing deductions on one return

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How I found $25,000 in missing deductions on one return

A review of a construction business tax return revealed missing rent, advertising, and tool expenses that saved $12,000.

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What to do when you get a 1099 form

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What to do when you get a 1099 form

Report 1099 income on a Schedule C as a business so you can deduct expenses like mileage, meals, and phone.

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Why your rental loss shows zero on schedule E

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Why your rental loss shows zero on schedule E

If you make too much money, you can't deduct rental property losses unless you meet the real estate professional criteria.

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How to avoid getting flagged by the IRS

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How to avoid getting flagged by the IRS

Large sudden deductions or losses that don't match your income can trigger IRS attention.

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You get more deductions by telling the truth

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You get more deductions by telling the truth

Many business owners underreport legitimate deductions like phones, internet, meals, and mileage because no one taught them the rules.

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You can still deduct meals without every receipt

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You can still deduct meals without every receipt

The IRS uses a reasonableness standard, so estimate your typical spending honestly rather than stressing over every lost receipt.

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Why business owners buy private jets for the tax write-off

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Why business owners buy private jets for the tax write-off

The tax code allows 100% first-year depreciation on airplanes, making jets a legitimate business deduction.

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Why cheap online tax software costs you thousands

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Why cheap online tax software costs you thousands

Online tax software won't tell you what deductions you're missing, and most business owners miss $3,000 to $5,000 in write-offs.

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Why putting kids on your board for trip deductions is fraud

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Why putting kids on your board for trip deductions is fraud

Adding children to your board just to write off family vacations is tax fraud the IRS will catch.

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Rental remodels: what you can write off now vs later

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Rental remodels: what you can write off now vs later

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

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How business owners can write off a vacation

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How business owners can write off a vacation

Attend a business conference to make travel deductible, including hotels before and after the event.

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Why real estate investing was hard for me personally

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Why real estate investing was hard for me personally

Real estate losses can still be deductible if you actively participate, but the real goal is buying low and selling high.

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What the IRS means by necessary and reasonable

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What the IRS means by necessary and reasonable

The IRS tests expenses as necessary and reasonable, but both terms are flexible based on your situation.

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Why expensive tax pros skip valid deductions

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Why expensive tax pros skip valid deductions

Some pricey preparers refuse legitimate meal and mileage deductions out of excess caution, costing you money.

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Why the Augusta rule might get you in trouble

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Why the Augusta rule might get you in trouble

The Augusta rule requires employees to physically be in your home, not just family members who are already there.

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Why fake business losses are risky but airplane deductions are legit

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Why fake business losses are risky but airplane deductions are legit

The IRS expects businesses to profit 2 of 5 years or they may audit you back 7 years with penalties.

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Common tax myths I keep hearing from clients

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Common tax myths I keep hearing from clients

Debunks myths about meal deductions, truck write-offs, and whether kids' W-2s go on your return.

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Phone and internet can be rental property deductions

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Phone and internet can be rental property deductions

If you use your phone or internet to manage rental properties, those costs are deductible.

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Why working remotely doesn't make a trip deductible

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Why working remotely doesn't make a trip deductible

You need a real business reason to be somewhere, not just doing your regular work from a vacation spot.

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Equipment purchases are deductible for your business

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Equipment purchases are deductible for your business

A repair shop missed seven years of equipment write-offs because their tax person said they couldn't deduct them.

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What reasonable and necessary actually means for expenses

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What reasonable and necessary actually means for expenses

Spend what you need for business purposes without going so lavish it looks unusual relative to your income.

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Why deductions aren't cheating on your taxes

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Why deductions aren't cheating on your taxes

When you write off business expenses, the money goes to other businesses who then pay taxes on it.

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