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

You still owe taxes if the company that paid you shuts down

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You still owe taxes if the company that paid you shuts down

Income you already received is taxable even if the business that paid you closes or gets banned.

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You do have to pay taxes, don't fall for that trick

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You do have to pay taxes, don't fall for that trick

The W4 exempt box only stops withholding, it doesn't remove your tax obligation.

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Soft audits vs hard audits and why neither is that scary

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Soft audits vs hard audits and why neither is that scary

Soft audits just ask you to verify info by mail; hard audits review bank statements and expenses, but both are manageable if you told the truth.

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Why running your business on cash is a red flag

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Why running your business on cash is a red flag

The IRS gets suspicious when no bills are paid through a bank, and they'll assume you're avoiding taxes.

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What happens when you lie on your tax return

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What happens when you lie on your tax return

Fake deductions may slip past the IRS initially, but audits bring penalties, interest, and the full tax bill.

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Those IRS secrets videos are just clickbait

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Those IRS secrets videos are just clickbait

Videos claiming the IRS is hiding secrets from you are nonsense; a 30-year tax pro would know before a random influencer.

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Will you go to jail for not filing your taxes

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Will you go to jail for not filing your taxes

Tax fraud can mean jail, but most non-filers just get a bill from the IRS that can often be reduced by filing properly.

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What triggers an IRS audit on your tax return

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What triggers an IRS audit on your tax return

The IRS computer flags returns where things don't add up, like a high earner running a business that loses too much money.

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Why ignoring Venmo income could become tax fraud

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Why ignoring Venmo income could become tax fraud

Small unreported amounts may slide, but consistently hiding large Venmo income can lead to fraud charges.

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Venmo 1099 thresholds are dropping fast through 2026

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Venmo 1099 thresholds are dropping fast through 2026

The 1099 reporting threshold drops from $20K to $600 by 2026, but you still owe tax on all income regardless.

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How the IRS catches people who lie on their taxes

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How the IRS catches people who lie on their taxes

The IRS uses computers to flag returns where deductions are disproportionate to income, like claiming 75,000 miles on $12,000 of Uber income.

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Hobby loss rule if your business keeps losing money

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Hobby loss rule if your business keeps losing money

The IRS may call your business a hobby if you lose money for years, limiting your deductions.

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How the IRS decides if your business is a hobby

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How the IRS decides if your business is a hobby

If you lose money for years, the IRS may call it a hobby and limit your deductions to only the income you made.

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Why you shouldn't ignore Venmo 1099s from the IRS

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Why you shouldn't ignore Venmo 1099s from the IRS

Report Venmo income on Schedule C, deduct expenses, and pay the tax rather than risk IRS garnishing wages or bank accounts.

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Should business owners worry about audits

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Should business owners worry about audits

Brief intro to whether business owners should be concerned about IRS audits and tax return rules.

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What it actually takes for the IRS to put you in jail

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What it actually takes for the IRS to put you in jail

You need to intentionally cheat and hide money repeatedly for the IRS to pursue criminal charges.

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What triggers an IRS audit and how to avoid it

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What triggers an IRS audit and how to avoid it

Unusual patterns like high losses against high income can trigger review; best defense is accurate reporting with receipts.

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Why the all-cash strategy eventually catches up to you

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Why the all-cash strategy eventually catches up to you

If you can't show where your cash came from when paying business bills, a random audit will expose the gap.

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How contractors can avoid an audit

Track everything, use cards not cash, keep receipts, and just tell the truth on your taxes.

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Why some people are afraid to use deductions

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Why some people are afraid to use deductions

The IRS's job is just to verify you actually spent the money you're claiming as deductions.

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Why the IRS ignores some non-filers but not others

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Why the IRS ignores some non-filers but not others

IRS only chases you if you owe them; if you're owed a refund, they stay quiet and keep your money.

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Why the IRS calls your business a hobby

If you start a business just to lose money and offset W2 income, the IRS may call it a hobby and disallow all those losses.

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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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Why starting a business just to lose money backfires

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Why starting a business just to lose money backfires

The IRS can reclassify your money-losing business as a hobby, denying losses and adding penalties.

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